26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $2.000m
Doug and Xena are both highly successful medical practitioners with a mind to growing a diverse property portfolio with future value add prospects.
We represent many medicos and understand that they can attain debt finance with 90% LVR, and are usually appreciative of investments that limit their tax exposure during their high income professional years (e.g. negatively geared properties are attractive).
D & X loved the central location of this property. They have friends who live in the suburb, and appreciate its vibrant nature and widespread gentrification. And, they were really enthused about the clear future development prospects on a flat block with dual street frontages.
After running some initial analyses on this property, we felt it was being seriously underquoted at $1.80m to $1.90m. We considered market value to be about $2.1m. The agent is a genuine bloke, and over the course of a couple inspections he explained that the vendors are realistic and motivated beneficiaries of a deceased estate. They weren’t particularly looking forward to an auction. What did he think would buy it? Give me a clean offer of $2.0m on a standard settlement and he’d work to get it done.
We did just that after it being on the market for less than 2 weeks, and managed to secure it before many interested parties even inspected it. Good opportunities like this don’t last long on the market, and D & X appreciated this fact. They’re very happy with their purchase.
Vibrant suburb with gentrifying High Street close to CBD
Flat rectangular 925m2 with dual frontage
Tired with character, needing a bit of work to rent
$2.000m
up to $2.100m
Bought Prior to Auction
3 months
$670 /week
1.7% gross
House $1.160mm | Unit $0.590m
7.1% p.a. over last 10 years
Vibrant commercial strip, proximity to transport and CBD, demand from young, affluent professionals
Stone's throw to High Street, dual frontage, clear development precedent, widespread gentrification
Up to 8 triple story townhouses utilising dual street frontages
holding, yet to progress planning and design
$6.045m if commenced
$7.115m if commenced
$1.070m if commenced
42% if commenced
18% if commenced
4.5% if commenced
$1.635m
$0.820m
$1.100m
$0.900m
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