Investment opportunity doubled in revitalised Wallsend
Investment granny flat in Wallsend, Newcastle by Acrow Investments
Investing with a smart budget, our clients chose to increase the earning returns of their existing rental property through adding a granny flat right in the backyard of their existing home.
The property is located in the well-established Newcastle suburb of Wallsend. Fair to say, our team at Acrow Investments quickly saw how the client could increase their rental revenue with modest financial investment. We were pleased to bring this project to fruition.
Read on for the project overview:
Project description: Addition of a modern – and fully rental-ready – two-bedroom granny flat in the yard of an existing suburban investment property.
Result: Boosted rental earnings potential that leads to stronger investment outlook.
Project cost: $129,000, including CDC approval and construction fees.
Build duration: 12 weeks.
Return on investment: Based on the local averages of leasing rates between $375 and $420 per week, this granny flat may well entirely offset the build-mortgage repayments.
The location
As an original suburb of Newcastle, across more than a century Wallsend has been through phases of stabilisation and revitalisation. And it’s currently in the latter! Things are thriving.
Freeway proximity (but not too close!) and an easy commute to the University of Newcastle, John Hunter Hospital and more, it’s easy to see the appeal of this transforming suburb.
As well as bordering forests and farmland, Wallsend’s two large parks bring the greenery into the urban context for the 12,000 residents.
Wallsend is well appointed with local shopping hubs. These are in addition to further amenities in the neighbouring suburb of Jesmond. With new infrastructure, including a Bunnings, and excellent local schools, Wallsend is only growing in livable appeal.
The project
For timeless style and durability, the granny flat features dark timber coloured laminate flooring throughout and ample storage in a classic wrap-around kitchen.
Built on low-set piers, and featuring an entrance verandah to take advantage of cooling summer breezes, this granny flat provides large-home comfort on a more manageable scale.
The numbers
The median house price in Wallsend is around $500,000, yet the total granny flat project came in at a modest $129,000, including fees and approval. It now provides our client with an instant revenue earner that may easily offset their mortgage repayments.
Costing considerably less than a second investment property, this self-sufficient stand-alone home nestles naturally into the backyard of their existing investment property. With rental home rates in Wallsend ranging around $375 to $420 per week, this granny flat might just double the overall return on investment for the property.
Choose Acrow Investments
If you’re considering investing more into your rental property portfolio, get in contact with us. We specialise in the construction of granny flats, duplexes and dual occupancies throughout the Central Coast, Newcastle, Lake Macquarie and Hunter Valley regions
As a local family-run business, we’re ready to assist you on your next investment construction project. We can arrange a site-specific consultation and free quote today.
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