Property Location: Bellevue Hill
Renovation Details
Our client was looking for a larger scale renovation project, having successfully completed several earlier, and had established good trade contacts.
We purchased off market, a large home in a premium street and suburb. The property had solid bones and was on a good sized block, with expansive views. The finishes were dated, and the home had a poor floorplan.
A current Development Approval was a bonus, yet the approved design meant much of the work would be too costly, and wouldn’t give sufficient return. Our clients redesigned the layout to maximise the floor space and add double parking. While going through the approval process, our clients leased the property out.
Works Included:
- Removal of walls to create open plan layout
- Redesign roof layout to incorporate top level
- Redesign lower level to create a gym and cinema
- Completely replace internal finishes and fit out with all new
- New kitchen
- New bathrooms (x4)
- New large windows and balconies from all bedrooms
- New double garage at front
- Install ducted air-conditioning
- Landscaping
Purchase price – $2,200,000
Renovation cost – $1,000,000 approx.
Market value after renovation – $4,450,000
Rental return before renovation – $1,350 per week
Rental return after renovation – $3,200 per week
