North Perth R60 Apartment block thread

An interesting comparable for a 3 x 2 apartment on Charles St $565k in Feb this year.

http://www.realestate.com.au/property-apartment-wa-north+perth-115970883

Certainly not the most attractive inside - showing some signs of aged interior design ideas though it was only 2006 when it was built.

I'd like to have something like this - 4 nice long skinny 3 x 2 apartments

sv12ye.jpg
 
indeed- the cupboard fronts matching the floor so well is very strange...

Interesting design- what software is it from? Whats the 4.44sqm storage- where is unit 3's?
 
bryn said:
indeed- the cupboard fronts matching the floor so well is very strange...

Interesting design- what software is it from? Whats the 4.44sqm storage- where is unit 3's?
Click to expand...

That is actually 2 apartments for another project I'm doing - the block is a similar width but different shape and not as long as Charles St project is.

All grouped dwellings and apartments need to provide 4sqm of storage for each dwelling. The other storerooms are on the ground floor with the garages.
 
Well as soon as our deposit cheque clears we are unconditional and set for settlement on 9th July.

The REA wouldn't take down the listing as we asked for 20 days to do deposit (money in a term deposit). So it's still be up there - unsurprisingly she's been getting a lot of interest in it. Nah nah ni na na - you can't have it :p
 
westminster said:
Just having a peak around at new comparables coming on to market

$609k for a 2 bedroom, 2 bathroom 1 carbay apartment on Fitzgerald

http://www.realestate.com.au/property-other-wa-perth-117244283

70% of development already sold!!

Location is better as it's closer to the city but still an interesting one to watch.
Click to expand...

Always nice to see things like this come up, be interesting to see what it goes for. How far away from your property is it?

(similar thing has happened with my Highbury property, although I haven't started. Interesting to see what it sells for. I'll post in my thread so you can see)
 
Brady said:
Always nice to see things like this come up, be interesting to see what it goes for. How far away from your property is it?

(similar thing has happened with my Highbury property, although I haven't started. Interesting to see what it sells for. I'll post in my thread so you can see)
Click to expand...

It's probably 2km which is pretty big in terms of inner city scale but still interesting to see good prices for 2 x 2s when I'm building 3 x 2s
 
westminster said:
It's probably 2km which is pretty big in terms of inner city scale but still interesting to see good prices for 2 x 2s when I'm building 3 x 2s
Click to expand...

Even better when your original calculations are based on $500k :)

Do you know if the 70% thats sold already has been for the asking price?
 
Hahaha

Skuttles beat me too it by 2 mins :)

Classic

We are watching your threads with interest Westminster......

Keep inspiring all of us :D
 
Cruskits said:
Hahaha

Skuttles beat me too it by 2 mins :)

Classic

We are watching your threads with interest Westminster......

Keep inspiring all of us :D
Click to expand...

Haha, yeah we are :) That plus I drive down Charles St every day so have been waiting for these to hit the market just out of interest.

Personally I like the style of them, I think they've managed to make a big white shoe box not look like a big white shoe box. I could see how they might not be to everyone's taste though, kinda have a 70s retro feel to them from the street.

I also don't understand how guests find your front door, seems to me the 'entrances' are from the sealed courtyards.... or do you have to walk guests through your garage when they come over!?
 
Skuttles said:
Haha, yeah we are :) That plus I drive down Charles St every day so have been waiting for these to hit the market just out of interest.

Personally I like the style of them, I think they've managed to make a big white shoe box not look like a big white shoe box. I could see how they might not be to everyone's taste though, kinda have a 70s retro feel to them from the street.

I also don't understand how guests find your front door, seems to me the 'entrances' are from the sealed courtyards.... or do you have to walk guests through your garage when they come over!?
Click to expand...

Cruskits said:
Hi Westminster,

Just wondering how these new ones that have come on to the market fit into you numbers, projections etc. etc.

What are your thoughts on their style, spec?


http://www.realestate.com.au/property-townhouse-wa-north+perth-117345975

Just saw them tonight and yeah thought of yours straight away :)
Click to expand...

Skuttles said:
Hi WM

These just came on the market today, while not directly comparable to what you are planning, the prices will no doubt interest you.

1x2x2 from $499k
http://www.realestate.com.au/property-townhouse-wa-north+perth-117345979

2x2x2 from $599k
http://www.realestate.com.au/property-townhouse-wa-north+perth-117345975

Cheers
Skuttles
Click to expand...

