Leafy Dual Occ Subdivision

Bassel is a long-time client who appointed us to secure and project manage this modest project with a mind to recouping capital by selling one portion and retaining the other for long-term capital appreciation.

We know that he loves his big blocks, and we quickly zeroed in on one particular suburb with reasonable cost per square meter and strong demand from owner occupiers. After watching the property pass in at auction with big price expectations, we maintained dialogue with the selling agent so that we were first to know about a significant price adjustment. The vendors were increasingly motivated.

The location is very popular for knock-down rebuilds from owner-occupiers who aren’t adverse to overcapitalising. We knew that a vacant 500m+ block with a big street frontage would sell really well. Council doesn’t like approving vacant subdivisions (they prefer you to build then subdivide) but we know what we’re doing. We defined a new build footprint, ran all services (drainage, electrical, internet, gas, vehicle cross-over), attained a new title, and advised Bassel on a good local agent to sell through.

The vacant block sold for $0.750m and the existing dwelling was revalued afterwards at just over $1m. Funnily, it ended up renting for more per week after losing its massive rear yard.

Bassel had some nice things to say about us afterwards: “My family and I were looking to get into property development in Melbourne in 2015.Andrew his team have helped us complete two successful projects. Andrew is honest, transparent and smart. We have put a lot of faith in him and his team – we haven’t been disappointed”