Blackminster JV: 4 apartments in Mindarie WA
- Thread starter westminster
- Start date
Blacky and Westminster have combined super powers and in depth knowledge in fork ups to do a project together.
Mission: get in, get out with minimal dramas (oh mwahahahaha)
Site: found. Under offer with due diligence clause. Had been for sale for approx 2 years. We got a great discount (listed from $565k and offer accepted at $480k)
Plans: we have a concept plan to build 4 apartments which are 3 x 2 with marina views. Each apartment is around 120-130sqm. Due to the slope of the block, lower at front, high at back, units 1 & 2 are 2 storey more like townhoues, and 3 & 4 are narrow side by side apartments laying over. Parking is from the rear laneway.
Due diligence / finance: these clauses are concurrent. We have 21 days left on this. Finance will be a commercial loan
Costs:
Very rough at the moment but
Land $480 plus stamps (let's say $500k)
Construction turnkey plus all works $1-1.2m
Total Cost $1.5-1.7m
Values
Ultra conservative (15% drop in market) $600k each = $2.4m*
Conservative (5% drop) $650k each = $2.6m
Happy as Larry (known sales in area) $700k each = $2.8m
OMFG (hit target market & market up) $725k each = $2.9m
OMFG ...............
* this is the value we are using for all ROI.
Risks:
This is a riskier market being so far from Perth. It's more volatile so we are using very conservative figures before proceeding.
Demographic Target:
Mindarie is mainly UK and South Africans - almost 66% are non Australian. We are thinking these apartments will appeal that demographic and/or downsizers in the area who want to still have the marina life but not the upkeep. They will also appeal to investors who want to do short term stay lets.
Views: taken from our next door neighbour
Our neighbour
Middle floor views
Top Floor View
We hope to get some ocean views too
Awesome! Just had a read through and it looks like a little ripper!
Update time.
Council sent a letter at the end of December and asked for some minor amendments to the plan to improve garage reversing and distance from a corner truncation.
This involved moving the entrance to the common stairs from between the garages to the side which actually works very well as the entrance is now closer to the street parking bays which visitors can use.
Amended plans probably went back to Council yesterday and hopefully all will be AOK.
Council sent a letter at the end of December and asked for some minor amendments to the plan to improve garage reversing and distance from a corner truncation.
This involved moving the entrance to the common stairs from between the garages to the side which actually works very well as the entrance is now closer to the street parking bays which visitors can use.
Amended plans probably went back to Council yesterday and hopefully all will be AOK.
If you search in adding value with Blacky's name you'll find an interesting thread
Life its not all Beer and Skittles? Interesting title, has already got me. Ill have to have a read at work tonight.
Our next door neighbour shown is an art gallery on the bottom and 2 storey house above as the area is mixed commercial/residential zoning.
That's the one
drum roll!!!!
The Blackminster JV has Development Approval from the City of Wanneroo
Just waiting on official letter.
So then we get plans assessed by engineer, working drawings, building permit and THEN go to site. This stage can be 2-4mths.
But progress is progress.
The Blackminster JV has Development Approval from the City of Wanneroo
Just waiting on official letter.
So then we get plans assessed by engineer, working drawings, building permit and THEN go to site. This stage can be 2-4mths.
But progress is progress.
drum roll!!!!
The Blackminster JV has Development Approval from the City of Wanneroo
Just waiting on official letter.
So then we get plans assessed by engineer, working drawings, building permit and THEN go to site. This stage can be 2-4mths.
But progress is progress.
Congrats.
The ones we are building have had "unprecedented interest" according to the man who pays for the food on my table. Good sign for you two.
The Blackminster JV has Development Approval from the City of Wanneroo
congrats.!
Awesome news for him (and us!). I was up there the other day and had lunch with the kids and dog at The Boat and I think I could see them under construction. I wanted to go for a drive and check it out but I was out voted by small children
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Great news, Myf. Congrats to you both.
Z
sorry I missed this thread on the last round.
I have completed one development previously, and as noted, you can read all about it. I learned a lot.
Certainly Westminster brings more experience to the table than I do - but Im not a complete noob either. On my side of things between my brother and I we have a lot of experience in regards to the finances, accounts and tax for such projects.
Regards
Blacky
