Here’s an example “retain and build” property that I recently purchased for an investor client:
Sorrento 4×2 house with the ability to retain the house and subdivide off a street-front lot over 300 sq metre
Tidy 4 bedroom, 2 bathroom house with 2 street frontages & laneway. By removing the double garage and creating parking via the laneway, a new 305sqm block could be created in this prime beach-side suburb. The house was well-maintain with some upgrades done, however a little more work to the kitchen and bathrooms would take it to the next level.
Purchase price: $797,000
Appraised value: $820,000
Median house price of Sorrento: $925,000
Rent return: $510 per week (in current condition)
Land size: 711sqm
Distance to local shops: 1.5km
Distance to Leisure Centre: 900m
Distance to the beach: 1.4km
Distance to Hillarys Boat Harbour: 3km
Distance from Perth CBD: 20km
This style of property would be more suited for investors wanting higher growth, with reasonable rent returns, and some good development options for the future.