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95 & 95A Westbury St, Balaclava
0 - Bedroom
0 - Bathroom
0 - Car space
Total Space - 452m2
Position - West (Front) / East (Rear)
Agent Price Range
Milk Chocolate Valuation
Logical Price: $860,000 - $920,000
Developer Price: $920,000 - 1,020,000
Price Range: $860,000 - $1,020,000
$580 each/wk (After)
Buy, Develop, Rent
Vacant land with a permit approved for 2 x 3 bedroom townhouses on a 452m2 block. You already have a quote for approx. $920k to facilitate the build. The property is located opposite Newport Lakes Reserve and presents ample opportunity to manufacture equity in your investment. The property is off-market and the current 'buy now' price is $1,075,000.
What We Know
• There is an easement running along the eastern boundary (COS should elaborate on this)
• $1.075M will be accepted as the purchase price
• A two lot subdivision has been approved for three bedroom townhouses
• Approximate build costs are $920k
• We are still awaiting an updated contract from the developer
• They have increased the purchase price from $1.05M to $1.075M
• Revisions are required to the approved plans to remove the basement parking.
Given this opportunity is in direct competition with 20 Percy St, it is our opinion that Percy St presents greater value and opportunities. Our valuation of this property lands at a max. $1.02M and your initial offer of $1M was more realistic of the true value. We also like the larger land parcel that 20 Percy St presents compared to Bruce St and the 4 bedroom townhouse is always going to provide greater value in the long run against a 3 bedroom townhouse.
12km by car / 8.04km as the crow flies (CBD being Flinders St Station)
Combined capital growth for units & houses in Newport in the past 12 months is 12.45%
The number of houses sold in the last 12 months is 159
20 Bruce St
In this section, we take a dive into the nitty-gritty of your property. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against your property.
Land/House Sales Comps