The Off-Market

                                                                 70 Lyttleton Crescent, Cook                  

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The Numbers

 

3 - Bedroom 

1 - Bathroom

1 - Car space

 

Total Space - 738m2

Internal Living Area - 106m2

 

Position - North (Front) / South (Rear)

 

Off-Market

No price guide

 

Land Value (Jan 2016)

$404,000

 

Target Purchase Price

$670,000

 

Estimated Rental Return

$525/wk  

 

Gross Rental Yield (target price) 

4.07% (current) 

 

Outgoings

Rates = $2,436 p.a (TBC)

Land Tax = $3,910 p.a (TBC)

 

Acquisition Cost 

Bank Loan = $603,000 (90% LVR)

 

Deposit Required = $67,000

Stamp Duty = $21,960

TOTAL OUTLAY = $88,960

 

Cash Flow (per month) 

Rent received = $2,275

Property Management = $182

Your mortgage = $3,088*
Rates & Land Tax = $528.83 

Insurance = $80

BALANCE = -$1,603.83/month

 

*4.59% based on pre-approval / P&I

 

Renovation Allowance

$45,000 (full feasibility TBC)

 

Other Fee's

Professional = $1,800 + $300 (Inc. GST)

 

Milk Chocolate Fee's

Purchase: $12,980 - $3,245 (already paid)

Project Management: $5,500 (inc. GST)

 

Total Outlay (inc. GST)

Purchase Price = $670,000

Settlement Misc. Estimate = $850

Stamp Duty = $21,960

Professional Fee's = $2,100 

Renovation = $45,000

Milk Chocolate = $9,735 

Milk Chocolate = $5,500 

Sub-Total = $755,145 

- $603,000 (bank loan) 

 

Net Total = $152,145

 

The Recommendations

 

Inspections

Already completed

 

Insurance

Full landlord insurance inc. damage, loss of rent, theft, legal and contents

- Approx. $80/month

terrischeer.com.au

 

Quantity Surveyor

Tax depreciation report -

Approx. $400 (once off)

www.washingtonbrown.com.au

 

Leasing Agent

Independent Property Group

LJ Hooker - Kippax

 

The Documents

 

Contract of Sale 

Building/Pest

The Details
 
Our Thoughts
Off-market opportunities in a hot market don't come around too often, so we are excited by the opportunity to have the first crack at this property. As you know, we have not viewed this property yet, but will do so on Monday the 1st of May @ 12.30pm.
 
It's an original brick home that presents an exceptional opportunity for future potential to update or redesign.
 
Options include:
Cosmetic improvements internally including a new kitchen, resurfacing the bathroom and opening up the wall dividing the current kitchen/meals room with the dining/lounge room. Internal painting throughout, extending the rear patio to run to the edge of the left-hand wall, laying timber decking boards over existing concrete slab and extending the pergola roof. Change the window at the kitchen to a gas strut window and install a simple bench bar so people can sit outside and look into the kitchen and living area.
• Converting the current outdoor gazebo area to the granny flat using the existing footings already laid. To do this, separate access to the side of the property is required to keep this area private.
• Adding a second level extension that would incorporate a 4th bedroom (new master), ensuite, WIR, living area and small balcony. This would approximately be 40m2.
 
Features include:
Large 738sqm block
Front veranda
Open living/dining area
Three bedrooms, two fitted with built-in robes
Kitchen with views to the garden
Ducted gas heating
Side driveway access to a double lock up garage with automatic doors
Separate internal laundry 
Easy access to the city and Belconnen
 
What We Recommend
• Provide a written offer (signed contract), with a section 17 certificate (un-conditional) accompanied with a 5% bank cheque deposit. If you wanted to complete any works, we would request to include conditions for a 49-day settlement and early access to measure, quote and commence work. We recommend an offer at $650,000 (TBC once we have viewed the property)
 
• As the purchase price is going to be higher than what you originally anticipated, then you can simply put the renovations to the side and come back to this in a years time. The property is in a condition that it can be leased immediately, so we can work towards getting a tenant into the property on settlement. This would reduce your total outlay to $164,042 from $214,042 (these are approximated). 
 
To Note (estimated renovation and build costs):
• Cosmetic Improvements = $45,000 (Build) + $5,000 (Milk Chocolate Project Management)
• Granny Flat = $70,000
• 2nd level addition = $70,000
 
Investment Data
Click here
 
CoreLogic Property Report
Click here

Distance to CBD

8.9km by car and 6km as the crow flies

Population

Recent data from the 2011 Census suggest the population is 2,901. Increased by 3% over the past 5 years.

Medium Property Price

The medium price for 3 bedroom houses in Cook is $625,000

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Locality

The Stats

Demographic

Adding Value

Weighing It Up

• An absolute opportunity to add value through cosmetic, structural and new dwelling builds - creating equity and stronger rental yields

• The property is suitable to lease out straight away if desired

• No concerns with the build & pest report

• Off-market opportunity which therefore eradicates competing against other buyers in a hot market

• Extremely strong rental demand

• Walking distance to bus stop

• Flat block of land

• Picturesque street

• Only 6km from the CBD

• In one of the more premium parts of the Belconnen region.

 

 

Pro's

Con's

• Above your comfort zone in terms of purchase price

• Most likely restricts the ability to complete any work on the property as it's going into the purchase price

 

85% LVR - Principal & Interest - 4.59%

Infrastructure Snapshot

 

Belconnen Town Centre
Master plan
 

  • The Belconnen Town Centre Master Plan defines what is important about the centre and will guide growth and development over the next 10 to 15 years. The master plan identifies land use, economic, social and environmental opportunities and challenges. It investigates opportunities for additional residential development and urban renewal. The master plan recommends ways to:

  • reinforce the town centre’s role as a major community and commercial hub for the Belconnen District and wider Canberra region

  • stimulate urban renewal in the town centre through changes to the Territory Plan

  • enable active and attractive destination areas that better utilise the centre’s lakeside location

  • identify opportunities for improvements the centre’s public spaces

  • improve access and amenity in the town centre through recommended improvements to the cycle and pedestrian networks, and

  • improve the town centre’s relationship and connectivity with the University of Canberra.​

90% LVR - Principal & Interest - 4.59%

Housing Commission Heat Map

0% of residents rent from a state or federal housing authority in the area. The area in red represents 30% of residents rent from a state or federal housing authority.

Sold - Un-Renovated 3 Bedroom Homes 

Sold - Renovated 3 Bedroom Homes

Sold - Renovated 4 Bedroom Homes

Video

Lyttleton Crescent leading upto #70

Our Photos

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To be updated once property has been viewed

What Social Media Is Saying

* Milk Chocolate price data used on this website is sourced and relies upon information supplied by a number of external sources (including governmental authorities). This data is supplied on the basis that while Milk Chocolate believes all the information provided will be correct at the time of writing, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by you, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information on this website through any cause whatsoever and limits any liability it may have to the amount paid to the external sources for the supply of such information.