I am offered a site in Ascot, QLD. It does have an existing 3 X 2 townhouse which needs to be renovated. There is council approval for 2 3X2 Townhouses at back. Site area is low 600 sqm.
Asking price is around 1 million. Construction cost is 250-300K for each townhouses and renovation cost will be maximum 150K for front townhouse.
My plan is to sell all 3 townhouses as soon as construction/reno finishes. I am using a buyers agent for this purchase. I am dealing with this buyers agent for first time. He is saying that all 3 Townhouses will sell for 750 to 800K.
If townhouses sell for 750 to 800K, then this seems good deal to me. But i am not able to form the view whether they will sell for that price or not.
Can anyone who is familiar with the area can provide more information?
Sorry, can't disclose the property address at this stage as we are still deciding whether to go for purchase or not.
Asking price is around 1 million. Construction cost is 250-300K for each townhouses and renovation cost will be maximum 150K for front townhouse.
My plan is to sell all 3 townhouses as soon as construction/reno finishes. I am using a buyers agent for this purchase. I am dealing with this buyers agent for first time. He is saying that all 3 Townhouses will sell for 750 to 800K.
If townhouses sell for 750 to 800K, then this seems good deal to me. But i am not able to form the view whether they will sell for that price or not.
Can anyone who is familiar with the area can provide more information?
Sorry, can't disclose the property address at this stage as we are still deciding whether to go for purchase or not.