Development guidance please………..my company entity has 1620 sq m block zoned Town Centre. Perched on the front is a takeaway/café/building of 240 sq m which I work to pay the rent to myself/entity.
Initial thought is to subdivide 1000 sq m off and build an enclave of 4 x 2 story units utilizing Broome/Derby design architecture [because that’s where block is] The Kimberley is percolating to BOOM so timing is ideal.
Block value subdivided around $400k, 4 x 2 story x 3 bed/2btrm kit homes delivered $100k each, pad & erection $100k each, finishing, landscaping etc say $30k each…….plus $30k for whatever – each place has a footprint of approx 135 sq m. Should sell $460k + each, rent $40k annual.
Bank have 4 properties of mine, floating charges etc….shop turnover down 30% from last year so no surplus cash, reasonable net assets………..cash would be nice.
Question – throwing this open for brainstorming amongst you likeminded. Separate the business & attempt to sell either the business, freehold shop and or both………maybe $650k WIWO, repaying the debt.
We have two rentals with positive cash flow + debt on ooc house.
Okay, is this sufficient info for any re boffins out there to assist & mastermind ?
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