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Feasibility Help - Ryde NSW

Discussion in 'Development' started by AdamT, 3rd Jul, 2016.

  1. AdamT

    AdamT Member

    Joined:
    1st Jul, 2015
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    Location:
    Sydney
    Hi Everyone

    Long time lurker and first time poster. Just had my first DA approved on a 900 sqm block in Eastwood, NSW. I am trying to see if I can get finance but I need to put together a proper feasibility for which I am struggling to do as I've never done this before.

    It's a single title block of land in Eastwood, I have DA approval to build an attached dual occ which will be split on different titles. I've come up with a format for the feaso and have filled out what I can based on costs already incurred and a QS report but am in way over my head.

    Any help or guidance the community can give would be appreciated.
     

    Attached Files:

  2. Leo2413

    Leo2413 Well-Known Member Premium Member

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    congrats on your approval mate!!

    wouldn't you have done a thorough feaso pre DA..?

    Is this basically your end stock in mind? What level spec? I would assume high medium to low high level for most things.

    Depending on specs, size,works etc I would roughly estimate a build costs of around 850k to 950k give or take.

    I don't know if I've read it wrong but you've allocated $1,100 sqm for living area?
    Have you gotten any quotes yet? Seems too low for the specs needed unless I've read it wrong. what's the end stock sale value you anticipate?

    Sold 5A Lexington Avenue, EASTWOOD NSW 2122 on 16 Jul 2015 for $1,580,000

    Sold 17A Lexington Avenue, EASTWOOD NSW 2122 on 05 May 2015 for $1,485,000
     
    Last edited: 3rd Jul, 2016
  3. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    There's a chance I might have a buyer for one of your finished properties....
     
  4. John Bone

    John Bone Well-Known Member

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  5. AdamT

    AdamT Member

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    Sydney
    Hi Guys,

    I did do a feaso pre-DA but it was very rough and I wasn't too worried about the actuals as the LVR on this project is around 30%. The build cost I used in that feaso was approx 800k but I now know this was on the low side. The completed dwellings will be two attached 4 bedroom torrens title dwellings with double lock up garage. I've had some indicative valuations done by local real estate and the feedback i've been given is that the GRV for each dwelling is between $1.6 to $1.8 Million. Due to the 0.5 FSR limitation in the Ryde LEP, the FSR on each dwelling is 245 sqm (not incl garage).

    I am about to give our architect the go ahead to kick off the CC, but am speaking to my finance broker at the same time which obviously needs a thorough feaso and accurate build cost.

    @John Bone thanks for the link, will read through it this evening.

    Adam
     
  6. hematite

    hematite Well-Known Member

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    I think regardless of the LVR, the feasibility work should still be rigorous, it's your money after all!

    Good luck with your project :)