Summary
Our brief was simple; investigate possible improvement options for the property. With our experience, we could identify unrealised potential. We advised our client to consider engaging additional key people to investigate further. The idea was to explore if the property could be converted to strata title apartments and if there was scope to add additional apartments to the existing structure.
Key Points
We put together a team and engaged the services of an independent Town Planner, Structural Engineer, Surveyor and Architect. We established that the property could be strata titled and code compliant for an additional story to the existing building (subject to development approval). This meant (if approved) that the property’s value would increase significantly.
After we completed the due-diligence and feasibility process our client was delighted with the potential to increase the potential worth of the property upwards of $2 million.