The Block producers to make $8M profit on a single parcel of land
>
How The Block’s Producers Make $8MILLION Profit on a 70-acre Plot of Land
<!–
<!–
<!–<!–
<!–
<!–
<!–
The producers of The Block will make an estimated $8 million in profit after purchasing a single $11 million piece of land for the final season of the renovation show.
Channel Nine bought the 70-acre spread in Gisborne South, Victoria, in September 2021 for $11 million, then divided it into seven 10-acre blocks, each worth approximately $3 million, five of which were used for the homes of the participants.
Each of the five homes being renovated will have five bedrooms and three bathrooms and are listed with a price guide of $4 million to $4.4 million.
Assuming all homes reach the top end of that scale, they will resell on auction day for an estimated $22 million in total, according to the Sydney-based buyer’s agent. Jack Henderson.
The producers of The Block will make an estimated $8 million in profit after buying a single plot of land worth $11 million for the final season. (Pictured: The Block host Scott Cam)
In a TikTok videomr. Henderson analyzed land value, construction expenses, and additional costs such as sales costs for this year’s season of The Block, and concluded that Nine had spent a total of $20.33 million this season.
He said the projected total sale of the five homes ($22 million) would be $1.7 million in profit — but that doesn’t include the sale of the two vacant lots that weren’t used for renovations.
Mr. Henderson expected those empty lots to sell for about $3 million each, resulting in a total profit of all seven lots of $7.6 million.
Sydney-based buyer’s agent Jack Henderson worked the numbers into a TikTok video
Channel Nine bought the 70-acre spread in Gisborne South, Victoria, in September 2021 for $11 million, then divided it into seven 10-acre blocks, each worth approximately $3 million, five of which were used for the houses of the participants
Henderson’s followers disputed these figures, with several pointing out that the buyer’s real estate agent failed to mention the house being built by Scott Cam, host of The Block.
Other users noted that he failed to take into account other costs involved in making the show, such as production expenses.
The homes being renovated on the show are also valued well above the average home price in the region.
Each of the five homes being renovated will have five bedrooms and three bathrooms and are listed with a price guide of $4 million to $4.4 million. Assuming all homes reach the top end of that scale, they will resell on auction day for an estimated $22 million in total.