Equity Created:
The project ended with a net equity result of $63,359 after the project management fee.
Rental Returns
The 2 villas have been leased for:
$350 per week each
Total rental return (in 2009): $700 per week or $36,400 pa
Gross Yield: 6%
The land for this development was purchased in February 2008. The purchase price was $150,000. This property was carefully chosen for clients by Property Bloom™ for two main reasons:
- The land size is 1002.4sqm and we could build two spacious 3 bedroom villas.
- The location. The land is situated in a premium estate at the foot of the Hunter Valley. The properties are elevated with views across the estate which is considered the best area to live in and has a high standard of new homes. The villas have been architecturally designed specifically for this land and estate and to attract discerning tenants. It is close to a high school and within 3kms to the main CBD.
Internal Living area of Villa 1 - 3 bedrooms, 2 bathrooms: 123.8sqm
Private Courtyard for Villa 1: 145sqm
Internal Living area of Villa 2 : 121.90sqm
Private Courtyard for Villa 1- 3 bedrooms, 2 bathrooms: 114sqm
Project Costs:
| Purchase price for 1,002sqm land: | $150,000 |
| Set up costs; legals, stamp dute: | $6,640 |
| Architect Design fee: | $3,300 |
| Legal, consultant fees to lodge Sect 82a: | $2,250 |
| Builder’s Contract to construct 2 x 3 bedroom villas: | $447,297 |
| Total Costs | $609,487 |
Final Valuations in 2009:
| Villa 1: | $350,000 |
| Villa 2: | $350,000 |
| Total: | $700,000 |
