After further thoughr Xdrew, I am wondering how to achieve the $1M value for this land that you mentioned.
I've since discovered this comparable property:
http://www.realestate.com.au/property-residential+land-sa-willaston-200671327
6000sq m that brought $320K – around $50 / sq m.
I just emailed the owners  that a more realistic price for the…[Read more]

Thanks for your thoughts xdrew.
I'm giving up on the retirement village idea and going back to the drawing board and spreadsheet.
As a result of your feedback I can see that my romantic intention to help prevent the elderly from being exploited by ruthless profiteers will not be applicable to this site at the sellers' asking price.
So now I'm…[Read more]

Great.
Thanks guys.

Terryw wrote:
There certainly is a risk.

Speak to a lawyer about priority of interests in land. .

Terry, you've put me straight.
I'll forget about my devious plan and just plan on paying the obnoxious stamp duty.  I think in the long run it will be less stressful than trying to scheme around it.
Thanks for your sound advice.

Catalyst:
Actually I misled you about the size of the land.  It's 7000 sq m, not 2000. Sorry. 
And it's vacant, so there's no issue with the owner renting somewhere else.
The value of the land is difficult to gauge.  I first thought it was a good deal, but  recently I discovered that Hickinbotham is offering a house and land package on 500 sq m…[Read more]

I subsequently heard Rolton  in an interview, justify the refund ability clause by saying (words  to this effect) why should I be penalised for trying to add value [through gaining a development approval]  to the seller's property?  He also claimed to have never had a a development application refused in his 11 or 12 years of operating in this…

Hmm, can't imagine Rolton sending his boys round to wield disproportionate influence.
The clause completely removes any risk from the option taker.
What I meant to ask was how common it is for this clause to be included in option contracts?

Thanks Richard, I'll up on that idea.

New Age Property
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I'm not a Massland graduate, but I do have a JV contract that I could let you have for $27.
It's quite comprehensive and runs to 26 pages.
I can send you a table of contents if you like.

On a side note to this thread, Richard, how do you find people who are willing to enter option deals with you?

Sell a few so that you can pay off any outstanding debt and live off the rents.