Would you buy this??

[MTR]

HI All

just thought I would throw this out there.

This property, development opportunity is very cheap for Westminster, because it faces Reid Highway. Many would know that development properties this close to the city are selling like hot cakes at the moment.

Would you buy this? I estimate you would be looking at paying around $450K in a decent location for something similar.

I am curious whether anyone would buy this considering the location. Obviously I am not jumping in. Like some feedback on what formites think when it comes to secondary locations.

I am sure someone like Steve McK in his days of buying resi IPs in regional Vic would not have given a damn about location as long as the figures stacked up. So perhaps with this property, carve the block and build, instant equity and cashflow property and would not have a problem renting it out.

http://www.realestate.com.au/property-house-wa-westminster-112698319

Cheers, MTR

 

[westminster]

How big is the block though?

I look like it has already been built behind so it's just the front of a duplex? How is that a development block - hmmmm

I recall some of the blocks down that end are a lot smaller

My development is on Arkana which has a similar Reid Hwy exposure and really it has a small downside but not much. You get little noise from the Hwy as it's so much lower

 

[MTR]

How big is the block though?

I look like it has already been built behind so it's just the front of a duplex? How is that a development block - hmmmm

I recall some of the blocks down that end are a lot smaller

My development is on Arkana which has a similar Reid Hwy exposure and really it has a small downside but not much. You get little noise from the Hwy as it's so much lower

Hi WM
block size, I assumed the usual 728 sqm as he states deve site potential, does not include size unfortunately.

Cheers MTR

 

[westminster]

Hi WM
block size, I assumed the usual 728 sqm as he states deve site potential, does not include size unfortunately.

Cheers MTR

If I look at the last picture I swear I can see a house in the rear.

Depending on how it's been done there might be the opportunity to demolish the old front house and create 2 strata blocks - perhaps that is what development opportunity.

If that's the case then it's not good value at $160 per block

 

[westminster]

Ok here is the listing for 4C Storrington

http://www.domain.com.au/Property/For-Sale/House/WA/Westminster/?adid=2010219082

So I think the block was 759sqm and they have build a 1/3 of a triplex in the rear and the front is actually big enough to be 4 and 4B.

 

[Jake D]

If I look at the last picture I swear I can see a house in the rear.

That's what I was going to say.

 

[Jake D]

Any value in a quick reno before re-tenanting at a higher rate? We're assuming it's got a decent amount of yard space, right - maybe it would suit families on a budget?

Maybe build a brick wall out the front to make some nice front yard space and block a bit of hwy noise?

 

[DaveM]

If I look at the last picture I swear I can see a house in the rear.

Depending on how it's been done there might be the opportunity to demolish the old front house and create 2 strata blocks - perhaps that is what development opportunity.

If that's the case then it's not good value at $160 per block

Yep google maps shows its been built out the back already.