Over 55's Devy - Merriwa

[jezza888]

I drove past this location last week in merriwa, and was surprised to find a complex for over 55's recently finished in the heart of the suburb (not really close to any amenities).

http://reiwa.com.au/property/for-sale/8/4-Allum-Green,-Merriwa-3443540/

I've had a soft spot for over 55's villages for quite sometime... I'm just wondering if anyone else has had experience or can comment on them?

Merriwa is mostly R20 zoning, It appears the developer here has purchased 2 or 3 properties in order to fit 20 villas on it and had the area rezoned or varied for the purpose of over 55's living.

Given they are selling for ~$300k each.. @ $6 mil gross sales, i'd say there has to be a fairly nice chunk of profit attached to this devy?

 

[TMNT]

I've had a soft spot for over 55's villages for quite sometime... I'm just wondering if anyone else has had experience or can comment on them?

soft spot to what?

build, develop, flip, buy and hold?

 

[redwing]

Would 2 storey be attractive to over 55's

 

[jezza888]

soft spot to what?

build, develop, flip, buy and hold?

To provide a above standard product which ticks all the boxes for over 55's - I think personally would be a rewarding acheivement.

develop -> sell

 

[jezza888]

Would 2 storey be attractive to over 55's

You wouldnt think so, although there is only 1 left for sale... so demand is obviously there.

 

[westminster]

I drove past this location last week in merriwa, and was surprised to find a complex for over 55's recently finished in the heart of the suburb (not really close to any amenities).

http://reiwa.com.au/property/for-sale/8/4-Allum-Green,-Merriwa-3443540/

I've had a soft spot for over 55's villages for quite sometime... I'm just wondering if anyone else has had experience or can comment on them?

Merriwa is mostly R20 zoning, It appears the developer here has purchased 2 or 3 properties in order to fit 20 villas on it and had the area rezoned or varied for the purpose of over 55's living.

Given they are selling for ~$300k each.. @ $6 mil gross sales, i'd say there has to be a fairly nice chunk of profit attached to this devy?

Over 55s get a nice density bonus, not as much land is required. So in r20 you only need 231 sqm effective per over 55s block. With a 70sqm plot ratio dwelling you can create a really attractive dwelling.

The only thing is that you must build 5 or more.

 

[redwing]

You wouldnt think so, although there is only 1 left for sale... so demand is obviously there.

Give em ten years and a dodgy hip or knee

Ausprops younger than that and he's not keen on the upstairs/downstairs workout