26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $2.150m
Long Settlement for a Cracking Development Site
This flat, rectangular block is in a highly desirable suburb and offers flexible development options. We like it for townhouse development, but with adjacent professional suites and apartments, you could explore possibilities.
The MASSIVE plus: there is a 150m2 unused ROW next to it that you can only see by analysing the Title (e.g. you can’t see from a map or from the street). The agent is pretty junior and is clearly unaware of this big benefit to potential buyers.
A 5 townhouse design requires a common driveway of about 150m2.. so you can fully develop the 838m2 with built form and private open space, and use this free land for the common drive.
This kind of find is extremely rare, and means that your purchase $ cost / meter square is incredibly low.
Another big plus is the vendor’s willingness to accept a long 12 month settlement. Holding costs are eating into developer profits these days, and you can avoid them entirely through the planning phase.
The existing dwelling is pretty tired but easily rentable with some cosmetic improvements should you wish to hold on to the property for a while.
Completed townhouses in the area sell for between $1.2m to $1.6m, so the projected end values of circa $1.3m are very safe.
Planning is very low risk. Construction will be straightforward with good access and medium specs required.
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.
Close proximity to key amenities in an increasingly affluent suburb
Big, flat 838m2 with access to a hidden ROW of 150m2
Tired but rentable dwelling with modest cosmetic work
$2.150m
circa $2.300m
Private Sale
Up to 12 months
$700/week
1.7% 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
Hidden ROW if known would demand 10%+ premium. Easy planning, construction and profits.
Five large, semi-detached, 3Bed/2Bath townhouses
24 months from buy to sale
$5.382m
$6.650m
$1.001m
44%
20%
4.6%
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