Block renovation series – Part One, the renovations.
By | 19th May 16

Block renovation series – Part One, the renovations.

For many years we have been participating in our own Block challenge but without the TV crews! We take whole blocks of dated or rundown apartments and renovate them to create equity and increased rental returns for our clients. In an exciting two part series, we will take you through the process from purchasing the block of apartments to the final results.

Maleela Grove, Rosanna

About the Block:

Located in leafy Rosanna, approximately 13km north east of Melbourne’s CBD. This block was purchased by eight investors. Traditionally, Rosanna is home to a demographic of older couples or mature families, but the contribution of the urban ripple effect and young single or dual income earners with no kids looking to stay close to their families have produced an uplift to apartment living demand in this northern suburb.

A coveted boutique block, this block comprises of eight, two bedroom apartments, all with access to a carpark on title. Four of the apartments have access to courtyards on license agreements, while the remaining four have balconies.

The investment:

After settlement we established an Owners Corporation in which the new owners all met and voted on the proposed renovations and budgets.  Each owner/investor has contributed just under $20,000 to rejuvenate this block externally, updating the 70s brick façade into something more contemporary.

The renovations:

  

The overall scope of works included a number of works including: 

  • Alterations to water meters to suit the new survey divisions
  • New pressure valves
  • Stop valves and non-return valves to bring the plumbing up to current regulations
  • Upgrade external lighting with 23 new lights
  • New letterboxes
  • Replace fencing
  • Removal and replacement of broken concrete and new car bay area with line marking
  • Creation of a bin enclosure
  • New clothes lines
  • Rendering and painting of the building
  • Pest control and landscaping

These works have been selected to provide the maximum benefit to the clients for their budget and are designed to create street appeal and most importantly, improved safety and amenities for the tenants.

The façade render colour was recently put to vote, with the majority choosing a lovely and timeless colour called “Jasper”.

As renovations continue, we will bring you more updates on the process and what some of the investor/owners are doing internally.

Stay tuned! We can’t wait to reveal the final result!