Our Middleton Grange project initially involved the acquisition of nearly an acre of land, complete with Development Approval (DA) for 14 townhouses. Upon further consultation with the local council, we successfully amended the DA to accommodate 19 three-bedroom townhouses.
The construction phase of the project was completed at a cost of just under $6 million, with the land acquisition amounting to approximately $4 million. Therefore, the total development cost, excluding interest, was around $10 million. Each townhouse was sold for an average price of $720,000.
The entire project, from acquisition to completion, spanned two and a half years.
Disclaimer: This is not financial advice, past performance is not indicative of future results. you are required to do your research and draw your own conclusions on the profitability of a project. PM42 is not able to predict future market downturns or interest rate changes and can only act based on the information provided at the time. The project outlined in this article was managed by a contractor of PM42 and not the by company directly.
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