Hello all,
Recently the house next door was put up for sale. This has really interested me as i can see quite a substantial development / investment opportunity knocking. The area is high growth, city views, close to several urban hubs as well as a miriad of other qualities going for it.
Now, Currently we own & PPOR the block on the downhill side, the block next door up for sale is on the up hill side, and consequently is a corner block. For those interested its located in Coorparoo, Brisbane. Our block is approximately 650m2 and the block next door is about 900 – 1100m2 (exact figures not known). By the looks of it enough room is on the block to subdivide and build. However, seeing as we own the block next door – what better opportunity to amalgamate, demolish and develop units – city views – what more could you want.
My problem is, i’m versed in residential real estate investing, not necessarily low-rise residential development.
– How do i find out about the viability of getting DA approval?
– What the maximum amount of units i can build on the block will be?
– How do i get an estimated figure on approval costs?
Where would i find out about costs associated with amalgamating the block?
– In terms of building, how do i budget for the construction, without sourcing an architect to draft plans?
– The blocks being on the downhill, how would i find out if any problems are going to arise in relation to – stormwater run-off, landslip, services locations and easements?
– Current boundary conditions are good, two street frontages and two neighbours – am i likely to fun into trouble with approvals from their perspective – how do i keep them happy?
– In terms of leveraging the development, i’d like to keep the banks out of it as much as possible – Where would one source outside funds for such a development (possible contract value: > 3.5M)?
– Are there any other pertinant issues i should be aware of whilst conducting feasibility studies?Any help the forum can provide would be greatly appreciated.
PS. What happened to the development forum?
Regards,
Lumwood.– “Life is what happens when your busy making other plans” –
Fairly sure I know the house, on a moderately busy road and has a pool? If this is the same house you live next to, I spoke to a real estate agent recently who told me it was coming up for sale and that she thought a great idea would be to move the existing house down the hill and build a new house with full city views. I notice the listing is not with her but the block is a great size.
If it is the same block we are discussing, the only downfall would be turning into the new driveway if the existing house was moved down the hill, what a nightmare that could be with cars picking up speed down that hill.
Also, if indeed we are talking about the same block, the house could not be taken off the block because of the zoning so perhaps a driveway from the side street to the relocated house would be a better idea but the pool would present a problem in that instance.
Sorry I can’t help with any development questions, because I have no experience in this regard, but those city views are worth having a look into doing something.
Good luck if you go for it.
Wylie
I personally would be thinking with that you could use the standard Coorparoo motto which seems to be 3-storey walk up 12 packs?
The land content is there and you have the option of even utilising the block to generate perhaps a more upmarket style with some having city views (from the spas on their private balconies of course)?
Try a Town Planning Company. They will be able to design, have approved and lead you to several builders who are more than competent at this kind of job.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Hi Lumwood
You might want to post this question in the Value Added forum which is often visited by others doing developments.
Mum
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