Hard work pays off in property: Windsor
The Brief
Locate a property with potential for renovations and a rear addition with the goal of increasing capital growth in the short term. The client wanted a character home in a quiet, residential street that presented an opportunity to retain most, or all, of the character features, while creating improvements that complimented the front of the home. The area to focus on was Windsor, due to its proximity to South Yarra, Toorak and Prahran and its potential for growth.
The Strategy
Source suitable properties, attend inspections, consult with builders and designers and search for the ideal property that suited the client’s needs. It is common that properties such as these were in high demand and often sold at auction, therefore an auction strategy was in place when the ideal property presented itself. We won the auction bidding in front of a crowd of 200 people.
The Property
The property purchased was a character home built between 1886 – 1888 in a tree lined street only 300 m from the restaurants and cafes of Chapel Street, Windsor. Situated on a 300 sqm block with driveway access up the side of the house, the property presented an excellent opportunity to renovate the front 3 bedrooms and 14 metre long hallway, while completing a renovation at the rear consisting of a new kitchen, new bathroom, additional bedroom and an open plan living/dining area opening up onto a deck and courtyard complete with spa bath. It was imperative that as much of the original home was retained, therefore, the two, double cavity brick side walls of the home were kept as they matched the remainder of the house. Large windows and skylights were added to the home to let in an abundance of light.
The Numbers
- Budget: $900,000
- Purchase price: $850,000
- Renovation Cost: $250,000
- Sale price after 7 years: $1,625,000
