All Topics / Help Needed! / Property Development

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  • Profile photo of fairplayfairplay
    Member
    @fairplay
    Join Date: 2009
    Post Count: 3
    October 24, 2009 - 4:48 am

    I own a 736 sq. metre corner block currently with house on it. Area is in transition and action in the surrounding area hot for townhouse and single dwelling builds. I am able to put 3 townhouses on the block – one facing front street approx. 180 sqm &  two others facing side street approx. 124 sqm (including single garages). I would like help in getting a developer on board who could cover plans through to build or advice as to the best way of going about this.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    October 24, 2009 - 12:32 pm

    A few basic questions:

    Which area is it in? (state, town & council area)?
    What is the zoning? (From the council map)
    What is the minimum area for the type of development under the zoning?
    Is there a minimum frontage required?
    Do you intend holding & build, achieving DA & selling or sell without DA?
    In the case of a) & b) – are you funding the development or will it be up to the developer/JV partner?

    Profile photo of fairplayfairplay
    Member
    @fairplay
    Join Date: 2009
    Post Count: 3
    October 30, 2009 - 3:08 am

    I own a 736 sq. metre corner block currently with house on it. Area is in transition and action in the surrounding area hot for townhouse and single dwelling builds. I am able to put 3 townhouses on the block – one facing front street approx. 180 sqm &  two others facing side street approx. 124 sqm (including single garages).Council has no problem with build of 3 units of this size on block. Area is south east suburbs Melbourne.Yes am seeking a developer/builder to carry costs and build on all 3, keeping 2 at back (facing side street) – me keeping build at front. Any help or ideas on getting this moving?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    October 31, 2009 - 9:24 am

    I dare say that you are a little optimistic at  trying to realise more than 1/3 as your profit ie the largest town house (most expensive to build) as well as the retaining the best position, that leaves the developer to cover his costs and very little else.

    Consider the way to go may be taking out an advert (at least 3 days) in the Age under "tenders", create an expressions of interest document seeking development proposals from interested parties. The EOI should cover all aspects of the proposed methodology ie turnkey project, fully funded by developer with the jv partner retaining one unit etc.

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