26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $3.750m
Two side-by-side blocks available to purchase on a long 12 month settlement.
We’re in negotiations now and look like securing them for easily $0.25m under market value. The flat, rectangular development site has a huge 37m frontage and sits opposite commercial buildings.
It is in a highly desirable suburb, hugely popular with young professionals. We like it for townhouse development, but consolidating over 1500m2 in this location – you can explore many options with Council.
Profitable townhouse sites are increasingly difficult to find in today’s market with high holding costs, construction escalations, and a fickle resale market.
Outlay a 10% deposit and spend 12 months getting plans, permits and construction documents together before settling on the purchase. Zero holding costs through the planning phase!
Construction will be straightforward with simple, mirrored designs and mid-level specification requirements.
Buyer and rental demand in this area is booming! Good, modern homes in a prime location such as this will move very quickly. Off-plan sales will not be a problem at all given conservative resale estimates… Completed townhouses in the area sell for between $1.2m to $1.6m.
This is a great project for resale profits and/or proven long-term capital appreciation. Buyer demand is very strong from young professionals who are willing to pay a premium for new construction in close proximity to bars, cafes and the CBD.
Affluent suburb with prime shops, bars, cafes, transport
Big, flat 1525m2 block with 37m frontage
Two very tired but tenanted detached houses
$3.750m
circa $4.000m
Off-Market
12 months
$1000/week
1.4% for dwelling block
House $1.657m | Unit $0.643m
7.3% p.a. over last 10 years
Vibrant shops, bars, cafes; affluent young professional demographics
Long settlement; below market value; safe planning; straightforward build
12 townhouses with central drive, 8x 3-story 3bed and 4 2-story 2bed
28 months from buy to sale
$10.900m
$13.600m
$2.695m
60%
25%
4.6%
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