26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $1.500mm
Firas is an experienced builder who we’ve bought a few properties for.
He likes to keep things low risk, but is able to think outside the box a bit. This project stacks up really well on paper, but what really made it stand out is the extra 82 square meters that are incorporated onto the block but not actually on title.
Without getting into the geeky details, Council owns a disused strip of land next door to the block that is fenced into it already. Basically, any knowing buyer would value the fact that the strip can practically feel like part of the block but never has to be paid for.
Brand new, quality houses sell for big money in the pocket of this suburb. Thankfully, competition from other knowing builder/developers was non-existent because nobody else examined the Title in detail to learn that the old dwelling could be demolished without affecting the adjoining neighbour as long as the existing shared party wall was reinforced.
I secured the property at auction while on the phone to Firas. He progressed quickly to design.
Affluent suburb, walking distance to transport, shops, parks and schools
Flat rectangular 456m2 block PLUS 82m2
Original semi-detached 2bed/1bath brick veneer
$1.500m
up to $1.520m
Purchase At Auction
6 months
$580 /week
2.0% gross
House $1.690m | Unit $0.660m
8.0% p.a. over last 10 years
Suburban feel but close to everything - transport, shops, cafes
An extra 82m2 usable land unpaid for; safe, quick, straightforward project
Design and build a single quality house without Council interference
18 months from purchase to completion
$2.650m to completion
$3.075m
$0.425m
41%
16%
4.3%
$1.635m
$0.820m
$2.000m
$1.100m
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