Croydon (Melb) - 3 Townhouse Development

Discussion in 'Development' started by MTR, 7th Jul, 2016.

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  1. MTR

    MTR Well-Known Member

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    Thanks
    Significant landscape overlay is about maintaining trees which are considered highly significant, arborist have a numbered list/category on this and it will be almost impossible to have these removed. For example old oak trees, certain native trees.

    The 3 large significant trees at the rear of my property were all marked as highly significant by the arborist, however they were considered to be in very poor condition and therefore they can be removed.

    If I was buying another site with a significant landscape overlay I would recommend a townplanner and arborist view the property prior to buying. Sometimes you may be able to spin it when buying and request a discount on the property, however in current market it wont cut it.

    MTR:)
     
  2. Tufan Chakir

    Tufan Chakir Well-Known Member

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    SLO can sometimes refer to "landscape qualities" not just trees - could be grasslands, or rolling hills, or cliffs. So much more difficult to deal with. A Vegetation Protection Overlay deals specifically with vegetation. There is a difference between the overlays, but it does vary from property to property/location to location.
     
  3. Satya

    Satya Active Member

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  4. MTR

    MTR Well-Known Member

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    I am hoping to have my working drawings ready within the next 2 weeks and I will post plans.
    My architect has been a challenge but is forgiven as his designs are good.:)

    These are more like houses really as land for each site as mentioned above is around 300 sqm.
     
  5. MTR

    MTR Well-Known Member

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    After seeing actual recent sales in Croydon, I have changed the end values up $90,000.

    The trick with getting the best values in this area is to build single storey, if you can, buyers can not get enough stock

    Purchase Price/stamp duty (Professional fees)
    $600,000 (cost of home/deve site $520,000)
    $648,000 (build costs, spec suitable for Croydon)
    $180,000 (holding costs/infrastructure costs)
    $1,428,000

    Estimated Sales Prices - ie neighbour sold next door OTP similar product
    $640,000 (Sold) Middle Unit

    $1,950,000

    $522,000 gross profit
    Gross Profit - 36%


     
  6. Tufan Chakir

    Tufan Chakir Well-Known Member

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    Interesting comment here, and elsewhere about the trend to single storey. I haven't seen that as yet
     
  7. MrFox

    MrFox Well-Known Member

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    You can't go wrong with building single level homes.
     
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  8. Sackie

    Sackie Well-Known Member

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    :eek::p
     
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  9. MTR

    MTR Well-Known Member

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    another day, another avatar....who is It?
     
  10. Sackie

    Sackie Well-Known Member

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    Not sure really but its how i feel atm. I'm in 'war mode' with a deal and won't know the outcome until a few days but its not looking great at the moment unfortunately.
     
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  11. RetireRich101

    RetireRich101 Well-Known Member

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    Movie 300?

    Bruce Lee > Jean Claude Van Damme > Gerald Butler > (who is next?) :p
     
  12. RetireRich101

    RetireRich101 Well-Known Member

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    Can you round this off to half a mil profit, and give me the spare change pls?:p
     
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  13. MTR

    MTR Well-Known Member

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    Here is a townhouse that just sold, possibly doing similar specification, on 235 sqm of land. This one sold for a crazy price.

    Do the numbers, guys its perhaps not too late to buy a development site in Croydon?? But you may need plan B, which is something like buy an older property do it up and build at rear. A couple of dud agents in Croydon .... hint hint.


    Sold Price for 4/5 Moore Avenue Croydon Vic 3136
     
    Last edited: 26th Aug, 2016
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  14. Sackie

    Sackie Well-Known Member

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    stay tuned for it. won't be long :D
     
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  15. Tufan Chakir

    Tufan Chakir Well-Known Member

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    Wow - and they didn't even put in mature/advance trees/vegetation, or paint the fences!
    Painting the fence is a really easy enhancement trick by the way
     
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  16. MTR

    MTR Well-Known Member

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    I know
    Agents told me that Croydon has in last year had 40% CG, no idea but I know my land has increased significantly
     
  17. undercover

    undercover Active Member

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    How did you go with sourcing a Builder?

    I know many in the area are providing turn key packages (including landscaping, drainage, new crossovers etc).

    You would have a condition on your planning permit prior to any works to submit a Construction Management Plan I presume? (a new policy being over 2 dwellings in Maroondah Council).

    Did you builder complete this or did you get an independent consultant?
     
  18. MTR

    MTR Well-Known Member

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    Basically networking and talking to different re agents, viewing completed properties and recommendations.
    Still working on all the other stuff at the moment, will keep you posted.

    MTR:)
     
  19. MTR

    MTR Well-Known Member

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    Just an update, we had 12 objections and no one went to VCAT.

    All steam ahead at this point in time.

    Here are some of the dirty tricks - One of the neighbours got a standard letter with their objections and got other neighbours on board to sign off on it. I think its pretty common, but to go to VCAT will cost money and most will bail, especially if Council is recommending developing.
     
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  20. andnic

    andnic Member

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    Great final figures on the Development.
    We are doing one in the next suburb over, currently at advertising stage.(Our first one exciting and nerve racking)
    Could you recommend a few builders to have a chat with?
     
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