Tim Leung joined me on my latest Bus Trip to share his Keperra 1 into 2 subdivision…
And we all decided to stay ON THE BUS for this one, and not go on site, because…
The sewer pipes are broken! :O :O :O
Yeah, it didn’t smell too great. HOWEVER…
This deal did end up making a fat profit for Tim. And here’s his story:
Tim Leung: “Hi everyone, I hope you’re well. We thought we’d just stay on the bus today. I had Unity Water yesterday to fix up my broken sewer on the back there. And it has actually been sitting there for a couple of weeks without my knowledge…
“This one’s got a few more complexities. There’s water in the back. So there is a flooding overlay. Sweeping partway through the block.
“I guess one of the lessons I learned from the flooding overlay is that the Brisbane City Council maps aren’t exactly accurate! So they said it was “just a little portion down the back,” but actually floods pretty much two-thirds of the way through the block!
“I’ve got a flood consultant to come and have a look at the property. So $6k grand later, in about 3 months of talking through council and all the rest of it, we found a solution, which is raising about 300 mil, and then putting a retaining wall around the side of the block as well.
“So one of the solutions that the flooding guys came up with, initially it was to put a 3-meter concrete wide channel all the way through and around the side of the block. Would have cost about $30,000 to do that. Council rejected that idea, which was great.
“I said no, we don’t support it, it’s going to cause bonding to the neighbors down there. So I said, all I want is a retaining wall, raise the land. So it’s great. Saved site $30k there. I was really happy with that.
“Some of the other challenges? There is a maze of sewers out the back. Which I think probably put off a lot of other people on the site. I was pretty keen to find the next deal. So I rolled with it and had a few challenges to sort through.
“It’s narrower at the front too. 16.8m frontage. But because of these out of the back [see video], council took all that into consideration. And I was allowed to do that.
“The council first said “No”. We had to fight it and go back. […] So they agreed to do a side by side subdivision there. So it worked out quite well.
“Quite fortunately, it is a larger block as well. It’s a 1,026 sqm block. Which just means it just makes it look more attractive. And even though there are some flooding restrictions, people will still be able to sell it at a reasonable price[…]
“I quit my job to take on this. I wasn’t enjoying what I was doing, so I had a deal in the pipeline and I decided to take this on and give it a go. “