26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $1.100m
Walter was an Australian citizen living overseas. Intending to settle back in Melbourne in a few year’s time, he wanted to get some projects going. He appointed us to find a profitable project site for circa $1.2m.
When searching online portals, I’m a big fan of sorting properties from ‘Older to Newer’ to find a good buy. The two main reasons that properties languish on the market: they are overpriced or they are problematic (e.g. big slope, large trees, etc).
For months, I’d been tracking a particular property, but didn’t initially consider it for Walter because it was out of his price range. I made contact with the agent, and long-story short, purchased it for Walter – after conducting a full project feasibility, complete with council feedback, informal advice from a Town Planner I know well, and a valuation from a non-listing selling agent.
We bought in mid-April, and, as agreed previously with Walter, I immediately assembled a team required to design the development and attain planning permissions. [All quotes and invoices from team members were sent to Walter, with my payment only coming once permits were achieved.].
A permit was attained shortly before he settled on the purchase. The market had appreciated over that time, and project profits looked increasingly attractive. Walter isn’t a greedy bloke – he’s one to cash in when profits are there. I recommended a good local agent, and liaised with him on behalf of Walter through a resale campaign.
Within 14 months from purchase to resale settlement, Walter had made some big profits. We’ve since purchased another property for him and will likely purchase many more.
He says nice things about us: “I have completed a project with Andrew in Melbourne and I highly recommend his services. He has in depth knowledge of the market and knows the process of development inside out. He will be able to assist with as much or as little of the entire process as you wish, depending on what your requirements are for your particular project. He is honest and hardworking. You always get to talk to him directly if he’s managing your project.“
Easy access to CBD, gentrifying, improving infrastructure, good schools
797m2 sloping block in RGZ
Uninhabitable
$1.100m
up to $1.150m
Private Sale, languishing for months
12 months
Uninhabitable N/A
Uninhabitable N/A
House $0.950m | Unit $0.630m
5.0% p.a. over last 10 years
Proximity to CBD, transport options, gentrifying, infrastructure investment, top schools
Excellent value in RGZ; clear planning; long settlement; walking distance to shops and transport
Secured permits for 7 tri-level townhouses with single drive
14 months from purchase to on-sale
$1.240m
$1.350m
$0.110m
34%
9%
Sold Permitted Site N/A
$1.635m
$0.820m
$2.000m
$0.900m
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