Hi All :)
I may be in a position to do a development on a 1000sq meter block in Cheltenham VIC 3192 as a joint venture with the land owner (he doesn’t work). There is currently a proposal going through council atm to rezone the area into a residential Growth Zone which looks to be gaining approval. Before I begin to take further action there is a few questions that I would like to get feedback for which include:
How many apartments could I possibly develop?
A rough estimate of the costs?
A rough estimate of the profit?
How much should I be spending on a feasibility assessment and if you have any suggestions as to how to go about this… which architect etc?
Would I be able to obtain finance? ( I work full-time $76,000 b4 tax and have roughly $250,000 in equity).. or do I have no chance?
And anything else you think I may need to know.Here is a link to the development site if you care to take a look:
I know I’m asking a lot here but any feedback would be greatly appreciated as I wouldn’t want to waste a great opportunity by making a bad decision or even worse making no decision at all.
I really respect everybody’s insight and expertise on this forum and want to learn from people who have had experienced success in property.
Kind Regards,
James
Hi James, There are far too many questions to answer Each topic has its own criteria.
Eg How do you know the site will be zoned a Growth Zone. Kingston’s proposed zoning maps has NOT been approved ny the Planning Minister as yet. How many units can you get. Check out a typical RGZ site which will give you data on the site coverage, height allowed, setbacks. From those parameters one can work out the footprint. What is key to this is the number of cars you can fit in and the matter of vehicular access is crucial. If you are going down check out the water table- I feel that will not be an issue for you but going down requires ramps unless you use a car lift. Costs- If a basement is proposed allow about $1300/sqm and above ground anywhere in the $2000 + mark should be safe depending on finishes.Will you get finance. That will depend on how much you put in and funders may require pre sales and more so for someone venturing into this game. There is more to development that a dream- think of risk, sales, expertise, councils, tax, gst….. its exciting and worthwhile. Do you numbers first and then get into the emotional side Good luckMelbourne planning permit
http://subdivisionpermit.weebly.com/Planning, Architecture and Subdivision Permit experts. We stretch site boundaries!
Hi James,
Its great that you are looking at all possible options.
I run a small building and development company. We specialise in townhouses and multi unit sites and our background is joint ventures with investors on these projects.
I have had several experiences with land owners/joint ventures and all have been very successful, provided that everything was laid out on the table first and everyone knew what roles they played.
It can be a daunting experience 1st up but if you engage the right people it makes it all worth while!!
Speaking to the town planning department in the local council is a great place to start and very helpful. These days you can usually source all required information about the land via the internet.
<moderator – delete advertising>
Bazbazclarke | Clarke Developments Pty Ltd
http://www.clarkedevelopments.com.au
Email Me | Phone Me'Building Excellence'
You must be logged in to reply to this topic. If you don't have an account, you can register here.
