location26 Seddon St, Ivanhoe VIC 3079

Off Market Bargain w/ Big Value Add

Price: $1.850m

An amazing buy for a trusted, decisive client

Harvey is a big earner, at the top of his career. He’s accumulating a portfolio of negatively geared investment properties with big capital growth and development potential.

This is the 4th property we’ve bought Harvey this year. The process has been fine-tuned over time… we know he likes big blocks in residential zones; he’s motivated by the bargain, and any property we suggest needs to come with a comprehensive analyses of market values; he wants safe townhouse projects with strong profitability, but won’t commence them for another 10+ years; and, we are authorised to liaise directly with his mortgage broker and architect to confirm numbers and scope.

An agent brought this off-market to me. The vendor was a young beneficiary from a deceased estate who was nervous about auctions, and was open to selling prior to advertising at circa $1.85m.

I quickly ran some comparative analyses, and touched base with a couple local agents I know and trust. Everything pointed to value $2.2m – $2.4m. Absolute bargain buy. And, the feasibility confirmed strong profits for a 3 townhouse development.

I rang Harvey on Friday, told him I had a ripper to inspect on Saturday, and I’d send him all info afterwards. Through careful negotiation, we secured the property for $1.85m within a few days, without competition from other buyers (we were simply too quick to act).

This ranks as one of my best ever purchases. We’ve built a high level of trust and working efficiency with Harvey and his team, and this paid off big time.

Explore Details Across Property, Investment, and Development Tabs
  • Property
  • Investment
  • Development
Property
Location

Blue chip, affluent, close to hospitals, transport, shops and parks

Block

Flat, rectangular 1100m2 block without vegetation

Dwelling

Original but tidy 3bed 1bath, easy to rent

Purchase Price

$1.850m

Market Value

$2.2m+ easy

Sale Method

Off-Market

Settlement

2 months

Investment
Rental Income

$700 per week

Rental Yield

2.0% gross

Suburb Median $ Prices

House $1.758m | Unit $0.754m

Suburb Capital Growth

5.1% p.a. over last 10 years

Growth Drivers

Highly affluent suburb popular with professional families; established activity centre; proximity to hospitals, schools, transport, shops

Why we rate it

Exceptional bargain price; strong and safe development profits; top capital appreciation prospects

Development
Development Scope

3 large, quality, detached townhouses back-to-back

Project Duration

30 months from purchase to build completion

Project Costs

$4.484m turnkey completion

Project End Value

$5.385m

Project Profit

$0.900m

Return on Cash

48%

Return on Capital

20%

End Rental Yield

4.4%

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