After 5 days of negotiations, another buyer also competing and one decision made by flipping a coin my offer has been accepted (subject to finance). I don't have much hard facts for you until we bed it down more. The block is 249sqm zoned R80 which allows 249sqm of building on it 1:1ratio. It is a nice regular shape and flat with street frontage to a park. It does have a sewer line within its border that we need to work around. The vision is to build a 70sqm apartment (2 bed 2 bath) on the bottom/ground floor with 3 car bays and a visitor bay. Second floor will hold 2 apartments which are 85sqm which should be 3 bedroom 2 bath. Estimate cost: 1.2m Estimate rental rates (at 2012 rates) $500pw for smaller $600pw for 3 bed. $800pw furnished shorter term let. Estimated sale value (at 2012 rates) $500k for smaller, $600k for larger = 1.7m The plan is to sell one and keep 2 and probably rent one furnished and one unfurnished. I have a $50k CGT tax loss from selling a property to my Trust so I will carry that forward and use that to offset CGT on selling one.