$135,000 INSTANT EQUITY BEFORE COMPLETING RENOVATIONS AND SUBDIVISION
SELLING 14% BELOW REGISTERED VALUATION
TWO PROPERTIES ON SEPARATE TITLES
The properties on offer are 6 8 Boundary Rd Opaheke. This landbank consists of 2 adjoining properties on individual titles which total 2426m2. These north facing properties together offer potential for subdivsion where initial survey plans are available.
6 Boundary Rd Opaheke
This is a brick tile 4 bedroom home with 2 bathrooms and a study. As the study has a separate entrance, the opportunity to create an additional one bedroom flat combining the exisiting bathroom obtaining provision for a kitchenette provides excellent potential for multiple income streams. The house floor area is 165m2 on 1414m2 with a double carport, there is also ample parking for an additional two cars to the side of the carport. Rent assessed at $350 $380 per week.
8 Boundary Rd Opaheke
This is a 3 bedroom brick home with tin roof a double garage. The house spans 150m2 with a rumpus room on the basement level. Rent assessed at $320 $350 per week.
There is room to add value to both properties by repainting the inside of each house modernising both the kitchen bathroom. Improvements to landscaping at the front of the properties would also add value improve street appeal.
INVESTORS DEVELOPERS CONSIDER THE OPTIONS!
1. Buy Hold
Rent both properties with plans to subdivide at a later stage.
2. Redefine the boundaries so that the rear site plus neighbouring property can be kept for future development, leaving one house on a half site to be sold with the funds contributing to development at a later date.
3. Complete subdivsion similar to initial survey plans which have expired.
4. Explore possibilities of creating new high density subdivision plans, with Council approval create a five section site an estimate of subdivision costs is available .
Available information includes
Initial Survey plans
Subdivision costs including drainage for five sites
Current Registered Valuation
Current Registered Valuation: $960K
Purchase Price: $825K
Assignment Fee: $10K plus GST
Unconditional Date: 1st April 2008
Settlement Date: 28th April 2008