This is a Dual House Build in one of the most sought-after subdivisions in Christchurch – Prebbleton Mews, where the average house price is $1.16m.
This subdivision has only allowed six subdivided sites and we have three of them, so sites like this are extremely rare and valuable. We have chosen Lot 5 for this project as it is the corner section and the titles are due out in October 2024.
If you have the money, the total project cost is $1.25 million with a potential $400k profit margin if the two houses were built and sold. But if not, our team has found a way to build the project as a partnership, one house each for $625,000.
Project Cost
Each house will cost $625,000 which includes land and subdivision costs.
Build time – nine months from title date.
Profit equity gain potential
On completion, your house will have cost $625,000 including land to build. Houses like this in the region have a valuation of between $790,000 to $825,000 each. That is a potential profit/equity gain of $115,000 to $200,000 creating a return on investment if sold of between 26.4% to 32% depending on final sale price.
If you are looking to 'build and sell’, I offer a service where I sell it for you on your behalf, so you don’t have to pay real estate fees. I offer this service to help my clients maximise their profits. By maximising your profits, my hope is that you do repeat the build on completion. If you are looking to 'build and hold’, I can connect you to a reputable agency to manage your tenants on your behalf.
The End Result
With the Brightline test set to reduce to two years and interest rates likely to reduce, this is an amazing project to be involved with. If you decided to build and sell, the profits are substantial, but if you decided to keep the properties, they will return a very good rental yield. Each property will rent for between $620 and $650 per week creating a rental yield of between 5.1% to 5.4%.
For more details contact Blake on M: 027 527 3335.
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Published: May 2024