This project was developed by a consortium of investors who were looking for a Value Add Strategy, with the strategy to be completed within a 2-3 year time frame. Plan Assist Property Team provided our clients with a profitable development outcome by using a proven strategy in Sydney’s Upper North Shore. Our services to these clients included our Buyer’s Agency sourcing and securing the appropriate property to achieve the client’s development objectives, our Finance team arranging finance for the project and our Project Manager, Christine Xegas looking after all designs and approvals as well as tendering for construction works. Harry worked with the clients at the conclusion of the development, in the final stages to ensure the strategy used in taking the properties to market would achieve the client’s goals.
What we started with:
The property was a generous sized block of 1462 m2 with a small three bedroom house in original condition. The property was in a great location, close to good schools, shops and public transport.
What we achieved:
We were able to contribute to our clients achieving two new, modern and spacious 2 storey homes, one with 5 bedrooms, the other with 3 bedrooms. The project was completed on time and on budget with the sale prices achieved exceeding our client’s expectations, which meant the projected profit margins and our client’s goals were achieved.
From start to completion, construction took 12 months. The first property sold within 1 week of the real estate agent’s marketing campaign commencing and the second property sold 10 days later.
Building Contract Investment:
The purchase price of the property was $910,000 and construction and approval costs amounted to $1,100,000. The net sale price for both dwellings was $2,680,000.