$5.8m to $10.5m in 1 month (or so)

[neK]

http://news.domain.com.au/domain/re...sh-auctions-turn-violent-20141223-12c8qu.html

Mr Pignataro said he was selling the Federation homes on behalf of a private investor who had purchased all of them on November 21 from the Sydney Olympic Authority for $5.8 million.

"And we resold all of them in less than a month for $10.5 million," Mr Pignataro said.

"We gave one a coat of paint and polished the floors and put some furniture in there - that was the extent of what we did."

Very nice return.

From the same article....

"One of the protesters actually grabbed a buyer, and grabbed one of our staff members," auctioneer Ricky Briggs said.

"He actually grabbed his collar and tie and scrunched it up just below the throat line ... that's when security guys jumped in and police were called."

 

[Scott No Mates]

Absolute dog of a site between Parramatta Rd & M4, adjacent to an industrial area and opposite Flemington Markets - was a rezoning proposal recently approved to Medium Density?

 

[Richard Feynman]

Pretty fair return.

 

[xactly]

http://www.smh.com.au/nsw/homebush-...-tenants-strongarmed-out-20141223-12cxkw.html

So this is the other side of the story.......
I wonder what the legality is in regards to the ongoing leases in perpetuity the tenants believe they have.

I'm not surprised they clashed at the auction.

Will the profit vanish in law suites?

 

[Scott No Mates]

What we haven't gotten is the story behind the initial deal - was the entire block sold in one line? Hence only finding a very limited range of buyers looking at a cash flow (or lack of cash flow) situation with a series of life tenancies resulting in the lowball sale? Was it an off market transaction with the deal done behind closed doors? Was the outcome foreseeable by SOPA?

Did the buyer look at an opportunity which may or may not otherwise come off? Lucky for them it worked.

Even when you consider the poor location, it was picked up at a price we all dream of (who knew what?)