Bassendean WA, Development log

not sure about retaining costs, perhaps prices have dropped, I paid $35,000 for a fall for Spearwood project 1.5 mtre front to rear 2.5 mtre..ouch

 

I concur with @MTR. Run the numbers on doing single level villas green title. You can do two 4x2 with 190sqm living including garage. Or if you're looking to live in one, then look at one townhosue and one single level villa.

 

I will definitely run these numbers as well. Quick question but looking at the current r codes table I need 50% minimum site open area. With the smaller block being around 300m2 I'm limited to less than 150m2 which would be tight for a 4x2 I would imagine.
Is this correct?

 

Oh yeah. I mistakenly thought it was 45% open space. You could still get 175sqm for each villa (655+20)*52%

 

Darn that it's not a laneway.

On the retaining front some councils will have a maximum height for each retain and so you might not be able to do 1m in the middle but it's worth a call to confirm.

I think from your first elevations shown that one was single storey?

And yes $20k should be enough for demolition

 

Can you share the built area between the two blocks?
For example if I split the block 55 to 45% of land area can the building be split differently or must they be 50% of the correlating square meter age.

Both houses were 2 story Westminster. The larger unit was designed to be our ppor so it's suited to watch we want.

 

Anyone have any thoughts on this design. I just whipped it up today.
Suits the size lot i currently have which is 18.1 x 16.5 = 298m2
currently this design sits at 153m2 plus porch and alfresco.
Do people think this is suitable or should i drop it to a 3x2 instead

My initial thought was that most people are buying blocks and doing triplex 3x2 villas. If i could achieve 4x2 it would stand out from the crowd and suit a different buyer/renter. Maybe i'm overthinking this as i don't plan to sell anyway.

 

I think Yokine is definitely a different sort of area.
For me i dont see the same upside in a suburb like Yokine that i do in Bassendean.
I guess for me access to train line, cafe culture and proximity of the river win over proximity to the city.

 

You could be right?? I don't know, however what I do know is that buyers dictate what end values will be.

I guess my point is this is high end property for the area?? as its much higher than median house price, something to consider if intending to sell in current market.

 

My thoughts. Call up Structerre and ask them what kind of soil they expect at your property. Some Bassendean properties (near river) have clay, some on the other side of the train line are very soft sand which needs additional fill and compaction.

Costs I would add (if not already included)-

Contour Survey - 1k (maybe you have already done it given you have a design)
Geotech Report - $1.5k + (you may need it for Basso's stormwater policy and also for footing design)
Fencing (not sure if this is included but it can be costly)
Possible earthworks given the contour of the site

 

I was going to stay off property forums but as this is one of my favourite areas I couldn't resist!

I disagree with a lot of the comments on what to build and end values. For starters, houses on the riverside of Bassendean sell for $100,000 more so the average price for Bassendean will be incorrect.

I think your end values were spot on, conservative and first plans very suitable for the location. Your property is in a very sort after location and will continue to rise.

Here are some compare able properties with prices. IMO - you get back what you spend on building costs. Speak to local agents to confirm as it's only my opinion after doing a bit of online research. Denise Wellstead may be a good person to see. Get a rental appraisal also but I can confirm strong demand in Bassendean.

Sold Price for 30B Reid Street Bassendean WA 6054

Sold Price for 1/60 Whitfield Street Bassendean WA 6054

reiwa.com - 115A Hamilton Street, Bassendean

I would call this company and find out size and selling price, inclusions,etc

Bassendean - Off The Plan House - 2012384986 | 2012384986

Reno'd older style home

Sold Price For 27 James St, Bassendean WA 6054 - 2012161618

I think this location in Bayswater has similar demand to your end in Basso.

Sold Price for 115 Hardy Road Bayswater WA 6053

 

Oops just saw this.
I quite like it. Though I'd make sure there is an entrance from the garage into the house - especially if you are going to put the laundry in there.

I'm not sure how popular a laundry in the garage will be, especially on a 4 bedroom house which will generate more laundry than a smaller family - same with the toilet in the bathroom and a shower over the bath. If you want the top dollar for these I'd reconsider these.

Having 4 bedrooms does give you a point of difference from other developments but if it's at the cost of a functional house I probably wouldn't do it.

My suggested changes:
- make the ensuite 1500 x 3700 along that wall then put the wardrobe as normal doors in front on it facing the bed. You'll get the same amount of hanging space but a much more luxurious feel ensuite
- internal door from garage
- linen cupboard
- 2.7 for a minor bedroom is pretty small.

 

So a quick update,
I have secured another 12 month lease with my tenant so this gives me more time to plan and conduct feasibilitys.

So far I am leaning towards 2 - 4 bedroom 2 story houses. I have had multiple quotes back around the 650 - 700k mark for a turn key on both properties.

My biggest problem so far is lack of similar stock to guide my finished values. The closest I can find was a green title 2 story 4 bed build which went for 835k. The next closest is a 2 story 3 bed strata which is around the 630k

I'd be really happy with a value of 750k for both units.

515k original loan
700k build
60k holding costs
1275k total
750k x 2 = 1.5 mil values
0.85 lvr
17.5% return on investment.

Fingers crossed the next year the Perth market shores up abit and I can see some more sales to firm down my valuations.

 

I still don't see it being worth going double storey, what's the feaso like when you run the numbers on single storey?

also, keep in mind you probably don't have any quotes from builders, just ballpark figures.

there also doesn't appear to be any contingency or demo/subdivision costs. how many months holding costs have you allowed?figure should be increased to take into account the additional year of rental losses occurred during the 12 month extension just signed.

at a brief glance the numbers looks too tight to justify the project imo.

 

Clause 5.1.1 of the R Codes.

Can only get 5% through WAPC.

 

How is this project going? Did you decide to do single or two-storey? Prices holding up well for two storey. 13A Hamilton Street, Bassendean, WA 6054 - Property Details

 

Did you go ahead with this build?