In 1991 I purchased this property. I had the intention of making renovations while living in it. But during the settlement period I moved to Adelaide. After 18 months there I came back to Melbourne. For a while I house sat a friends house in West Melbourne, before moving to Kallista. My work friends called me a slum lord, but I also charged a low rent. Since then I have lived in Sydney.
I paid for an architect to produce a design for the creation of three units. However, after getting all the building approvals, it came to be time get the loan. I looked at the amount of money and the profit margins and decided that there was too little margin to cover the risk of rising costs. So I sold the property with the plan and permit. The builder has completed the rebuilding. Here is the result.
Unit 1 and 3 are up for sale at the moment.
Wow, I should see how much they are asking.
Townhouse 1 sold 658k. Here is the link: http://www.domain.com.au/Property/For-Sale/House/VIC/Northcote/?adid=2009452477