Broadmeadows duplex development

Discussion in 'Development' started by yoyo_guitarist, 22nd Dec, 2020.

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  1. yoyo_guitarist

    yoyo_guitarist Well-Known Member

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    Sydney
    Hi Guys, I have a little property in Broadmeadows on 380m2. I have inquired and there is potential to build two, 3 bedroom 1 bath 1 garage duplexes.
    the original property isn’t in the best condition and costing me in repairs & my intention was always to develop this site but am completely new to this space. Question is does anyone know the cost from start to finish, plans, approvals and Development, with average/medium finishes?
    Thanks all
     
    yoyo_guitarist, 22nd Dec, 2020
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    I'd say as a broad starting point, find out the selling price of a similar development. While an experienced developer might make as much as 30% profit, a first timer might just break even if they are lucky.

    The Y-man
     
    The Y-man, 22nd Dec, 2020
    #2
  3. yoyo_guitarist

    yoyo_guitarist Well-Known Member

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    Ok mate no drama, that gives me zero confidence haha
     
    yoyo_guitarist, 22nd Dec, 2020
    #3
  4. The Y-man

    The Y-man Moderator Staff Member

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    IMHO unless you have a mentor tagging you every mm of the way and/or you have a lot of contacts in the trade, your first would be the "learning experience", not the "money making experience". You'll get better with every subsequent one I am sure.

    The Y-man
     
    The Y-man, 22nd Dec, 2020
    #4
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  5. Tufan Chakir

    Tufan Chakir Well-Known Member

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    At 380sqm the development is going to be tight, make sure you have good advice as to the reality of achieving a development solution, not just a notional "it could work" comment. Design and planning fees allow approx $10 - 12. Construction docs (engineering, arch, building permit) budget $10-15 (depending on a few factors). Construction cost approx $3500 per sqm, depending on a lot of factors. Two lot subdivision, maybe $40k, depends on services VERY RUBBERY FIGURES...
     
    Tufan Chakir, 23rd Dec, 2020
    #5
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