Just bought old house on large block of land in Paddington Brisbane. Thinking of developing units on it. Anyone done this and know of any problems with the Brisbane Council? Land is on a hill with lovely city views and seems a shame just to leave the old house on it.
Hi,
Call me old-fashioned, but this is a question you’d want to have answered before you bought, right?
What if you can’t develop and instead you’re left with the property and it’s -ve cashflow?
My advice:
1. Go to the council asap and work out what’s possible.
2. Compare that with what’s financially feasible.
3. Understand that professional investors don’t invest in a manner where there is so much uncertainty. Work out your plan, finance etc. as without a plan your success is more a matter of chance than choice.
It may not be too late to salvage the situation… but get active quick or risk doing your dough.
Good luck.!
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
queenslander
Subject to zoning, the age of the property and GFA it won’t be the Council you will have the problem with as it will conform under the Town Plan.
Problem will come with the Paddington residents committee who other than their counterparts in west End are the most vocal in Brisbane. We have just finished 13 units / townhouses in Elizabeth St, Paddington and they tried to take us to Court to overturn the Council DA.
Cheers Richard
[email protected]
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Thanks Richard,
The property has Residential B zoning and there ia a large block of units nearby. I thought that this would allow the owners to develop it if they want to under the existing town plan. Block is around 1100m2. I have heard of the Residents Group but am not sure if they can do much if Council approves the development. Also heard the Council is about to change the Town Plan to make such develpments more difficult.
queenslanderSubject to zoning, the age of the property and GFA it won’t be the Council you will have the problem with as it will conform under the Town Plan.
Problem will come with the Paddington residents committee who other than their counterparts in west End are the most vocal in Brisbane. We have just finished 13 units / townhouses in Elizabeth St, Paddington and they tried to take us to Court to overturn the Council DA.
Cheers Richard
[email protected]
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be found
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