Whittington, VIC
Amalgamated two adjoining titles to unlock a five-townhouse yield the market had overlooked.
- Purchase price
- $650,000
- Valuation uplift
- +$200K
- Gross yield
- 5%
- Income
- $3,070 pw
The brief
The syndicate wanted a site the wider market could not easily replicate. We identified two adjoining properties, neither viable alone, and negotiated both simultaneously under interdependent contracts.
Why we bought it
- 01
Amalgamation premium
Combined, the parcels support five dwellings; separately, each supports one. The uplift is created, not purchased.
- 02
Simultaneous contracts
Both contracts were conditional on the other, so the syndicate was never exposed to holding a single unviable title.
- 03
Transport catchment
600m to a station in a council actively encouraging density within walking distance of rail.
Asset detail
- Combined land
- 1,690 sqm
- Titles
- 2, amalgamated
- Zoning
- GRZ2
- Station distance
- 600 m
- Interim income
- 2 dwellings leased
- Independent valuation
- $4.98M
The acquisition
- Step 1Amalgamation strategy modelled across eleven candidate pairings.
- Step 2Both vendors approached independently and discreetly.
- Step 3Interdependent contracts negotiated with matched settlement dates.
- Step 4Both titles settled; combined cost $4.20M against a $4.98M combined valuation.
Outcome
An amalgamated 1,690sqm holding valued $780K above cost on settlement day, before any planning work began.