Development In Progress: 6 x Dual Income Properties On Massive Block of Land

This development project has been long in the works but is finally starting to be built. Today we revisit a development project the team at Pumped on Property has been working on and where it’s at.

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0:00 – Introduction
0:25 – The details of the development
2:00 – We are now ready to start construction
4:02 – Looking at the block (November 2018)
5:00 – Looking at the block now
6:20 – The creation of a brand new street
7:30 – More than enough room for a dual occupancy home

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Development Opportunity: 6 x 2 Dual Income Properties

Transcription:

Ryan 0:00
Here we are on a development project that has been long in the works for the clients have Pumped on Property we have actually been here in the past, probably around six months ago, this was a very extremely large block, which you’ll see as we walk up. That was a subdivision project where we’re going to be building five jewel occupancy homes for different clients. So

Kristal 0:23
what happened here, it was one belief, just over an acre block that’s been cut up by a developer into six lots Pumped on Property came along and bought all six of those lots for our clients. At the moment, the civil works are underway, titles are due to be registered in about a month and early 2019. All six of our clients will be underway with the build. The intention with this one is all blocks ranging from about 550 to 650 meters squared.

Ryan 0:50
So still good size blog,

Kristal 0:52
really great.

Ryan 0:54
land back that

Kristal 0:55
it’s quite deceiving how big it is. And we’re actually on a street where these type of block is quite common. So you’ll begin to see more and more of this happening in this area where it’s sort of low density residential kind of rural residential, so there’s just a lot of land around with just one house on them that I think this will become the common occurrence in the area, the intention for our clients he is to build, so all six of them will be building a dual occupancy home. So each of them will be getting two incomes from the one dwelling. So basically, it will be sort of a three bed, two bath house with a two bed, one bath house, both with their own lock up garage. Overall, the total cost of these were looking just under 300 grand for the lane and around mid twos for the build. So for about a 550 to $560,000 outlay. Most of our clients are going to be getting or expecting to get about a 680 to $700 a week for Ted. So the numbers they look really, really good for this type of development.

Simon 1:55
Yes. So a long, long, long process. It’s been here we had a private developer approached us over 12 months ago now man insane that we’ve been doing that for so long. But it took a little while to, for him to get everything organized now, but it’s finally ready to start construction on all these properties. So he actually came here and did all the SWOT work for all of our clients, which was good. And essentially, they just bought their portion of land off him. And they all had the option to do whatever they really wanting to So not every single house on this is going to look exactly the same, you’re going to have some just single income, some jewelry, income, few different styles. But it’ll look really, really beautiful. And we’re in a amazing part, like if we haven’t looked at this straight.

Ryan 2:38
So if you haven’t looked down on the street, or it’s really quiet area, all of these blocks are really huge. So if you have a look at the block next door, you will just say just how large these blocks of land in this area. So this is kind of quite a rare opportunity that we had here, obviously getting contacted by that private developer.

Simon 3:00
Yeah, so this is what that lot would have looked like prior to getting it all cleared off and getting all the connections in. So it’s very rare that these types of opportunities come around. This is probably one of the first ones that’s happened in this particular area. We’re about 19 kilometers from the CBD here. And I think over time, as you see that population growth start to increase and the demand for more properties is going to keep increasing, you’ll find that things like this will continue opening up. So it was really nice to get into one of the first ones and purchase these pieces of land at amazing prices. So every one of them purchased their piece of land for under $310,000. In every single one of the piece of land is over 550 square meters. They’ve all got over 15 meter frontages as well, so that opened up lots of opportunities for and they still got really big pieces of land got really big front edges, which is going to open up some opportunity with different types of dual lock designs that they’re hoping to put on there. So just having a little bit of a walk up the block now just trying to picture exactly what’s going to be happening. And I assume now that we’re gonna have a big driveway, it’s gonna almost look like a straight, it’s not gonna look like a battleaxe block with lots of different lights on it, it’s gonna be more looking like a straight lamppost and stuff, really cute ones. And then over the side is going to be all of the houses. So you can say like, we’re in the about two thirds of the way up. And it’s absolutely massive. So you can say, actually visualize how much land each and every one of these houses is actually going to have, which is just going to be great because everybody understands that it’s the land that appreciates in value. So while we’re still putting a good property on top of it, that’s going to give great cash flow, we’re still purchasing really large piece of land. So each of these houses, they’re going to have big backyard, they’re going to have a large a large lot that’s actually going to appreciate in value over time.

Ryan 5:00
we’re here last obviously the central driveway or central little street has gone through there’s actually street signs up the top there which is really cool so it’s like this little private street that’s happening and then we’ve got some obviously some clearing of the site and getting ready for a build over here

Simon 5:18
yeah so they’re prepping all the peas to go in these properties even though they’re all going to be on slabs still need to make sure that they’re grounded and not going to really move around or anything like that and so for this one because the soil was a little bit softer than expected we actually had to put in a significant amount of extra piers which came at a little bit of a high cost but at the same time is pretty much necessary to ensure imagine that was just like a dummy whole trapdoor and ryan just disappears so yeah it’s really exciting they’re only on one one lot there so that’s just one person’s property that they’re getting prepped up at the moment

Ryan 6:03
yeah so eventually this will be filled in and there’ll be five properties in here five or six

Simon 6:10
i think we’ve got five leds here and then hearts straight up the back is just another couple of lights up here as well so what you can see here which is really interesting actually is you’ve got this straight so let’s have a bit of a look at it first and then we’ll break

Ryan 6:27
it is this um this is quite a actually a wide road in the middle of a blog but as you’ll see up here on this sign it does talk about that this road may eventually be extended with future development

Simon 6:45
yeah so because as ryan just showed you or the pieces of land on the street are similar size to this one there are a few acres and what they’re going to few acres on access road so they’ll split there so there’s not all of these different little streets coming up so this will actually be a road in the future and it’ll be funny to say the progress of this over the years because we’re obviously here from the very beginning so in 10 years time i wonder what it’s gonna look like

Ryan 7:15
yeah so is that one of the clients one as well

Simon 7:19
yeah so we’re actually the one behind us right here block there we haven’t secured that at this point in time but it’s something that we are considering

Ryan 7:28
yeah so yeah so just really interesting block the clients obviously 550 square meters more than enough size for a jewel lock me and ben have done a bunch of walkthroughs of smaller jewel occupancy sites being around 400 square meters 480 square meters so 550 means you got enough room for a good sized occupancy home with each of those homes getting their own outside space as well

Simon 7:53
yeah that’s what i love about the developer that’s done if he hasn’t cookie cutter like you’re seeing a lot of brand new developments where they’re trying to squeeze in as many properties as they possibly can he’s still maintained that nice feel that this suburb has which is that high owner occupier feel so having that slightly larger land size and a little bit additional things to do with your build plus having that extra little bit land size is going to maintain that beautiful feel

Ryan 8:21
yeah so just a little bit of an update here obviously still in the very early stages with only one of the blocks the one right here actually currently having any work done on it so we will check back here in a couple of months and watch the progress as it goes through be really exciting to see these houses go up see them rented out and to see the returns that these clients are getting as well so hope you enjoyed this little update video i wish there was more progress because last time we’re here but last time we’re here was just a dirt ball and so yeah it’s really cool to see their streets in see a little bit of progress happening and then next time we’re here it’s gonna look extremely different so thanks so much for tuning in i will link up to the previous video that we did on site here where crystal talked in more details about the numbers behind this site and so i’ll link up to that down below thanks so much for tuning in and until next time stay positive

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