Hi there experts,
A recent development proposal RIGHT NEXT to my building makes me realized that the zoning of my street ( a main road ) actually changed the zoning from residential to mixed business. I noticed also there are newly developed multi purpose buildings proposals all around our building in the past 12 months
Since the newly developed building (7 floors) is quite high and will block some of the lights of our building (a 30 yrs old 3 floor old building with block of flats)
I am bit concerned the newly erected building will block the natural sunlight (there is not much sun light to my unit anyways even for now), which will decrease the resale value. I have fair a bit of capital growth in this unit and the suburb is up and rising, a lot of developments projects going on around our building. Kind of making our building a dwarf among the giants). I m not sure what is the conventional wisdom in terms of multi developments around your block ( for a up and rising suburb) , was that a good thing or a big no no ? I m on positive cash flow on this unit and have a good capital return.
On the other hand, I am also bit excited that with the zoning change, could it mean my unit can be switched to a commercial property some time later in the future? Since my unit is the ground floor and have its windows facing the main road. ( noted that our building is somehow set back a bit, due to there are bins, letter box and a small patch of grass in front of the building before it meets the main road pedestrian pathway.) It is not complete right in front of the main road, but has a little patch of grass and a tree i think in front kind of thing). So I am not sure if it can be switch to commercial if that's the case? As it is not in line and set back a bit. I remember seeing those older flats on a main road which turn into shops etc…So thought I may be able to do the same years down the track and am I sitting on a good property then I should not be selling.
Do you have any good suggestion, ideas that can share with me?
Thanks very much for your time.
Amanda
- The zoning has changed to mixed use – subject to council (and body corporate) approvals, then you may be able to use the unit for a commercial purpose (you may have to lose the bathtub, kitchen, laundry as they are of little utility in an office/retail environment)
- Can you take maximum advantage of the rezoning (in isolation) – no, strata laws require that all owners agree to sell to a developer (in most states)
- Do you have a right to sunlight – not in a commercial zoning
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