I have recently purchased 2 properties side by side in Mackay with the view of developing 6 or 8 townhouse/duplex units on the 1800sqm total of both blocks. I have spoken with council and they have advised the properties are zoned urban residential
- 1 dwelling unit per 400m2 for Dual Occupancy and Multiple Dwelling Units;
Note however, that Council may be agreeable to a higher density if quality urban design is demonstrated, and the amenity of the neighbours can be maintained.
The properties are rented with healthy returns at present with Mackay vacancy rate below 1% hence the idea to develop.
My question is before I go and engage a townplanner is there any chance of building 6 dwellings or more as doing the numbers I need 6 to make it worthwhile based on council zoning? If so should they be local or could I use someone from Brisbane where I live? any idea how much it will cost for Townplanner.
Sorry for 20 questions?
Any help would be appreciated.
Seckoe
The thing to note is that there are different land requirements for duplexes as opposed to villas/town houses/units – it will depend upon what council will allow in the area. You would be best served by a local planner as they will be more familiar with TP issues in the area whereas a Brisbane based planner may need to acquaint themselves with the LEP/DCP (at your expense).
On a secondary note have you considered how you would finance such a development.
Whilst there are a few lenders lending in the development sphere they are few and far between and you probably going to need decent equity elsewhere, some good cash reserves, pre-sales and past experience.
We do a far bit of Development financing on our deals and for clients here in Brisbane and each deal is a bit of a challenge.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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