Dev feasibility: No profit v/s knowledge

If only you didn't need to also provide parking at the rear for the front house.

If you didn't and you had 160sqm at the rear you could do 2 x single bedroom dwelling townhouses for around the same as that townhouse above and the 2 would be worth hmmmm 400-450k each?

 

Tips (In order of important) IMO :
1. A local Town Planner will advise of what size and type of lot will make you $ and which local govt area is good / bad. Dont be held to something close. Myself and a broker (Shahin Afarin) and a dev consultant (Bedeveloper) ran some free info sessions in Sydney on devs. Andrew Neil from The Design Partnership at Gosford gave valuable insight into designing "yield" into a design so that you win and council approves the DA. He shared a site where two 3br villas were approved based on owner request. He redesigned it for 4 3br townhouses and project was a money maker.
2. A good mortgage broker will align the finance to the project. The type and size of project governs lender options and costs. Mainstream brokers may not always be a wise choice. A well experienced guru is the one you need
3. Get an accountant and seek advice as needed ie tax, GST and accounting for costs / apportioning etc

 

I'll keep that in mind, @Westminster.