2A Elouera Rd, Cronulla
I find any form of development a fascinating process of researching the area, identifying the opportunity and going through the approval and building process.
This property located at 2A Elouera Rd, Cronulla marketed with distinction by Kieren Bresnahan and Luke Grosvenor of McGrath took a few years to be created and sold for $1,500,000 to a lucky buyer. However it was worth the wait in my opinion.
The raw site was originally purchased in February 2011 for $1,257,500.
According to council documents the approval process for the detached dual occupancy with strata subdivision took 2 months between May to July 2012.
Construction costs estimated through council were $457,164 to build with Masterton Homes. This included a double storey 4 bedroom, 2 bathroom, single lock up garage and single carport home and 3 bedroom, 2 bathroom, single lockup garage home.
The smaller single storey house located at 2B Elouera Rd, Cronulla was sold in May 2015 for $1,250,000.
We could estimate the total cost of the project was around $1,800,000 excluding stamp duty, developer contributions, holding costs and agents commission.
The combined sale prices of both houses equals $2,750,000.
Total estimated gross profit could equate to upwards of $800,000.