Hi, My name is Alex and I am new to this forum and even newer to property development.
Situation: Currently own and live in a 3 bdm 45 yr old house in Railway Av, Laverton. The area is undergoing some serious redevelopment, especially along my street. New community centre, new houses being torn down for units (about 6 houses on the one street). Some examples:
http://www.realestate.com.au/property-house-vic-laverton-110479721
http://www.realestate.com.au/property-apartment-vic-laverton-107772561
This has led me to believe that there is possibly some value in doing a property development if it is feasible. I currently live on 19 Railway ave and I was in the process of buying 17 railway ave (Land). This land is currently owned by Vicroads (was the left over land of building the princes hwy). However, this land is roadzone 1, not residentual. SO the process of changing the zoning and buying has been difficult with parties at both Vicroads and the council not really caring. They have suggested I write to the minister for a special once off rezone… The thing is the land is about 400m^2 and will be subject to public auction when (if) vic road decides to sell. This is quite annoying as I don't want to put a whole bunch of effort for someone else to outbid me on this land.
Anyway enough of that. If I could get the land it would make me privvy to about 1100 m^2 of land, which could entitle me to build 5 townhouses with a savvy draftsman.
But seeing I dont have the cash for this investment, I think I may just decide to knock down my old house and build 3 townhouses as the other two houses doing on the street.
So the help if people could help me is I have no idea on what the process of doing this is. First and foremost I need to know if this represents value for money (i.e. a feasiblity study), then I will need to get finance. I am a project manager (in defence acquisition) so with resourses and help I would prefer to project manage the development myself. This would increase the risk, but I think for a small developmental project I would be able to manage.
I have researched some of the requirements in the forum, but if possible I would like personal advice on this.
Thanks for your time.
Alex
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