VIC A Developers Opinion/Advice Needed...

Hi everyone. I needed your thoughts/expertise on a property in Croydon (Melbourne).

Basically the property is set on 2100sqm of land in an NRZ2 zone with DDO2 and SLO3 overlays.

The existing house is from the 1950s and although it's fairly large 200sqm it's in fairly poor condition. The property itself is actually on two titles, one of 840sqm and the other 1260sqm. I've spoken to the council and they said given the zoning it can't be subdivided further (minimum lot size for NRZ is 864sqm).

The issue I have is that about 20sqm of the existing house is on the 840sqm lot and therefore I can't (as far as i'm aware without demolishing that section of the house) sell that lot separately.

Therefore my question is, rather than selling the property as a whole 2100sqm, would I be better off demolishing the house and selling them separately to maximise my return? If I sell it as a whole, then the fact the building encroaches on one of the titles seems to negate the benefit of it actually being on two titles. I hope that makes sense.

Any advice/thoughts on how you would approach it would be much appreciated.

 

Also just had another thought. If I was sell the 840sqm lot separately it wouldn't have its own services. Is that something that would need to be installed before it can be sold? If so would anyone be able to give me a very rough idea of the cost involved in doing so? (i.e. less than 25k or more?)

 

Besides the feedback from folks here,you need expert advice from a town planner who can investigate your specific site imho.