Geebung Subdivision & Renovation

Strategy: 1 into 2 Subdivision & Renovation
Timeframe: 12 months (Jan 2021 – Jan 2022)
Acquisition: Direct purchase from property owner with standard contract

 

This 1 into 2 lot subdivision was acquired off-market directly with the home owner. We had been in touch with the owner the year before so after an unsuccessful 3 months on the market they decided to approach us. We were able to meet their asking price and also provide additional payments equivalent to their rent for the settlement period. This was mainly due to our strategy to retain the existing dwelling by sliding and rotating it on the property to retain the value and gain further value with a renovation. 

The main problem we had to overcome on this site was the stormwater discharge and sewer as the site sloped away from the street. We were able to come to an agreement with the rear neighbour where, instead of having all the stormwater running through their property when it rained, it will all go through a new drainage system to their street. The initial impact on their property was minimal as the new pipework followed tight with the boundary fence and was quickly remedied with loads of top soil and turf which also helped cover other unimpacted areas of their backyard that they had wanted landscape for a while. 

A few larger delays caused the project to finish in 12 months. This was due to supply shortage for deck materials and contractors being hard to source and lock in because of the extremely busy construction industry in 2021. The project was still a great success, achieving 17.5% profit on costs.

Video Gallery

Introduction

Initial Soil Test **LOUD**

House Propping (Pre-Slide)

Geebung House slide! (1)

House Slide & Restump

Site Clear

Site Clear

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Crossover Pour