Our clients purchased this property for medium-density development, adjacent to a property already owned by them. The desire was to develop a strong-yield rentals portfolio for the site, which already had an upstairs-downstairs duplex building.
- Develop site for strong rental yield
- Incorporate existing upstairs-downstairs duplex to reduce development costs
- Develop an attractive environment while minimising construction costs
- An eye to timeline for income generation
Teo + Perperis successfully negotiated complex property law and the Town Planning Scheme to facilitate the use of the neighbouring property driveway for resident access to this new property. As a result, the site is developed into five homes rather than the usual three for a block of this size in this neighbourhood.
The existing upstairs-downstairs building is modernised and reconfigured, including moving an external access staircase inside to meet current market expectations. Retaining the building also assisted the Town Planning application process as well as saving substantial redevelopment costs.
For the two existing dwellings, spacious open living areas and new outdoor private open spaces, including a balcony for the first floor dwelling, were created to vastly improve amenity. The three new dwellings, located behind the existing duplex, are designed to compliment the duplex.
Two of the three new dwellings have first floor living spaces with large balconies to take advantage of better outlook and access to light at this level. Materials are chosen for cost effectiveness and durability.
Due to the good amenities provided, the rentals achieved are substantially higher than budgeted.