Love your work! Thanks for pointing those out for me - its been a busy week so I haven't spent much North Perth surfing this week.

It's a very interesting concept. As they are townhouses it's a little hard to compare but I like the specification level. It's good to see that a main street location can still pull good number - though we'll have to see if they achieve that. I might have to go to the home open and sticky beak.

The style is quite funky but not offensive.

$599k would be blissful if I could achieve that. To get that I definitely would have to go with the maximum size (and cost) but it's probably the way I'll go

I'm astounded how people are supposed to drive in an out of those driveways. No way does that look like the 6.5m needed in front of those garages.

Looks like there is a door next to the garage door which people are to use to enter then walk through the garage (ewwwww!) into the house.

It's a shame too that they couldn't get living area downstairs so that they could use the courtyard for extra living space but the block won't work - MIGHT have worked if they had gone a single garage though. For a 2 x 2 with a bus outside the door I suspect a single garage would have worked.

What do you think? 180sqm all up which is very similar to mine in terms of total space I will probably have per unit. If they had gone single garage they might have been able to have nice living on the ground with the courtyard and then the 2 bedrooms upstairs with the balcony. They might have even been able to put in a 3rd bedroom.
 
westminster said:
I picked up a house in North Perth. $595k on a 460sqm block with a 3 x 1 house which is basically a 4 x 2.

Good things about the deal:
- block is R60. So I can build 322 sqm of apartments on it. (4 x 3 bedrooms perhaps) Nb density bonus allows up to 460sqm of apartments on this
- has a rear laneway for easy parking for apartments
- is rented out by the room for 800-900 per week

Downsides:
- on a busy main road. I'm not worried about that - it means public transport, shops/amenities close by, less parking required etc.

At $1300/sqm I'm pretty happy to get a R60 block in North Perth.

Vision

Probably the most parking bays I can get on this is 4 across the rear laneway. I can stretch it from single to tandem but still only 4 apartments worth. Might be able to do some vespa bays though.

With parking for 4 I'm limited to 4 apartments unless I can wrangle some studio + vespa bay allowances.

At 4 apartments this is still a good deal.

Highly approximate numbers
- land $620k inc stamps
- construction inc headworks blah blah $6-700k (based on 350sqm construction)
- holding costs nil (this is a SMSF purchase with no borrowings)
- total $1.2-1.3 cost
- end value approx $500k each = $2m (pretty conservative)
Click to expand...

Darn it, can't edit the first page

If I go with 460 sqm of apartments and grandiose plan of REALLY nice big 3 x 2 them approx numbers is

- land $620k inc stamps
- construction inc headworks blah blah $1m (based on 460sqm construction)
- holding costs nil (this is a SMSF purchase with no borrowings)
- total $1.6 cost
- end value approx $600k each = $2.4m (pretty conservative)
 
Haha, yeah noticed that also. Why didn't they just move the bathroom door further forward into the bedroom, inline with the robes...then put that vanity in the actual bathroom? Seemed very odd to me.
 
Skuttles said:
Haha, yeah noticed that also. Why didn't they just move the bathroom door further forward into the bedroom, inline with the robes...then put that vanity in the actual bathroom? Seemed very odd to me.
Click to expand...

That is truly fixable. I don't know why they didn't. The bathroom upstairs is better than the ensuite - big no no.
 
westminster said:
That is truly fixable. I don't know why they didn't. The bathroom upstairs is better than the ensuite - big no no.
Click to expand...

And just on that....for those 1 bedders, who is going to actually use that upstairs shower when theres no bedroom up there? Toilet/powder room I can understand but a shower?! Maybe if you have a guest over that slept on a fold out sofa...maybe?

"Honey, have just finished cooking dinner...just gonna pop straight in the shower"

Interesting solution with the opaque glass on the balcony too...assuming it needed to be that tall for neighbour privacy? I think what they have done there is good given the obvious constraints put on them, but not sure what a great solution to that problem is.

Am actually really interested now to see what the 4 units at the back look like/ their floorpan is.
 
Skuttles said:
Both 2br ones under offer in less than a week.
Click to expand...

faaaaark!!
I went to the home open on Saturday and it was packed!

Even weirder choices in person

- there is no door/gate/security at the garage, essentially its a carport with a gap at the side you walk through to get to the internal carport door aka entry
- kitchen layout wasn't conducive to furniture placement with the bench making a strange L
- that weird vanity outside the ensuite
- clic-lock laminate in the kitchen/living upstairs was lovely and clicky :(
 
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