Originally an eight-unit complex, we acquired this property in Wareemba in July 2020 for $5.6 million. After obtaining Development Approval (DA) to construct two additional penthouses, the property was transformed into a ten-unit building. This extensive renovation project, which included the installation of an external elevator and comprehensive interior and exterior refurbishments, amounted to a total investment of $6 million. With an end value of $18 million, the project demonstrates a significant enhancement in value and a total development cost of $14 million.
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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