First development in Victoria

Discussion in 'Investor Stories & Showcase' started by Car tart, 29th Apr, 2020.

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  1. Car tart

    Car tart Well-Known Member

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    I generally only develop in areas I am familiar with, but two friends said let’s buy this and I trust them. So starting very small.

    38 Harrison Street, Brunswick East, Vic 3057
    https://www.realestate.com.au/property-house-vic-brunswick+east-133199202

    exchanged today at the lowest point of their expectation.

    I would say two years to add 4 more two storey Parkside residences.
     
  2. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Starting small :p

    Love it - beautiful location.

    Here's to a non insanity inducing council process for you - I'm sure you have a repeat prescription for valium from your GP from past council dealings.
     
  3. Car tart

    Car tart Well-Known Member

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    Yes I stay home and sign cheques and the two working partners sweat it out with council and contractors.
     
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  4. paulF

    paulF Well-Known Member

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    Very nice area. Used to live a few minutes walk away from there.
    Congrats and good luck.
     
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  5. MTR

    MTR Material Girl Premium Member

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    Excellent, Love this location, its very hip
     
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    The not so hidden booby prize may be the additional work with the cable stay on the power Pole which will limit driveway access to the site.

    It scares off some bottom end buyers.
     
  7. Stoffo

    Stoffo Well-Known Member

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    They probably allowed $30k to put the power underground (just like the development to the left did).
    Nice, used to like Brunswick in another life
     
  8. Car tart

    Car tart Well-Known Member

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    It’s a $6-7 million project, so I don’t think $30k in power lines would scare anyone. Sacred trees, historic residence and shadowing over the church were the big concern. Height limit is only two storeys.
     
  9. Player

    Player Well-Known Member

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    Great area. I have a commercial property nearby. Plenty of demand there
    for buyers and tenants alike.
     
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  10. Canyon

    Canyon Well-Known Member

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    Congrats on the purchase! I actually had a look at this site when it first hit the market. Great site and location, but I was put off by the heritage overlay. Can this site be developed as you intend? I assume you have spoken to council town planning and your architect?

    All the best with the project.
     
  11. Car tart

    Car tart Well-Known Member

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    Yes, we have had a fair opportunity to do a dd. It certainly is not going to be developed to its full potential as they only allow two floors, but no trees or outbuildings are heritage listed, so there is plenty of opportunity to work with the rest of the land. The price and terms allow a lot of flexibility. A few meetings with council staff and our project manager helped but nothing in writing at this stage. Surveyor is currently on site.
     
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  12. Canyon

    Canyon Well-Known Member

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    Sounds like a great project! I'm sure the original house will look good too once brought back to its former glory. I don't know how anyone was living there in it's current state.
     
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  13. gach2

    gach2 Well-Known Member

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    Congrats - what type of development is being considered (townhouses or apartments?)

    Also is that a >2 storey next door? - wonder if you can get relaxation on height limit based on that
     
  14. MTR

    MTR Material Girl Premium Member

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    Was thinking the same. But what a nice piece of dirt:)
     
  15. Car tart

    Car tart Well-Known Member

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    We are looking at 2 storey heritage styled townhouses sympathetic with the area. It is a 3/4 storey unit block on one side and a church on the other. We expect it to be long and complicated to get the best approvals.
     
  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I think your expectation is spot on :)
    It's worth the time to get it right.