26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $2.125m
Jack is a repeat client. He is a highly successful, well-financed executive who loves property but doesn’t have the time to invest fully in a development. We fit really well as JV Partners.
Originally asking over $3m, the vendors of this property mucked around for months (multiple siblings, deceased estate) and the agent was about to throw in the towel. I started talking to him when it was at $2.7m and when it finally hit $2.4m I said there is interest. After a few weeks haggling, we secured it for $2.125m on a long settlement.
Prior to purchasing, I had plotted all the trees, measured their protection areas, and got advice from a good arborist. An architect I’d known for years helped me development a concept for a very awkward block. And, a top town planner provided some good advice. Once we secured the property, we began the hard slog with Council.
Ultimately, they granted us a permit for 8 large houses. We completed all construction documents and appointed a top local agent to manage a sales campaign.
Quiet, leafy, family-oriented with top schools and shops
3057m2 highly irregular shape with vegetation
Two uninhabitable weatherboards
$2.125m
up to $2.250m
Private Sale for nearly a year
12 months
Uninhabitable N/A
Uninhabitable N/A
House $1.000m | Unit $0.732m
8.1% p.a. over last 10 years
Popular with affluent families; proximity to important infrastructure and amenities; top schools
Excellent value for money $/m2; long settlement; clear profitability with right design; min capital required
Negotiate effectively with Council for 8 townhouses and on-sell as build ready
27 months from purchase to on-sale
$2.725m inc full construction docs
$3.400m
$0.675m
58%
25%
Sold Permitted Site N/A
$1.635m
$0.820m
$2.000m
$1.100m
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