Hey everyone, I’m brand new in the game and I’ve come across a place, South of sydney, which is 1500mSQ and zoned 2B for developing. I’ve been to see the property and it looks like a real opportunity for units or townhouses. I’ve been advised I can fit around 7 units on 750MSQ of the land without having any need of car spaces. This may be a case where we can fit up to 9 units on if we can push the unit size down a little.
The owner had just gone with an agent the day before I went to see him, so I have him sending me
-the 149 certificate,
-waterboard diagrams,
-DCP codes, and
-Dimensions of the land,
Two questions….
*What should I be looking for in the codes and plans which are being sent to me??
*Has anybody ever develped anything like a townhouse community on a piece of land… and is there any benefit to that style of development over units??I don’k know much about these sorts of things, but looked at somethings similar a few years ago. Don;t beeleive anything the agent tell you. Ring hte local council and talk to them about it.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Alexander,
This sounds like a sink or swim situation. You are “brand new in the game” and jumping straight into developing. Take one step at a time and get a grasp of the basics before diving in to deep and over committing yourself. If you do decide this is the way you want to go then ring a few professional developers and get them to give you quotes and submissions on what they would do. It may cost you a little extra for the information but they will all have different ways of developing your block.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Like Terryw said, check with the council. But even then, be wary, councils can can change the rules at any time and have been known to do so.
Given that almost every man and his dog with a large block is trying to subdivide and build townhouses etc nowadays, councils are not always keen to accept such proposals, or place major encumberances on what you can build.
Get it in writing, and if possible, an assurance that things won’t change in the short-term while you’re getting everything underway… a friend of mine has had such problems building just a duplex in his area.
Thanks for the input guys… And don’t worry C2 I’m actually just looking to learn from this excersise. I’ve got a developer and architacht looking at it for their own personal use… I’m really just interested in learnign anything I can while I’ve got the papers in front of me.
The council’s been helpful, though I know there are ways of negotiating unit size etc based on the council’s restrictions of the amount of BEDRs and car spaces and the like.
This particular property is Old Systems Title: I’ve been advised that until this is approved for Torrens Title anybody can make claim that they somehow own the land due to old relatives or ancestors living on the proprty. Not that it’s a very frequent occurance, though the finance or offload to developers may be a lot harder because of it.
I’m just going to soak up as much as I can while dealing with it.
Cheers, Alex[
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