A great opportunity to capitalise with an existing Planning Permit for 5 Units, or simply design and build your own house on this large allotment.

Neerim South is a lovely little country town which is developing rapidly, located 1 hour and 20mins from Melbourne CBD, 1 hour from the Baw Baw Snowfields and 20 mins from the growing Communities of Drouin & Warragul.

We are now living overseas and have decided to sell rather than develop, please contact by email only, all information will be supplied and questions answered. If you are interested please email me and I will send you all relevant information.

The land is currently vacant with an approved planning permit that allows for the construction of 5 two bedroom units, one bathroom, porch and single attached garage, a total building area of approximately 90m2. Subdivided Lot Land sizes range from 330m2 to 460m2, please see proposed plan of subdivision attached.

This Project suits a Builder, Small / First Time Developer or Investor as Capital Outlay is not huge. You could construct Unit 1 first and use as a display home if you wish.

Would also suit 1st Home Buyer who wants to learn about developing property with less risk. You could build and live Unit 1, receive the $20,000.00 first home buyers Government Grant given in Regional Areas. You could develop the rest later if you wish and possibly receive a Capital Gains Tax free upon sale. Obviously you need to seek your own professional advice regarding this matter.

Proposed Plan of Subdivision, Survey and Building Permit fees for Unit 1 have all been paid, as well as all other fees as requested by Council. A landscape plan has to be amended, we can do this if required or you can design what you like and have it done elsewhere.

The land is sloping but the Units have been designed to work with the slope without major excavation and large retaining wall.

Below are potential approximate profit estimates based on our research:

ESTIMATED COSTS PER SUBDIVIDED LOT / UNIT
Land Unit Site $32,000.00
Registered Builder Approx Quote: $120,000.00
Service Connections, Fences, Driveways, Landscaping, Storm Water Detention, etc $25,000.00
Cost Per Unit: $177,000.00.

ESTIMATED VALUE OF EACH UNIT
$230,000.00 - $250,000.00 ( depend on finishes)

ESTIMATED PROFIT PER UNIT
$53,000.00 - $73,000.00
(Not Inclusive GST)

TOTAL PROJECT ESTIMATED PROFIT
$265,000.00 - $365,000.00

% RETURN ON INVESTMENT
22% - 41%

ESTIMATED RENTAL RETURN PER UNIT
250.00 per week = $13,000.00 per year
7% return for Investor + 2.5% depreciation
4.8% Rental Return for Investor Purchaser.
All the above figures are approximate, prospective purchaser should see own advice.

The Phone Code for this property is: 65462. Please quote this number when phoning or texting.

Disclaimer:

Whilst every care has been taken to verify the accuracy of the details in this advertisement, For Sale By Owner (forsalebyowner.com.au Pty Ltd) cannot guarantee its correctness. Prospective buyers or tenants need to take such action as is necessary, to satisfy themselves of any pertinent matters.