Go Easy On Me

Am I in over my head with this or not.

I have grand plans for a 1300m2 block that has a soon to be demolished 1910s red brick house. The property is in regional NSW and is to be auctioned in the very near future.

I dont know the exact zoning for the block but a development of 4 x 3br townhouses will match similar developments current under way in the street.

My problem is I dont fully understand all the ins and outs of developing in this fashion. For starters I need guidance with the title. Do i need to get the block sub divided? If so, do i need to have a full set of plans for council and obtain development aproval first?

What are the costs of getting design approval and the block sub divided?

My goal is to sell all the townhouses. Should i try and sell off the plan or construct first?

Has anybody got a checklist of steps required to before commiting to purchase at auction with a view to developing?

Cheers all

 

@Boorune

It will depend on zoning of land and planning control of council.

You can apply for Development Application (DA) for 4 townhouse and council may grant you
Torrens/strata Subdivision approval prior/post construction.

Cost for design of 4 townhouse will depend on work required but allow 15-20k min Inc professional fee (surveyor,draft person,hydraulic, landscaping, basix,etc)

You can sell off the plan if that's what trending in your target market.

Up to 4-5 dwellings, you can apply loan under resi and may not require pre-sell.

Things to consider

Subdivision cost
Council contribution cost
Higer regional development cost
Postcode lending
Resi/commercial loan
Buying Structure
Tax
Finance

 

might want to read the other thread title "Hoping for some direction from the wiser. Gearing up to get into development." that helps