Ian reveals the numbers on his cash flow positive home&income landbank in Mangere Bridge!

5 Sullivan Avenue in Mangere Bridge was bought unseen for development potential and land bank opportunity. The vendors were hoping for $1.8million. It is a 4 bedroom home and income on just over 800sqm of land. The income comes from a 1 bedroom unit, which unfortunately was not on the LIM report. Ian spent a fair bit of time assessing his risk with this condition. 

When he first enquired and entered the discussion, the vendor had just countersigned on an offer of $1.6 million and asked for $1.62 million. 

This property did not tick all of the boxes. But Ian learned pretty quickly on his journey that the properties that did tick the boxes, were selling for much higher. That there were a whole lot of bidders. Perhaps in a market with less bidders, he will apply his perimeters, but if he wanted property, he was going to have to adapt.

So, yes, 5 Sullivan Avenue was not perfectly flat. It was in a flood zone, being 100m from the storm water. But since the property was built on rock, this wasn’t too much of an issue. He had options that were pointed out to him by a town planner who he has recruited as part of his invaluable team. 

Mangere Bridge is predominantly an owner-occupied area so he wasn’t in hot competition with other developers. However, Ian has plans to build 3 sites on the section, with the average house measurements to be a roomy 160sqm.