We purchased residential land which had development consent for 14 one bedroom townhouses. Three of the 14 townhouses were mandated for affordable rental housing for a period of 10 years.
The project was delivered in two stages over a period of 24 months.
All properties were sold within three months of starting construction on the first stage of the project, with a median sale price of $350,000 in an area where the median property price was $600,000.
At the completion of the project, the return to investors was 25% per annum.