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How this block of undeveloped land made $4,000 a week for the last three years, easily exceeding the average weekly wage
- A plot of land has earned $4,000 a week for three years
- Its owner, Rob Spadaccini, sold the Perth land last year.
- The renowned builder made a profit of $620,000 on it.
A plot of land has earned a whopping $4,000 a week, more than double the average weekly wage, after sitting idle for three years in a prestigious beachside location.
The 974 square meter block of land on Chipping Rd in Perth’s luxurious City Beach brought in $620,000 for its owner, renowned builder Rob Spadaccini.
He bought the land ‘on a whim’ for $3.18 million in 2019 and had approved plans to build a 1,082-square-foot home with 10-car garages.
But he ended up selling the undeveloped land, with its 180-degree ocean views, for $3.8 million last year for a profit of $620,000, the Western Australia informed.
The windfall equals almost $4,000 per week of income for the three years.
The 974-square-meter block of land on Chipping Rd in Perth’s luxurious City Beach (pictured) earned $620,000 for its owner, renowned builder Rob Spadaccini
Spadaccini bought the $3.18 million land with 180-degree ocean views in 2019 and had a plan to build a 1,082-square-foot home with a 10-car garage (a view from the property is pictured)
But Mr. Spadaccini (pictured with his wife Maria) ended up selling the undeveloped land for $3.8 million last year, earning a staggering $620,000.
Mr. Spadaccini bought the property in 2019 hoping to capitalize on the promising potential of the seaside location (pictured), which cannot be built on.
The homebuilder passed it up after deciding to live closer to friends and family in the northern seaside suburbs (another view of the lot pictured)
The award-winning builder heads Spadaccini Homes, which he founded in 1997 to build luxury homes.
Spadaccini bought the property hoping to capitalize on the promising potential of the seaside location, which cannot be built on.
But he let it slide after deciding to live closer to friends and family in suburban North Shore.
“I bought it on a whim,” Spadaccini said.
“As a developer, you often make your money off the ground,” he said. “The money is also tied up in the house, so if you get the mix right, it’s a great investment.”
City Beach has grown in home sales prices over the last 10 years with blocks of land averaging $2.76 million, a massive 61 percent increase over last year’s average of $1.76 million.