Hi,
Im looking to buy a property in the Sydney with the intent to knock it down and build a duplex in the future. At the moment I have found 2 properties in my price range, around 470k. One is 556m2 with a 19m frontage and the other 595m2 corner block with an 18m front. These are above the minimum area for a duplex, but Im just wondering if realistically they are too small to build anything worthwhile on. Can someone please give me some advice on this?I guess it all depends on what council will permit and what an architect can come up with to make them functional dwellings.
You may also want to check out where sewers run etc as quite often on larger blocks that may next to the house or behind the house which could potentially be where you wish to place the duplex, moving these can be a very very expensive procedure and not justifiable for a duplex where as for 10 units it could be.
You may also want to really look at how long until it would be feasible to build a duplex on the block as if you knock down the existing house in the near future you really have just paid for a very expensive block of land.
Lets say the land value of the block you are looking at is 350K (470K-120K which is the improved value of the land being the house) your block has to go up by 120K or 33% to make it worth while. This can be effected some what in your favour if there is an extreme demand for duplex type dwellings.
I would probably rent out the existing house for about a year maybe two before I decided to knock it down, to give me a bit of time to work out finance for the project. There are no easements or anything that would restrict a duplex being built there. I was just worried about what you could fit on there especially with the floor space ratio being 0.5:1.
Do you "know" they can be subdivided or are you assuming they can because they are the right size? I've seen people get burnt paying extra because of subdivision potential only to find it can't be done. There are more things that can stand in the way than just easements. That's why the ads always state "STCA".
Thanks for that Catalyst could you tell me what some of the other factors are that would stop it from being sudivided?
You are at the mercy of council. First check is to see if council allows subdivisions. Some will not allow separate title.
There may be too many subdivisions in the street (car parking issues).
Drainage.I don't know all the reasons, I just know you can't assume a block is sub-dividable because it is big. I went to a seminar once and they said 75% of blocks advertised as sub-dividable STCA weren't.
I wouldn't pay extra for a block without knowing that it WILL be sub-dividable if that was my intention.hey i just read the revised version of steve's book. He's got a section there about subdividing which may be useful for you to relook at to get you some ideas and direction
Hey Matt
Could you please let me know the name of the book you are referring to?Notwithstanding the very important issue of planning advice; and I would recommend getting advice from a private planner, one can determine some basic parameters by mathematics.
Take the dimensions of the land (let's say 15m x 40m) = 600m2
Take away the front set back (say 9m x 15m) = 465m2
Take away side set backs (50m2) = 415m2
Take away parking for 4 cars (75m2) = 340m2
Take away private open space (90m2) = 250m2250m2/2 = 125m2 :. footprint = 125m2 per dwelling
Assume 50% upper floor level :.125m2 + 75m2 = 200m2 maximum floor area.
With articulation and design issues 80% of this area is more likely, so
200m2 x 80% = 160m2 of quality floor space.
More than adequate for 3 or 4 bedrooms.
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