We purchased a block of two units in Patrick St, Hobart. We identified that just a few improvements could improve the whole look and feel of this beautiful building. It was also immediately evident to our team that the apartments had been severely under-rented given the central location and the uniqueness of the property.
Our maintenance team re-painted the outside of the house and replaced its tired roof, while our property managers sourced new tenants at an increase of $110/week across the two units.
After renovations, stamp duty and legals, the total investment was $440,000. The house was re-valued by the bank at $539,000. And the property still has the flexibility to be restored to a magnificent 5-bedroom inner city mansion at anytime in the future.