As a long term strategy, how does buying old beachside IP apartments with the view of selling out to a future developer amalgamating neighbouring sites to build a beachside tower sound.
A collegue of mine bought a beachside unit 2001 for 200k.
Sold it to developer for 900k. Valuation at time of buyout = 450k.
Maybe swapping it for a unit in the new tower plus take some cash would be a good exit strategy.
Any experiences or similar strategies?Sounds lucrative but a bit risky. Who knows what property developers have their eyes on, even beachside properties. You may be waiting a while in the current market, but if you have the cash beachside is always best regardless of whether it’s on a developers horizon or not.
You might want to try Michael Yardney who’s on this forum for advice regarding this strategy as I beleive he’s done a fair bit of developing around Melbourne’s Bayside areas.
Fast Lane- The poster formerly known as g7
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