Join Australia's most dynamic and respected property investment community

Development feasibility study

Discussion in 'General Property Chat' started by Now or never, 16th Apr, 2016.

Tags:
  1. Now or never

    Now or never Active Member

    Joined:
    3rd Apr, 2016
    Posts:
    37
    Location:
    Melbourne
    Hi all, trying to get the ball rolling on a 1280sqm site that has development potential in Frankston South, in a court loc. Who's the first contact for doing a feasibility study, surveyor/drafty/town planner? Any recommendations will be much appreciated too...thanks.
     
  2. FireDragon

    FireDragon Well-Known Member

    Joined:
    31st Jul, 2015
    Posts:
    171
    Location:
    Australia
    I hired a development manager to prepare the feasibility study for my project.
     
    Now or never likes this.
  3. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,491
    Location:
    Perth, Melbourne, USA
    First need to work out what you can do with the block.

    I would flick it over to my town planner and architect to check out what can be achieved and to look at zoning, overlays etc. which may impact.
     
    Now or never likes this.
  4. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,491
    Location:
    Perth, Melbourne, USA
    If you don't have the contacts start with a re agent in the area, in many cases they know local builders, draftees etc. Its a stepping stone, does not mean you need to use them on your project moving forward
     
  5. Now or never

    Now or never Active Member

    Joined:
    3rd Apr, 2016
    Posts:
    37
    Location:
    Melbourne
    The site had permits for 3 double storey townhouses apprx 22sq each which expired few years ago. Exploring options now to develop.
     
  6. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,491
    Location:
    Perth, Melbourne, USA
    really, wonder why the sellers let this expire, they could have extended this after 2 years?

    Even though this may be the case I would make sure that you start with the right professionals viewing the block.

    First thing I would be looking at is the market?? is it strong, is it rising? if so how long?
    I don't like building when markets are flat or falling, just adds another layer of risk.
     
  7. Now or never

    Now or never Active Member

    Joined:
    3rd Apr, 2016
    Posts:
    37
    Location:
    Melbourne
    Hi MTR. the "sellers" are us. Initially got the permit to build ourselves but life got in the way, births,deaths, teenage kids! Like yourself, I'd rather sleep well than chase a risky deal. Mothballing is an option
    but needs recladding. Can hold it and withdraw equity for other options too.
     
  8. Connor

    Connor Well-Known Member

    Joined:
    31st Aug, 2015
    Posts:
    142
    Location:
    Melbourne
    Hi Now or Never,

    That sounds like a great block to own in Frankston South. As you know there's heaps of subdivsion and development going on down there and the market is ticking along nicely.

    Get Thomas Anderson Design, think they are still based in Carrum, to have a look at the project and give you an opinion. They are not the cheapest but I found them very professional and projects like this are their forte.

    Nice well spec'd 3br townhouses with a master downstairs are gold in F/South. You should do very well out of it.
     
    Now or never and MTR like this.
  9. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,491
    Location:
    Perth, Melbourne, USA
    right.
    how much value will you add to the property with plans and permits? This is critical, contact agents and look at recent sales. If it is signicantly higher then I would be looking at this strategy which is relatively low risk and shorter timeframe as long as there is a demand for this in Frankson?
     
    Now or never likes this.
  10. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,491
    Location:
    Perth, Melbourne, USA

    My architect has mentioned Frankston a number of times, his involved in a number of projects, said it was potentially good area for deve
     
    Now or never likes this.
  11. Now or never

    Now or never Active Member

    Joined:
    3rd Apr, 2016
    Posts:
    37
    Location:
    Melbourne
    Thanks mate. Will look into this too.
     
  12. Now or never

    Now or never Active Member

    Joined:
    3rd Apr, 2016
    Posts:
    37
    Location:
    Melbourne
    This is another option but the only issue that arises is that the better half is keen to retain some portion of it ,eg 1 or 2 townhouses... being our first investment she's a bit loath to offload it completely!! I realize numbers is king and I might be able to persuade her if it stacks up:D
     
    MTR likes this.