Hi,
This is my first post here, hope it is in the right spot.
I am not quite sure how to start this post. The short question is "what would you do with a large parcel of land (120 acres) of bushland 20 mins outside of Hobart"?
We are a little stuck for ideas as we don't really know what the right step is to take in order to get started. This wasn't an active investment decision on my part but now that we have this land I am wracking my brain trying to figure out what to do with it. Or even where to start?
Should we approach a developer and ask them what potential the land has?
Do we talk to the council about what zoning restrictions are in place and how we can change them?
Do we subdivide?
Is there such a business/consultant who would evaluate the property and provide a list of viable business enterprises?Any suggestions or advice would be greatly appreciated.
You should first approach the local council and find out what zoning the land is and what can be done with it. I am a developer and if you approached me I most certainly wouldn't be telling you what the potential of the land is! I would offer you a price knowing that you don't know what can be done with the land. No offence.
If you want to make the most out of the block you need to know what your options are. Council will tell you. Then you can make a decision as to what to do. You can choose to subdivide yourself or you can put the block up for sale, knowing exactly what can be done with the land and how much the land is worth.
I wouldn't even ask a Real Estate Agent. You would be surprised at how many of them don't know the potential of land. We recently bought an absolute bargain because the REA didn't know that the block was subdividable.
Knowledge is power.
Cheers
K
Hi Linar,
Thank you for your reply. There is no offence taken – I asked the question purely from a position of not knowing where to start and you have assisted greatly.
I will start by approaching the council and try understand the land's capacity. At the moment it just seems too large an area to get my head around. I want to use it to its full potential and make the best commercial decision possible.
Thanks again
Hi Meri,
Once you have an idea of what tha land may be potentially used for, another avenue possibly worth persuing is approaching a Valuation Company and asking them to prepare a Valuation for you. I did a letter to one recently asking them to address three scenarios of potential use for a large subdivision we have. This was then tabled at our Board Meeting. Did cost a few grand, but it is money well spent.
I will PM you some details of the letter so you have an idea of how it was written. Hope it helps!
Azalia
Meri I cannot PM (Private Message) you. Please enable PM's or PM me and I will return!
Thank you for your message Azalia, I have sent you a private message and my account now appears to be active for messages (I think?).
Your suggestion is a great one, I'd definitely like to know more about it.
Also I should add, that you will need to find a reputable Valuation Company! Some do valuations purely based on comparable sales, others do alot more research! Helps if you supply as much info as possible (ie what council says land can potentially be used for) and see if you can't get a good Valuer by word of mouth.
Also it is worth asking the council planner what is needed and wanted by the community, as this will give you a better idea as to what demand is there (community centre & residential lots? commercial land, industry land? Holiday accomodation? Retirement village? nothing?… you get the idea).
Azalia
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