Lucky 13 for Overseas Investor

6 November 2015

An overseas investor who suddenly found himself with three dilapidated old properties in Welshpool has built 13 smart new residential units in their place with the help of Plunkett Developments.

The investor, who lives in Kota Kinabalu, Malaysia, had been at a loss as to what to do when an unexpected turn of events left him with the trio of undesirable properties in a city he had rarely visited.

“Arrangements that had been in place to develop the sites fell apart and our client and his business partner had been left with expired planning permission for 12 properties and no clue what to do next,” says Clem Longman, Sales and Design Consultant at Plunkett Developments.

“Someone recommended he talk to us and we handled everything for him from start to finish. He couldn’t be happier.”

Plunkett Developments obtained up-to-date feature surveys for the three blocks and took the necessary steps to get the land amalgamated into a single lot of 4,250sqm that could then be separated into individual strata-titled blocks.

The old brick and tile homes were demolished and plans were drawn up and approved for 13 new residential units. Not only was this one more unit than the original plans had allowed for, but each of the homes now included a double garage.

“It was a great result and miles better than the original plan,” Clem says. “Our goal was to maximise the potential of the 4,250sqm lot we had created, getting as many units as possible on the site.

“The investor, who had done nothing like this before in Australia, had planned to build and hold the properties, but has decided to sell and is looking at doing another development with us.”

It’s estimated the homes, which took 10 months to build, are worth between $400,000 and $500,000 each.

The project took about two years from start to finish, during which time Clem made two trips to Kota Kinabalu to meet his client, and to get planning documents and 13 individual development contracts signed.

“While projects of this size, and larger, are typical for us, our client was dealing with the unknown. We kept him informed every step of the way, looking after the entire project from start to finish,” Clem says.

A fixed price contract and a turnkey specification gave the investor an additional level of confidence and the reassurance that everything was covered.

The brick-built single-storey properties have either three or four bedrooms, an alfresco, and a specification carefully selected by the Plunkett Developments team to suit the target market.

“The specification needed to be modern and marketable, while maximising the budget,” Clem says.

 “It was a completely turnkey project. When we handed the units over, someone could move straight in.

“People often don’t realise that Plunkett Developments routinely handles developments of 25 or 30 units, including townhouses as well as single-storey homes.

“Whether it’s splitting a block for a simple duplex development, or managing a large-scale multi-unit project, we can look after everything from subdivision and demolition, design, planning and construction, right down to the landscaping, window treatments and floor coverings.”

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