Development feasibility study

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.

 

I hired a development manager to prepare the feasibility study for my project.

 

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.

 

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

 

The site had permits for 3 double storey townhouses apprx 22sq each which expired few years ago. Exploring options now to develop.

 

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.

 

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.

 

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.

 

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?

 

My architect has mentioned Frankston a number of times, his involved in a number of projects, said it was potentially good area for deve

 

Thanks mate. Will look into this too.

 

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