What do you expect for $2m+?

Agree with Belbo about the Calacatta marble - one of the few things I always drool over (Thanks for tip re: Apex, BTW Belbo). Actually I would extend this to all surfaces being high quality and - for me - natural. I.e. 100% wool carpets, stone (limestone or bluestone) for tiling, etc.

Some other ideas already mentioned that I agree with:
the views will be a big plus
imperative that windows are oriented for light. Don't know how deep the buildings are but getting light in (maybe a light shaft, or internal courtyard?) is make-or-break with my cheque book.
plunge pool / swim spa
butler's pantry (no need to put the marble in here where the actual prep is done!)
double shower & vanities
lots of built in cabinetry for storage
luxury main ensuite
wine cellar is a great idea if you're building a basement anyway
outdoor entertaining also a must.

Oh, and high ceilings. 3m would be ideal but as close as you can get.

Aaron, I'm surprised you need 4 beds - I wouldn't have thought they're really for a family market (?)
Also, if i was spending $2m+ on a townhouse, I don't know that I'd like to be in a development of more than 4-6. Unhelpful, i know. It just might detract from the rarity/scarcity factor a little(?)
 
Agree with Belbo about the Calacatta marble - one of the few things I always drool over (Thanks for tip re: Apex, BTW Belbo). Actually I would extend this to all surfaces being high quality and - for me - natural. I.e. 100% wool carpets, stone (limestone or bluestone) for tiling, etc.

Some other ideas already mentioned that I agree with:
the views will be a big plus
imperative that windows are oriented for light. Don't know how deep the buildings are but getting light in (maybe a light shaft, or internal courtyard?) is make-or-break with my cheque book.
plunge pool / swim spa
butler's pantry (no need to put the marble in here where the actual prep is done!)
double shower & vanities
lots of built in cabinetry for storage
luxury main ensuite
wine cellar is a great idea if you're building a basement anyway
outdoor entertaining also a must.

Oh, and high ceilings. 3m would be ideal but as close as you can get.

Aaron, I'm surprised you need 4 beds - I wouldn't have thought they're really for a family market (?)
Also, if i was spending $2m+ on a townhouse, I don't know that I'd like to be in a development of more than 4-6. Unhelpful, i know. It just might detract from the rarity/scarcity factor a little(?)

Thanks for the input Ms Jade. While I said they're 4 bedders, in reality you would probably only use 2-3 rooms as bedrooms and the rest as a study/storage. It's more for size/scale so people can say 'I am getting quite a lot for the money I'm spending'.

It's actually quite a boutique development because it will be 2 rows of 4 townhouses each with a garden/path in the middle.
 
Each will be 5.7m wide.

Being a finance guy Aaron, perhaps you could run through the prelim. numbers that you did as an assessment. I've never been game enough to do what you are embarking upon, so have no experience in this field.

Receipts of 16m in sales....minus costs.

Land..................
Council Fees........
Architect............
Builder................
Finishes..............
Marketing...........
Sales Comm........

I suppose if you take the standard 20% development fee, then that'll be 3.2m, so I suppose all of those costs will be a maximum of 12.8m ??

Interested to see the numbers and see if they stack up. Everyone's suggestions so far seem mighty expensive.

I'm with Ed Barton, for 2m, as a Buyer, I'd be looking for something wider than 5.7m, bit embarrasing that many fit people could long jump clearly over your house.
 
Dazz,

Numbers are a bit up in the air at the moment (QS will soon confirm most of the above), but I don't envisage paying more than $2,500 per sqm to build these townhouses even if I include most of the suggestions made by posters here since I am purchasing in bulk and therefore receiving significant discounts.

5.7m might seem narrow but it's all about the suburb. Richmond is an inner-city suburb where 5.7m is actually considered fair generous for a townhouse's width. Similar for neighbouring suburbs like South Yarra, Carlton, Fitzroy et al
 
Thanks for the input Ms Jade. While I said they're 4 bedders, in reality you would probably only use 2-3 rooms as bedrooms and the rest as a study/storage.

If it were me - I'd only hve 3bed and make the master bedroom massive. So many places I've gone into at around $1.5-2mil and the living rooms are good size but the bedrooms are just awful small.

I know they are ususally designated "sleeping" zones ... but for that much money, I'd expect so much more.

Perhaps instead of a wine cellar - put in a wine fridge.
 
Yes Cat cabling ready to go all smart wiring will sort that out.

I say video intercom not for lazy reasons for security reasons. Much better to be able to see people from safety of the kitchen/bedroom/bathroom wherever.

I know if I was leaving a partner in a $2m+ place I want to know they dont have to answer the door or be anywhere near the door (peephole etc)

yeah you need smart wiring so you have the option to either determine which items you wish to automate, blinds, lights would be standard, air conditioning, motion control etc.

these would be controlled through a switchbox/server which you can then add on modules controlled through your ipad, iphone etc.

hook you on aaron when you ready to go.
 
24 hour per day rotating roster of live-in gorgeous female 20-45 year old Scandinavian/Asian/Indigenous/Anglo/Other (have to politically correct so some folk don't get offended) housemaids who are ready, willing and able to perform all household duties, and aren't looking for matrimony.

And a full size golf driving range..

