- 10 Apartments
- 8 2 Bedrooms
- 2 1 Bedroom
- 2 Levels
Zegna's unique approach and start to finish project management ensured the equity apartments development was successful for both joint venture partners.
Belcastro Way, Madeley
- Land & Construction Cost $2.8M
- Completion Value $4M
- On-Paper Profit $1.2M
With the combined rental income, the developer is now cashflow positive and is generating long-term wealth.
- Joint Venture partner provided capital to purchase land.
- Obtained development approval for 10 multi apartments.
- Arranged construction finance.
- Completed designs & construction of all apartments.
- Successfully strata titled all apartments and obtained occupancy certificate.
- Assisted in selling of 1 unit to achieve a realised sales value.
- Assisted in renting the remaining apartments.
- Arranged refinancing to an investment loan.
- Negotiated the return of initial capital upon refinancing.
- Rental income $155,840 p.a
- Apartments fully leased
- Less Interest $103,320 p.a.
- Less Fees & Expenses $38,000 p.a.
- Profit $14,520 p.a.
PLUS depreciation & tax benefits for the developer over the next 5 years.