Hi,
I have a property in south east QLD, on RD5 zoning(one bedroom per 50m2 of net site area, MAX building height of 4 stories), the property is 1900sqm. Has an existing house on the land currently which i will look to demolish. What do i have to look for to start the project and work out what kind of costs would be involved, How many units i could build and what heights should i consider, right up to the allowed 4 stories, or do costs start getting to high. Median unit price for the area is 245k. I have several investment houses but have never done a project like this. Or if there is another alternative i could do with the land what should i consider. Any help would be great. I have searched the forums but nothing really compares to my situation.
Cheers,
ShaunStart with a town planner/surveyor, look at getting the DA quoted and within that an idea of what you're allowed to do and some preliminary yields. Once you have that you can approach some construction/engineering and quantity surveying people for quotes per sq m for construction..I think its BMT QS on the web have some general sheets for construction per sq m for resi units.. once you have that then you can start to look at plans, finance etc. work out your cost to construct and do the DA etc, take that and all your other fees like infrastructure costs to council etc away from that, see whats left, if its a lot less than abotu 20% you may have trouble getting it financed depending on what you're using as security eg: equity etc.. speak to agents in the area, find out the demand for product .. talk to at least four or five because some will always tell you what you want to hear.
Depends on what you want to do, another option is do the DA and sell it to someone who does construction save yourself the headache
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