26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $1.850m
This flat, rectangular 750m2+ block has a ROW and is located in a pocket identified for medium-density development.
It sits within a highly affluent suburb with a significant activity centre, hospital and education precinct, and top primary and secondary schools. There is precedent all around for triple story townhouse projects that meet the demand from local renters and buyers.
The existing dwelling is tired, and requires some modest non-structural updates to pass rentability standards (e.g. new electrical box, tested appliances, etc). These could form part of a conditional offer.
It has been on our radar for a couple months. Project profitability for 5-7 townhouses isn’t quite strong enough for our builder/developer clients. But the potential for long-term capital appreciation is massive. And, now that the vendors have modified their low $2m expectations, there is a good deal to be had.
This property is best suited to a high income individual who will benefit from the negative gearing tax benefits, and who is motivated by long-term asset appreciation. Wait 3/7/15 years to develop for long-term retention and further depreciation tax benefits.
Mid-density pocket walking distance to the activity centre, hospital and education precincts, and transport
Flat, rectangular 755m2 with ROW
Tired, needing modest improvements to rent for years
$1.850m
circa $1.920m
Private Sale
4 months
$550 /week
1.6% gross
House $1.310m | Unit $0.900m
7.0% p.a. over last 10 years
Key infrastructure and amenities, employment hubs, transport options, expensive neighbouring suburbs, aff
Land value, good zoning, huge growth prospects, clear value-add potential
6-7 triple story 2/3bed townhouses 17sqr avg
24 months from buy to sale
$5.450m
$6.380m
$0.930m
42%
17%
4.2%
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