I own a 910 m2 block (15m X 60m+) in Wembley, Perth, very close to the Subiaco border and just a few minutes walk to Subi station. It has a sealed ROW at the rear. It is zoned R60 and technically could have 5 properties built on it, but 4 is more practical. It currently has a period single storey 3 X 2 on it that is in excellent condition following recent renovations. Even if the existing house is retained and allocated 3M of courtyard at the back, there is room to build two 2-storey houses at the rear, each with 7.5m ROW frontage providing direct car access. There is about 1 m space either side of the house, one of which could be used to provide pedestrian access from rear properties to the front street.
I would like to evaluate all potential options, selling as well as developing. Selling options include: selling the property as is; retaining the house and selling the rear (after subdivision) as 1 or 2 lots; demolishing the property, subdividing and selling as 4 lots. Development options include: subdividing the rear and putting two townhouses on it with pedestrian access from the front street and car access from the rear; ditto but with just one large house at the rear instead of 2; demolishing the front property and building up to four or five townhouses on the block.
Who can provide this type of service in Perth? It is a service I am willing to pay for, so I would want the evaluation to be specific to my property, rather than just general guidelines.
However, any general guidelines anyone can offer here would be appreciated.
Hi ladybird – I'm not from Perth but the process of evaluation is the same no matter which state you're in. You can do the assessments yourself with a little help from a real estate agent. The starting point is the value of your property as is stands. This value will provide the benchmark for which option you take.
So, let's say the property is valued at $500,000 then the best option you choose will be the one that makes the greatest profit over this $500,000 base. For example, obtaining DA for 4 townhouses may add 20% to the value making the site worth $600,000. Or retaining the house and subdividing the rear – the existing house will now be worth less as its on a smaller allotment (say $400,000) but the 2 rear lots may be worth $150,000 each making the whole site worth $700,000.
My suggestion is to list each option you want then invite an agent to appraise your property and run through the figures you can expect from each option.
Good luck
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