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February 12, 2015 | Media Statement
Our client wanted an investment property in a growing area, to rent out for now and later build 2 or 3 strata homes on. We found one that looked ideal; a level block in a good location at the right price. What sealed the deal was the Council’s proposed rezoning to a higher density code, giving this block the potential for redeveloping with three new strata units! On the surface, it ticked all the boxes. However, in the course of our due diligence we found that the proposed rezoning map used by the Seller’s Agent to advertise had been very recently amended by the Council. The block was now sitting in an area with a lower proposed code, significantly reducing the options available to develop. Our client agreed to walk away from a property that had been advertised with a lot more promise than it had, and has now successfully purchased the right property to achieve his goals.