Purchased Dec 2021 – Currently in Progress
100 Clevedon Rd, Papakura
Purchase Price
Purchase Price
$ 1.5m
Est. Sales Price per unit
Est. Sales Price
$ 750K
ROI on Sale
ROI on Sale
36%
About this opportunity
This is a larger development where the existing dwelling will be demolished once all consents are approved.
We aim to construct 8 x 2 story, 3 Bed terraced houses on site. We have received Resource- and Building Consent to start construction.
Our builder is very experienced, and have completed multiple deals similar to this one in the greater Auckland area with our project manager and other partners.
The site have been prepared and is ready for to break ground. We have received our Lending offer and am now looking to fund the Equity portion of this deal. Project durations is expected to be as follows (From date of settlement):
- Lending Settlement: 1 Month (Est)
- Construction: 6-7 Months (Allowance for 9 months)
- Sales: 2-3 Months
We estimate the project to be completed within 12 months. (With a planned contingency of up to 15 months)
The Property is a 1158 Square Meter site.
The units will consist of 8 Terraced houses with:
- 86 Square Meter Floor space
- 4 Units – 3 Bedrooms; 4 Units – 2 Bedrooms and Study/Bedroom
- 2 Bathrooms
- Parking
- Balcony on End Units 1 and 4.
Target Sale price for each unit is estimated in the current market of $750,000.
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Financials
| Original Purchase Price | $1,500,000 |
|---|---|
| Construction Cost | $2,120,000 incl Gst (@$3,081 p/sm) |
| Consultation, Council, Holding, GST, Interest Cost, Civils | $1,108,763 |
| Original Deposit | $720,000 |
| Original Mortage | $780,000 |
Flip
| Initial costs total | $4,728,763 |
|---|---|
| Sales & Marketing | $208,725 |
ROI on Sale : 36%
Sale
| Target Sale Price (8 Units @ $750,000) | $6,000,00 |
|---|---|
| Estimated Profit | $1,062,512 |
