Our client had quite a lot on their wish list. They wanted an investment property – in a growing area, to rent out now, and build on later.
We found one that initially looked ideal – a level block, in a good location, with excellent growth drivers. And at the right price!
To seal the deal was its potential for redeveloping three new strata units.
On the surface, it ticked all the boxes and many buyers might’ve gone ahead with the deal.
However, early in our due diligence we found that the zoning information advertised by the seller’s agent had been recently amended by the council. The block was now sitting in an area with a lower proposed code, significantly reducing the options to develop.
Wisely, our client walked away from it – essentially a property that had been advertised with a more promise than it could deliver on.
Turning down this ‘perceived’ opportunity has enabled them to subsequently purchase a property that still ticked all the boxes, and was aligned to their redevelopment goals.
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