Development Feasibility Calcs, what am I missing?

True about the equity, however I thought I would highlight that my initial calcs had land component at $750k, now only $500k. I dont have oodles of cash which was why I was trying to see if a builder / developer would be interested in discussions.

Can look at the DA side of things, is this something that a developer would just do on their own in order to maximise profits?

My only experience is renovating a number of properties to flip them. Instead of flipping, I hold and are currently cash positive and used equity to buy this latest block.

Would be interested in anyone who could provide some mentoring / assistance in getting this off the ground? I know its a long shot but well worth the try.

I also know that my only chance would be invested dollars somehow, without relying solely on the bank. Fat chance I know lol.

 

I like the idea of selling with DA. Much lower risk.. and

I wouldn't try a 12 unit development on my first go. You'll get fleeced by everyone if you don't know exactly what you are doing. Without experience / stacks of equity in the land you would be unlikely to get finance too so may be a moot point.

 

@Whishy

There are no fast track when it comes to development!

Process is very simple;

Get DA approved
Put property in market/cash out

Or

Get builder or private investor as jv to commence building/selling stage.

Feel free to give us a call, we may be able to put you in touch with right ppl/investors!

 

[QUOTEWhishy, post: 117629, member: 2241"] . I dont have oodles of cash which was why I was trying to see if a builder / developer would be interested in discussions.

Realistically your gonna need at least 30% finance via cash/equity or a cashed up money partner.


Can look at the DA side of things, is this something that a developer would just do on their own in order to maximise profits?

Yeah, buy the site for a good price with good build options.

Would be interested in anyone who could provide some mentoring / assistance in getting this off the ground? I know its a long shot but well worth the try.

I think @WilliamB actively builds in Brisbane, you may be able to ask him for a tip or two. Beyond that its just too much work/time to give away at no charge imo. If you haven't already, buy the Ron Forlee Book to increase your knowledge and use it as a starting point.



.[/QUOTE]

 

MBRC will adopt their new planning in Feb 2016. I think that would be your first move, to ascertain what zoning your property falls under

 

Hey guys, reviving old thread. Have been living on the block for a while now, and in recent times have had some good news come about regarding the University precinct across the road, to house 67,000 students in 2020.

So I am looking to put it on the market, however I want to somehow advertise as a developer potential rather than as a house with a half completed renovation.

Additionally, how would someone go about getting a valuation regarding the development feasibility value rather than the run of the mill standard house and land valuation?

i.e. What is my block worth? Who can help me get that figure?

I had taken all your advice on board as it is far too risky development wise for myself. Want to flip it and move on to something complete (Over renovating )

 

Just within the Urban Neighborhood Zone I believe.

Property size: 2,209m2
MBRC Planning Scheme information
Zone: General residential
Zone precinct: Urban neighbourhood
Overlay maps: Active Transport
Building Height
Centre Walking Distances
Environmental Areas
Environmental Offset Receiving Areas
Road Hierarchy
Stormwater Catchments
Place type: Urban Neighbourhood


Urban neighbourhood precinct

• Dwelling unit
• Home based business
• Multiple dwelling
• Residential care facility
• Retirement facility
• Rooming accommodation
• Short-term accommodation

• Medium and high density housing including apartments, plexes, row or terrace housing, townhouses and managed communities
• Minimum site density of 45 dwellings per hectare (75 dwellings per hectare in particular localities)
• Building height between 8.5 metres and 27 metres

 

Gents,

Attached development feasibility.

Thanks all for the input and support.

Hopefully this block will attract a keen developer and I can move on to something a little more simplistic

Dropbox - Development Feasibility.xlsx

 

Hi Whishy

I just came across this thread and was quite interested. Out of curiosity, have you had a valuation done? What would this be worth to a developer with its current potential?