Clients had equity in an old block of double walk up units with city views from ground floor.
Brief to Development Finance Partners
Look at what could be achieved on this site, taking into consideration that the owners had only equity in the land and no available cash.
What was discovered
The property could be developed as a Code compliant development to three stories.
What this meant for the clients was that their units, which were currently valued at $1.8M could be developed to increase the yield of the site.
The Project Director ascertained that the best use of the site was 21 units. Through clever design and maintaining the current zoning of the project, which is Code compliant, this then meant that the project could be developed to three(3) levels, 21 units and an average sale price of $575k.
The project will now realise a project PROFIT of $4.9M for the clients.
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