The journey to this project started back in in 2012, when our team purchased this beautiful 637m2 block of prime elevated land.
Back then the property had a humble 3 bed 1 bathroom post war home on it which our buyers agent team secured for around the Mid $400’s, the property was then rented out for around $410 per week thats around 4.58% gross rental return.
But with all older homes they require maintenance, upkeep and like everything they get older every year that passes, so we found the rental demand and rental return started to slip lower and lower.
So in 2018 it was time to take some action and invest back into this property.
We looked at the different options available such as Knock down new build, Raise and build under, Extend and renovate. All those options where considered and in the end the client decided that a Knock Down New Build, was the best way to go.
The process began by working with Elevate Design Studio to come up with a design that matched the contours of the land, and the style of property in the area. And this is the end result, after considering the market demographics as well as the needs and wants of prospective tenants we designed this house from the ground up to cater for the gentrifying market.
5 bedroom (5th / media) / 3 bathroom / 2 car and 2 living / entertaining areas which all totals 289m2 under roof.
The build was undertaken in records time from Knock down to hand over it was all over in less then 5 months by Lancon Constructions
The design would be best described as a Double Gabled Contemporary in my opinion, with that little bit of old meets new on the front facade.
Purchase Price: $465,000 (2012)
Previous Rental Return: $390-410 pw or ~4.5%
Cost of Project: ~$520,000
Total Investment: $985,000
Current Value: $1,200,000
Current Return: $890 Per week or 4.7% Gross
Not only did this project increase the clients gross rental return but also improve their tax depreciation and reduce the maintenance needed on the property.