1 into 2 Subdivision
897sqm, R2 Zone, Keiraville, Wollongong Council, New South Wales
It happens time and time again! Real estate agents’ mis-advertising properties!
In this case, it was to Rebecca’s advantage! This property was advertised as a house and granny flat when it was actually a dual occupancy! Winning !
Failing to sell at auction, they picked the property up two weeks later, securing three month delayed settlement to investigate their development and finance options.
Securing private equity finance, the project was underway. BUT, there were challenges ahead:
- Underestimated the length of the process.
- Underestimated subdivision costs.
- Stormwater engineering design didn't reflect the depth of the existing stormwater.
- Stormwater plans had to be revised and approved at the construction stage.
- Didn't get expected sales prices.
Join us at this Meetup to hear Rebecca’s journey into subdivision, how she secured finance, and selling this project off-the-plan!