26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $0.900m
Rick is a family member who has often talked about tackling a modest townhouse project.
I had done all the hard work examining this site and negotiating on behalf of a client, and minutes before signing she pulled out due to unfortunate life circumstances. The vendors were extremely motivated, and willing to accept $150k less than the offer they rejected pre-auction 2 weeks prior. I called Rick up and he said “Let’s do it”.
Joint Ventures can work many different ways. In this project, Rick purchased the property and wore the debt finance. I funded all the planning and design work, and shared the holding costs (mortgage debts less rental income, land tax, council rates, etc) and the build costs 50/50.
It was a hard slog with a duplicitous and aggressive Council, and after having a multiple cracks at 4 townhouses we ultimately settled for 3 large, fully detached, street-facing houses.
Once the permit was secured and all construction documents completed, I looked after the build tender. A couple months in and COVID hit. Thankfully, the Construction Industry remained operational, but wow it was challenging. What a crazy time.
Rick chose to sell 2 of the completed townhouses and keep the 3rd as an investment property. We split the profits 50/50.
Leafy with big activity centre, transport, schools, and gentrifying property mix
1055m2 sloping rectangular corner
Tired, original weatherboard
$0.900m
up to $1.05m
Private Sale, Post Auction
2 months
$400 /week
2.3% gross
House $0.860m | Unit $0.615m
7.2% p.a. over last 10 years
Increasingly affluent demographic; proximity to key amenities; top schools
Significantly under value; corner; top secondary school; good growth prospects
Three detached, double story (one with basement parking), street-facing, 4bed/3bath houses, approx. 27 squares each
38 months from purchase to completion
$2.805m Turnkey
$3.310m completed
$0.505m completed
72%
18%
4.1%
$1.635m
$0.820m
$2.000m
$1.100m
Get the best investments properties, development projects & market insights
“Andrew is pleasure to work with and is great at his job. He is diligent, efficient and communicates in a timely manner. Very professional, trustworthy and importantly has sound judgement regarding property matters. Highly recommended.”
“It has been pleasure working with Andrew. Very experience and knowledgeable in the development space. We were able to secure a suitable development site very shortly after engaging him.”
“Andrew Stone has helped immensely with my first investments and developments in the Melbourne market. He marries a high level of industry expertise with commercial common sense and a practical approach. His understanding of the planning process is second to none and has helped to save money and time.”
“We would like to thank Andrew for his guidance on our journey to purchasing our home. Throughout this process, Andrew had been very patient, receptive and understanding of our needs, and responded to our questions without hesitation or judgement. We couldn't recommend him enough!”
“Every encounter with Andrew, regardless of what assistance I required, was one of honesty, integrity and efficiency. I would highly recommend Andrew and Property Analytics to friends and family without hesitation.”
“We've completed 2 projects with Property Analytics and have been thrilled with the level of expertise and friendliness of the business. We look forward to adding more projects in the future.”
“Property Analytics provides invaluable information on market trends with detailed graphs and information which is brilliant to share with our clients.”
“Walking 'in off the street' one day, I was instantly taken by Andrew's knowledge, enthusiasm and no-nonsense approach to property and development in the Melbourne market. I wouldn't hesitate in recommending Property Analytics.”
“Andrew has proven himself as extremely professional, reliable and acts with the highest integrity. Recommend to anyone looking to make their next move in property.”
“Property Analytics knows the Melbourne real estate market very well. Andrew continually provides us information on emerging trends and important market conditions, and explains statistics in simple language that people can understand.”
03 9497 5429
