i have a 8000sqm flat property, am wanting to keep the front 4000sqm and sell the back 4000sqm which has a front and back entrance. there is town houses being built all around, clost to highway, schools near northlakes, had surveyors out there 3 years ago, and went to council and verbally they said they wanted town houses in there. currently zoned res A. what is the best price i could ask of developers and how long would DA take. and how long before i wouold get my money?
where is it located?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
goodfellows rd murrumba downs brisbane qld
Speak to council to enquire how long a DA would take… but also drive around and speak to builders you find on working sites and ask them how long they have found DA approvals to take in your area. Their answer could be rather different from what council tels you.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hello Ms Matherson,
I stumbled upon your post and thought I would pass on the details of a town planning firm you might be interested in (in case you wanted a quote).
http://www.northgroup.com.au – Are primarily land surveyors but they also deal with subdivisions under the following company
http://www.urbanandrural.com.au – Town Planners that specialise in Subdivisions and Development ConsultancyThought I'd drop by and give them a mention – Can't hurt to call and ask for a quote.
Best Regards,
M. Knollgive a private town planner a $100 to answer a couple of questions or pay him for an hour and pick his brain and then go away for a couple of days and think what he said and then go to another town planner and do the same thing, if you go to 3 or 4 town planners you will find 1 that will give you the best advice and that will be worth every penny, that may cost a few hundred but you may save 10k
Depends on if you're going to do the DA yourself, or have someone buy the lot subject to acquiring a DA etc.
As far as what price you could ask of a developer a few things to keep in mind are:
1 – Developers will not pay you anything until they know for sure, either via a successful DA or close to it, that they can do what they want with the lot. Times have changed and big non refundable deposits are a thing of the past. Settlment subject to DA either under and option or development agreement would be a most common approach, so be prepared for those terms. You're far more likely to sell if you're flexible and patient, and realistic on what you can get for it. DAs at present for more complex developments are still in the range of 6 months + depending on the Council and region, often 12 months +, so again, be prepared for those kinds of timelines. you can structure the settlement a 1000 different ways with progress payments in line with varying stages of the DA etc etc etc.. a good property fluent solicitor is key here. I do know one or two of these guys if that helps.2 – What an agent tells you you can get, and what a developer will pay, are often different. Another possible suggestion would be to pay a valuer to come and do a valuation based on the land having a DA for townhouses etc, but you'd then need a surveyor to give you an approximate yield on the land. That is, how many townhouses could you get on 4000m/2 once you factor in green space, car parking, set backs etc etc etc.
3 – Don't be greedy. At the moment the biggest issue for developers is funding. Banks are looking very closely at yield/GFA/margins etc and if your price is too high, the builder/developer won't be able to make the feasibility stack up and you won't sell it… sure you can get more than what the land is worth 'as is' but ONLY if it has a DA on it. Trying to get too high a price without the DA is trying to sell the sizzle without the sausage and the market is astute enough these days not to fall for the marketing hype.
If you'd like any other ideas, happy to chat via email or PM. I know a few developers myself, so if the site stacks up might be able to get some feedback for you..not 100% sure but am happy to see what I can do.
Hope that helps anyway.
Matt
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