Responding to the interest we have seen by registered members and people who contact us, we have been looking at properties in the popular suburb of South Fremantle. One property in particular that we consider has real potential for a successful co-ownership scenario is 121 Attfield Street, South Fremantle. The sprawling existing layout around a central garden, orientated in a northern direction, and the advantageous corner site were attributes that immediately caught our attention.
Existing Floor Plan (above)
Existing Street and Garden Views
With renovations to the existing structure, and a first floor addition, we think it would be possible to comfortable accommodate four very good sized units, of diverse size. Each unit would have its own access, and its own living and cooking facilities. Parking would be provided on the Attfield St frontage only. A two bedroom unit could have access off Attfield St, with two one bedroom units, and a four bedroom unit each having access off Charles St. The central garden would provide a green hub and focus for the small community, with the additional amenity of a shared kitchen/ dining / laundry off this central garden space. This space could be used for shared meals, larger gatherings or occasions, and could spill out into the garden.
Given the extent and nature of proposed renovations and additions, it would also be possible to boost the sustainability features of the property, by improving the insulation if necessary, adding more efficient heating and cooling systems, solar hot water, and waste management systems as suits the co-owners.
Proposed Concept Plan (above)
Following are some indicative costs for this scenario, broken down into each owner's share; This is based on a purchase price of $1,130,000 and a renovation budget of $420,000:
Unit 1 62m2 1 bedroom 20% $328,000
Unit 2 51m2 1 bedroom 17% $270,000
Unit 3 70m2 2 bedroom 23% $370,000
Unit 4 120m2 4 bedroom 40% $634,000
(Note: these costs include stamp duty and renovation costs, but exclude conveyancing, building inspections, co-ownership agreements, planning or building permits and Henry Project fees)
To make an assessment of the affordability of this proposal, it is useful to compare these costs to average costs for the suburb. Currently, the median price for a one bedroom unit in Fremantle is $575,000 (as provided by realestate.com.au at time of publication), the median price for a two bedroom is $630,000, and whilst no figure is available for four bedroom units due to the limited number, the median three bedroom unit is $747,000.
In addition to the significant savings that are possible on these median prices, in the co-ownership scenario owners have the opportunity to tailor the renovation to suit their particular needs, they have access to and shared ownership of additional communal spaces, and most importantly, they have the opportunity to build and be part of a vibrant and supportive community in their home environment.
The Henry Project is still working to get a pilot project built in the Fremantle area; if you have an interest in this property, or the benefits and value of a co-owned home, please drop us an email. Or please feel free to share your comments and thoughts here, we are always keen to hear your perspective.