‘Matthew’ Sydney NSW (Belinda Smith)
2013 Purchased for $1,535,000
Renovation spend to date $120,000
DA Plans and approvals in 2014 cost $20,000
Current value $2,500,000
This property is a large 1970’s solid brick home with renovation potential in a sought after location with water views. Plans are approved to add a double garage, reconfigure and renovate the internal area of the existing home, converting it into 2 x 4 bedroom townhouses at a cost of $650,000.
When completed, each of the dual occupancy townhouses will be rented at $1,200 per week.
The new property value will be $3,500,000
Gross profit will be $1,175,000
Type property, real estate