I’m looking to purchase an investment property that is wrapped by 2 other lots very close by that are zoned as 5(a) – SPECIAL USES – SCHOOL. I am still waiting for the DET office to call back and advise if there are any plans for these lots. The rental yield works out fine but given the unknowns of the 5(a) zones, I’m not sure if its a good investment. Any advice??
– Lot A – 5(a) – SPECIAL USES – SCHOOL (Torrens)
– Lot B – 2(a) – RESIDENTIAL ‘A’ (Torrens)
I’m interested in purchasing this property
– Lot C – 2(a) – RESIDENTIAL ‘A’ (Torrens)
– Lot D – 5(a) – SPECIAL USES – SCHOOL (Torrens)– Lot E at the back of thisentire block is also zoned at 5(a) – SPECIAL USES – SCHOOL (Torrens), currently unbuilt.
Is it worth purchasing this as an investment? What happens when DET wants to buy our land – does it ever happen?
Zoning laws changed a while back with large scale abandonment of 5a to the predominant zoning. School cam always compulsory acquire the land. speak to a town planner.
Thanks Scott. Ditto – the Council Town Planner did tell me that schools can “do what they want”. Another told me that zones are zones, and subject to change. Then again, Education department does go around buying properties.
Scott, care to shed more light about the change in laws and large scale abandonment of 5a zoning? I couldn’t find anything like this online.
An update for anyone who’s interested. Turned out the property has been sold by DET and is likely to be come residential zones.
I retrieved these information from:
– Council – Town Planner (for info on current state and any active development proposals)
– Council – Strategic Town Planner (for info on future development)
– Department of Education – Public Liaison Officer (then was routed to Area Office for DET in that area) – Asset ManagerI’m glad the information is readily available for us – just need to know WHO to call and to speak to. Do your due diligence for a BIG peace of mind……
I recall some wider changes in nsw about a year ago. it got a fair bit of attention because schools, rail goods yards, police stations etc are very hard to sell until the zoning has been changed. In many cases gazzettal leads to an ALC.
I recall some wider changes in nsw about a year ago. it got a fair bit of attention because schools, rail goods yards, police stations etc are very hard to sell until the zoning has been changed. In many cases gazzettal leads to an ALC.
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