Beat me to it! :D

I would also say a PA to do your bidding, you know, just to justify the extra mil. :D
 
Something else I'm seeing in the super-prime houses increasingly: A free-standing solid stone or composite-stone bath. Located in front of a window, with a free-standing 'tap post' alongside (with outlet of course positioned up and over the edge of the bath), they look seriously indulgent, and I strongly suspect are guaranteed to win over the female buyer's vote for loosening the ol' wallet. In Corian or some such composite, I think they cost around $5K (but factor too for often needing to get them in by crane). In natural stone you could be talking three or four times that, of course.
 
^Yep, these are very popular. I can now get acrylic composite for $2000 & stone composite for about the same, as many more imports are arriving. This is definitely worth the $ IMO so shop around.

Obviously these are not really suitable for bathing small children with the sides being so deep. But if you can have an ensuite / second bathrm big enough for a bath, this is what you'd go for.
 
^Yep, these are very popular. I can now get acrylic composite for $2000 & stone composite for about the same, as many more imports are arriving. This is definitely worth the $ IMO so shop around.

Obviously these are not really suitable for bathing small children with the sides being so deep. But if you can have an ensuite / second bathrm big enough for a bath, this is what you'd go for.

$2K? Sweet! They look great (and work better for drowning the bloody kids), don't they?
 
^Yep, these are very popular. I can now get acrylic composite for $2000 & stone composite for about the same, as many more imports are arriving. This is definitely worth the $ IMO so shop around.

Obviously these are not really suitable for bathing small children with the sides being so deep. But if you can have an ensuite / second bathrm big enough for a bath, this is what you'd go for.

I would've thought the Master ensuite would be off-limits for the kids!
 
Something else I'm seeing in the super-prime houses increasingly: A free-standing solid stone or composite-stone bath. Located in front of a window, with a free-standing 'tap post' alongside (with outlet of course positioned up and over the edge of the bath), they look seriously indulgent, and I strongly suspect are guaranteed to win over the female buyer's vote for loosening the ol' wallet. In Corian or some such composite, I think they cost around $5K (but factor too for often needing to get them in by crane). In natural stone you could be talking three or four times that, of course.

Definitely something I will put in to add that luxurious feel to it.
 
Interesting post.

Have you got any comparable sales in the last 3-4 months? Perhaps you could do a door knock with some flowers/wine and ask those people. Bit cheeky but they can only slam the door on you. Or perhaps attend opens in the same price range and ask people what they are looking for.

Just out of curiosity. What process did you go through pre-purchase to ensure you could achieve that price point and make the project viable?

Good luck Aaron, sounds like a great challenge
 
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Hi all,

I am contemplating building 8+ luxury townhouses in Richmond. They will be 3-4 levels including basement carparking with 4 bedrooms and I am expecting to sell them for $2m+. For a townhouse of this price range, what features/tidbits do you expect to be included? Of course I will have superb finishes etc but I am more interested in what people regard as necessary or important for a property like this.

For example, ducted vacuums? smart home systems?

Thanks in advance.

Quality fittings
Indoor trout stream (Brown and Rainbow).
Hot and cold running hostesses.
Tuxedo-wearing monkey butler.
Steam-driven, ceiling-mounted back-scratcher.
 
Interesting post.

Have you got any comparable sales in the last 3-4 months? Perhaps you could do a door knock with some flowers/wine and ask those people. Bit cheeky but they can only slam the door on you. Or perhaps attend opens in the same price range and ask people what they are looking for.

Just out of curiosity. What process did you go through pre-purchase to ensure you could achieve that price point and make the project viable?

Good luck Aaron, sounds like a great challenge

Hi simpson. Two townhouses around the corner (about 160-170sqm internal) sold for $1.5m each. They are quite nice inside but are small and are directly opposite a school. So we should be able to get a good price on ours
 
Wouldn't people in the 2m+ mark look for exclusiveness? If I had that much to spend on a townhouse, I wouldn't want to be in a block with 7 other similar townhouses.

But then again, if I had 2m+ to spend, I doubt I would buy a townhouse....
 
Wouldn't people in the 2m+ mark look for exclusiveness? If I had that much to spend on a townhouse, I wouldn't want to be in a block with 7 other similar townhouses.

But then again, if I had 2m+ to spend, I doubt I would buy a townhouse....

You'll be surprised - http://www.realestate.com.au/property-house-vic-albert+park-107521610

These are 40 townhouses in one development done by Mirvac in Albert Park. Hardly 'exclusive' but they do have CBD views and are near the sea (some have sea views).
 
features that are a complete waste of space or functionality but make the place look grand.

double front doors
u shaped shaped staircase rather than straight (hope that makes sense)
large entrance/foyer thingie
portico
double story height entrance and/or lounge
wider hallways

feng shui if it attracts a large Chinese market.
 
You'll be surprised - http://www.realestate.com.au/property-house-vic-albert+park-107521610

These are 40 townhouses in one development done by Mirvac in Albert Park. Hardly 'exclusive' but they do have CBD views and are near the sea (some have sea views).

Hey Aaron,

Just wondering have any of these sold for that price?

According to the source code of this listing below they are have it in the 1.75-2.5 range. I know which i'd prefer for that kind of kanga. http://www.realestate.com.au/property-house-vic-albert+park-107583578

couple of others in the same price bracket that seem to match up well vs the Mirvac listing.

http://www.realestate.com.au/property-house-vic-kew-107610213

http://www.realestate.com.au/property-house-vic-south+yarra-107745631
 
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The Mirvac ones sold off the plan for $1.8m i think....not sure if they sold for $2m+ though. But they look ugly (you should see the back of them)
 
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