Profit on chopping Block

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THE production company behind Channel 9’s hit, The Block, may have bitten off more than it can chew after paying $3.6 million for a row of rundown terraces in Richmond.

As the property market cools, Watercress Productions might struggle to cover the cost of sales and renovations to the houses, which are in the shadow of the troubled Housing Ministry estate.

Watercress bought four Victorian and Edwardian terraces in a row in Cameron St after they passed in at auction in November for $2.85 million.

It also paid $198,000 stamp duty, taking the cost of each house to just under $950,000 before a porcelain tile or glass splashback had been put in place.

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