Calling All Slumlords - 25 dwellings 4 Sale inline - 2770

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Here she is:

http://www.randw.com.au/627743/

Nearly 2 acres of land with 25 dwellings, ex houso, for sale by tender. Downtown Blackett

Some repairs necesssary, ex tenants weren't that handy (they only used a hammer as a missile lol)

Any pot plants belong to prior tenants or surrounding neighbours. You can't keep em.

I estimate it to be valued at, arrr, say 2 mil.

(my tender is for $100K - you never know!)
 
Is that reno's or relo's ? lol

You could bulldoze the whole lot and turn it into pakland. Probally ony cost $50K a year in rates etc
 
Are properties in that condition even mortgageable?

I can see something like that sucking hundreds of thousands in making habitable... cash buyer consortium anyone?
 
Opportunity?

Wow, what an opportunity. Not sure about the immediate area but a quick look shows houses on largish blocks surrounding it. Amazing potential for the right developer.Bulldoze, sub-divide, build. Perfect!
 
DaveMSydney said:
Are properties in that condition even mortgageable?

I can see something like that sucking hundreds of thousands in making habitable... cash buyer consortium anyone?
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Comm yes- and the valuer will take in consideration land value only....the properties are worthless in this case.
 
Mick C said:
Comm yes- and the valuer will take in consideration land value only....the properties are worthless in this case.
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Less than that, the cost of removal would be high. no doubt asbestos in buildings that age.

As for opportunity, there are other sites rebuilt in that area, not sure by government or private. I guess the money will be used to build public housing in other areas, less concentration of public housing appears to be the plan... and so people who have never worked a day in their lives can have a nice new house in a nicer suburb to park their new car outside, new 55" TV inside and old lounge on the veranda (sorry I digressed).
 
chilliblue said:
Is no one else upset that the government is missing an opportunity to make the highest possible return and sub divide the estate?
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Governments are not in the business of making money. Besides, as another poster said, it would cost too much money to make good on the buildings as they are obviously in derelict condition. As part of any subdivision you would have to restore the buildings to habitable condition at least.
 
Aaron_C said:
Governments are not in the business of making money. Besides, as another poster said, it would cost too much money to make good on the buildings as they are obviously in derelict condition. As part of any subdivision you would have to restore the buildings to habitable condition at least.
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Not true.

The same agent often sell DOH shells.
 
I think the Department of Housing is going to be in a bit of a pickle with this one.

The agent gives the option of "renovate, subdivide, rebuild subject to council approval"

Everyway you look at it, its gonna mean big buckets of spending for the buyer. This property must be on one title only.

Renovate? say $20K x 25 dwellings = $500K

Sub-divide? $100K per lot = $2mil

Rebuild? with all the asbestos, this may cost $20K per lot to demolish and clear, then $100K per dwelling to build = $3mil

A block of land out there is about $180K

With a townhouse you are looking at $300K (if anyone wants to buy out there)

Best option may be to renovate. But you wouldnt pay anymore than $2mil for the properties.
 
Yes, I put tender in. It is closed now, but the department is reviewing all offers and has made no comment on anything as yet.

I will let SS know if I buy this

You cannot get a loan for this, therefore must be purchased cash which reduces competition out there.

Nath.
 
Nathan said:
Yes, I put tender in. It is closed now, but the department is reviewing all offers and has made no comment on anything as yet.

I will let SS know if I buy this

You cannot get a loan for this, therefore must be purchased cash which reduces competition out there.

Nath.
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If you get it, what are you going to do wit it?
 
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