What's wrong with this block

Saw this on RE.com.au

There must be something really wrong with this block

http://www.realestate.com.au/property-apartment-qld-morningside-114812919

726 Wynnum Road Morningside Qld 4170

$448,000

This is a shrewd investment for the savvy developer with all the planning and background work done. Maximising the block's aspect, shape and 1014sqm size, this thoughtful design is both contemporary and innovative and the north-south aspect is ideal for our Queensland climate.

This red hot location is only 5km to the centre of town and with prestigious neighbours such as Bulimba and Hawthorne this position is going up, up, up.

Easy transport access! Walk 100m to city express bus stop, 10 minutes to train station, close to Citycat and Gateway motorway.

Morningside's central hub of local cafes and shops is bustling with activity and is just a short walk from this premier address.

DA ready, this plan's scope includes 10 spacious apartments over 3 levels all with 2 bedrooms, 2 bathrooms, terraces & single garages floorplans.

Ground level comprises two apartments and all secure car parking facilities.
Both 1st & 2nd floors have four apartments on each level.

No expensive lifts, just an internal walk up access making the body corporate even cheaper and this prime buy even more attractive to investors!

Study the plans and see for yourself just what an exciting design this is. It's an ideal investment and excellent retirement cash cow! Why not invest out of your SMSF (self-managed super fund) and reap the rewards for years to come.

Imagine being the new owner of a manageable sized complex that's either for sale or for rent. 2 pre-sale units are already SOLD at $456,000 each. Anticipated sale price of $480,000 per unit when build is complete.

Builder's and investors stay sharp and enquire about this superbly located opportunity now. Vendor open to negotiations.

All information contained herein is gathered from sources we consider to be reliable. However we can not guarantee or give any warranty about the information provided and interested parties must solely rely on their own enquiries.
 
Seems pretty cheap for a block that size with plans for 10 apartments, perhaps they forgot the '1' at the front to make it $1,448,000 :D

Probably worth calling the agent to find out whats going on with it...........
 
"Imagine being the new owner of a manageable sized complex that's either for sale or for rent. 2 pre-sale units are already SOLD at $456,000 each. Anticipated sale price of $480,000 per unit when build is complete."
 
Missing a bit more than a "1". I wonder whether someone had a brain snap. I wonder who proofread the advert? :rolleyes:

Received the blurp on the DA and seems it's only 9 units rather than 10:eek: Obviously the RE people don't know how to read plans.

Development costs (with holes) $1.7mil. Plus Kitchens PC items say another $180k. Council $197k as at 2011. Costs are at about $3.8mil

So end value of $4.4 mil with costs at $3.8+mil gives a scanty $600K which most probably still has a GST component.

13% margin if costs are correct.

One or two problems and your below 10%. Wouldn't be rushing in there.:(


Cheers
 
Back
Top