Outer JV End-to-End

After a hard slog through Council and a COVID build we got the profits

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.

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  • Investment
  • Development

Leafy with big activity centre, transport, schools, and gentrifying property mix


1055m2 sloping rectangular corner


Tired, original weatherboard

Purchase Price


Market Value

up to $1.05m

Sale Method

Private Sale, Post Auction


2 months

Rental Income

$400 /week

Rental Yield

2.3% gross

Suburb Median $ Prices

House $0.860m | Unit $0.615m

Suburb Capital Growth

7.2% p.a. over last 10 years

Growth Drivers

Increasingly affluent demographic; proximity to key amenities; top schools

Why we rate it

Significantly under value; corner; top secondary school; good growth prospects

Development Scope

Three detached, double story (one with basement parking), street-facing, 4bed/3bath houses, approx. 27 squares each

Project Duration

38 months from purchase to completion

Project Costs

$2.805m Turnkey

Project End Value

$3.310m completed

Project Profit

$0.505m completed

Return on Cash


Return on Capital


End Rental Yield


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