Deciding what to do

Discussion in 'Development' started by Tonibell, 1st Mar, 2016.

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  1. Tonibell

    Tonibell Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,107
    Location:
    Sydney
    OK - almost 5 months later and nothing done. Been ignoring this this but it is not going away.

    Got some diagrams for 10 units across the 3 blocks (existing house, extra two under current duplex and 5 new ones - all quite large).

    Alternative was to put 3 townhouses on the double block with the existing house.

    Don't really have financing to do either unless we sell something in Sydney or Brisbane.

    Would need to spend maybe $10K of the existing house to rent it out for around $300 p.w.

    Our maybe sell off this site either as individual blocks or a development site - but was hoping to just ride the Brisbane cycle for a bit.

    Probably need some proper help to work out what to do..
     
  2. Azazel

    Azazel Well-Known Member

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    8,091
    Location:
    Brisbane
    5 months is quite a while.
    Hopefully you find someone who can get it sorted.
     
  3. Tonibell

    Tonibell Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,107
    Location:
    Sydney
    Quick update.

    Seems the block is a bit unique in having 2 lots but also being LMR2.

    We have narrowed it down to 2 options :

    1. Sell the lots individually (or keep 1).

    2. Get a DA for 5 townhouses and sell to developer.

    While 2 is probably best use of the land the purchaser pool would be much more limited.

    We fixed up the house and rented it out in the meantime - but because it is all land the return is around 2% gross.

    Up looking at the area now - very fortunate to AIRBnB with some very knowledgeable locals. Got an invite to breakfast at the yacht club and then a tour of the local properties - priceless.
     
    RetireRich101 likes this.