[Done Deal] Lucrative Landbank!
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21 Richmond Street, Hamilton 5 Beds 5 Bath
This property was an on-market deal that Ben sourced for an out of town Premium Buyer. It matched the requirements our clients had to purchase to a tee. Their main criteria was a good parcel of land, zoned high density, while still having income to fund holding for the foreseeable future before they move forward with developing the site.
The chosen property had been on the market for a while and Ben had been watching it and monitoring the price expectations of the vendor. This deal was a long negotiation - nearly four months, however a favourable result was reached for our buyer.
The 5 units will provide a healthy GY of nearly 7% once a cosmetic renovation is completed on them. The real value however is in the land. The site just next door which is the same size, but only had a single home on it sold for $1,060,000 12 months ago and now has 6 townhouses on it. So value was clear here with the same land size and zoning, but much much higher cashflow from day 1.
Get in touch today to chat about your own property investment goals. We can't wait to source the perfect deal for you.
Get in touch to chat about your own property investment goals. We can't wait to source the perfect deal for you.
On offer here are 5 x 1 bedroom units, each with their own carpark. The site itself is 623m2 in prime, high density zoning on the border of the CBD in Hamilton.
The 5 units will provide a healthy GY of nearly 7% once a cosmetic renovation is completed on them. Built in the 1970s, these units are solid, but tired. However renovations will be efficient as they are all an identical layout. The real value however is in the land. The site just next door which is the same size, but only had a single home on it sold for $1,060,000 12 months ago and now has 6 townhouses on it. So value was clear here with the same land size and zoning, but much much higher cashflow from day 1.
We have a written rent appraisal of $350 per unit if renovated, and a post renovation valuation estimation range of $1,480,000 - $1,760,000. So instant equity uptick possible.