95 & 95A Westbury St, Balaclava
20 Percy 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.
0 - Bedroom
0 - Bathroom
0 - Car space
Total Space - 600m2
Internal - Unknown
Position - South (Front) / North (Rear)
Agent Price Range
Milk Chocolate Valuation
Logical Price: $1,110,000 - $1,170,000
Developer Price: $1,170,000 - $1,200,000
Price Range: $1,100,000 - $1,200,000
$630 each/wk (After)
This property is located in Newport and the house sitting on the plot of land is derelict and a complete knockdown. The opportunity exists to sub-divide and develop this block into two lots; 4 bedroom, 2 storey townhouses. What is exciting with this property is that the property across the road (#19) has been sub-divided and developed with 1/19 recently selling for $1.05M and is a 3 bedder on 267m2 land (202m2 footprint). The agent has indicated that $1.1M will take this off the market and based on our calculations this presents value based on comparable sales (see numbers to the left).
What We Know
• 120-day settlement will be accepted
• There is an easement running along the western boundary (COS should elaborate on this)
• The property can not be leased in its current condition
• $1.1M will be accepted as the purchase price
• There will be a contract available next week for review
• A two lot subdivision is possible. 3 lots will be tight
• There is rear lane access, however, clarification needs to be discussed re use of this
• The agent wants an answer by Monday before offering it to his database.
@Amy, before any discussions are held, it would be best to run the property and location by your dad to ensure he is on board with the location. Given our land valuation is $10k - $70k higher than the agents 'buy now' price, it definitely presents value. When compared to Bruce St, it is far superior in terms of the square metre rate and also the ability to maximise the investment with 2 x 4 bedroom townhouses. Although there's ultimately savings from having a DA already approved and a slightly cheaper buy in price, we feel that Percy St presents greater value on the purchase and lot valuations post development.
If you wanted to proceed with this purchase, we would recommend requesting a 5-day cooling off, with an offer straight up at $1.1M. The offer should also be subject to a 5% deposit and access to the site during settlement for measure and quote purposes. As per Paxton St, it should also be written into the contract that the vendors will work with you during the permit approval process. In the 5-day cooling off period, I would recommend engaging your architect Hans to review the lot and confirm the best approach for the sub-division and townhouses. Ideally, this feedback should match the calculations we are working with.
Land/House Sales Comps
* 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.