‘Matthew’ Sydney NSW (Belinda Smith)

Project Description

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

Project Details

Status Completed

Type property, real estate

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