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Property Investment opportunity $35K below mkt value

Discussion in 'Real Estate' started by NickM, 5th Jun, 2008.

  1. NickM

    NickM Co-founder Staff Member

    20th Jun, 2005
    This offer has only been provided to me at this stage and not to any agents or sales representatives.

    I have been approached by a client of mine who is a property developer that
    wants to move some of their stock

    The property is located on the corner of Crown and Corrimal Street in Wollongong. The location is quite central. It is 1 block from the Wollongong City Mall and 3 blocks from the beach. Restaurants and café’s are prominent in the area

    Another opportunity is coming up for them and they need to sell some of their units very quickly

    They are willing to offer us 1br + study units at a discount of $35,000 below valuation. Prices range $295K - $330K

    The valuation was conducted by Landmark White and a 1br unit was settled just last month at the valuation price. The units they have sold are achieving the valuation price albeit rather slowly in the current market.

    I have worked out the after tax cost to be between $82 & $118 pw depending on which unit you choose

    There are only 3 available, I do not expect these properties to last

    They also contemplating a price reduction on some 2br units but this is not yet confirmed. I have not conducted a detailed analysis for these as yet.

    Like any investment, I believe it should be a medium to long term hold.

    Should you be genuinely interested and require futher information please do not hesitate to contact me.

    The website is

    Please note: this not an endorsement of the product/ property and each investor should do their own research and due diligence

    I am charging my client a fee for my services in relation to the work I have completed.


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    Last edited by a moderator: 5th Jun, 2008
  2. DaveA

    DaveA Well-Known Member

    19th Feb, 2007
    Sydney, NSW
    very very interesting Nick... 6% yeilds basically

    11% to actual valautions... now if only the banks would take the valuation price and not the contract price on the property it would be fantastic....

    appreciate the link... when people say they cant afford to buy a place all they really need to do is look for these bargins...