Duplex unlocks $250,000 equity in Melbourne!
- Swarup Dutta
- Feb 23, 2019
- 1 min read
Our client purchased a 900 sqm. site with a dilapidated timber cottage for $1,300,000.00 near Melbourne.
They bought to develop the site into a medium density 3-4 unit development.
Unfortunately they did not know a problematic 1 metre diameter storm water pipe ran across the site dividing it in to parcels! It did not lie in any easement. We have seen similar instances on other sites where services run outside easements.
The site was a “lemon” for them. They could not offload it to any unsuspecting buyer.
Th clients approached AuArchitecture for a complimentary development potential opinion- and we took on the challenge.
After much persistence, design modifications, collaboration and negotiations with council we got them approval for two very large duplex units on the land which was free from the drain.
Each luxury dwelling contained four bedrooms, two living areas, bathrooms, walk in pantry and the list goes on.
The clients then sold the site with the permit for $1,550,000 in 18 months.
The neighbours next door tried to get approval for a duplex through another firm. Their ite had ome challenges but was not as difficult to develop.
Council refused their application! They ended up with two houses- one behind the other and both were small in floor area. The neighbour was very disappointed by what was approved on his site.
Comments