Investment Margate, QLD

Discussion in 'Development' started by BlueKelpie, 14th Apr, 2018.

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  1. BlueKelpie

    BlueKelpie Member

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    I was wondering if anybody had any experience with this. We bought a house west of Oxley Street, Margate , QLD on 2 lots of about 830 sqm. The land has access to two street at the front and back. We are thinking of eventually knocking down the house and replacing it with townhouses, duplex, something. Has anybody done this before in the Redcliff area and experience on cost and added value of doing this?
    Thanks in advance!
     
  2. Heinz57

    Heinz57 Well-Known Member

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    Welcome BK. Moreton Bay council seem pro development
     
  3. BlueKelpie

    BlueKelpie Member

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    Thanks @Heinz57. Yes, they do. I was just wondering if there is anybody on this forum who has done something like this, build townhouses on 2 lots with both sides street frontage. I think it is too early to demolish the existing one to build multiple dwellings because prices haven't risen enough yet in this area. The house is in the Next Gen zone. Any views?
     
  4. AlexSteffan

    AlexSteffan Member

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    We do a lot of enquiries in the Next Gen zone but rarely proceed with a development, it seems that the value just isn't there yet. If you can get a subdivision done for a reasonable price (i.e. all the services are in the right place...etc.) then surely you'll still be able to make some money out of it. Alex
     
  5. mcarthur

    mcarthur Well-Known Member

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    I'm still waiting for the peninsular to take off. It should happen by 2032 when Kippa Ring hosts the olympics...
     
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  6. Marg4000

    Marg4000 Well-Known Member

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    But what happened to the promised boom when the rail line was finally built?
    Marg
     
  7. Heinz57

    Heinz57 Well-Known Member

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    Bought a next gen block in Moreton Bay 2 years ago: and instead of developing we are building a PPOR. I figure the"next generation" can knock it down and build units after we're gone.
     
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  8. AlexSteffan

    AlexSteffan Member

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    I wonder if that is why they called it that?
     
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  9. Zenith666

    Zenith666 Member

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    Seems you have a similar sized and designed block (2 street frontage) to the one i am currently doing, however im in Brisbane city council area. Im looking at doing 4 large town homes, 2 facing one street, 2 facing the other street with courtyards backing onto each other.

    Currently in the design phase.
     
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  10. AlexSteffan

    AlexSteffan Member

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    Very nice. Is it far from MBRC? It seems that as soon as you step across the Council boundary line from MBRC to BCC, a development is more viable. Alex
     
  11. BlueKelpie

    BlueKelpie Member

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    Interesting. Do you have a quote yet as to how much it will cost you approx?
     
  12. BlueKelpie

    BlueKelpie Member

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    What do you mean by more viable?
     
  13. Zenith666

    Zenith666 Member

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    My project is about 5kms from the Brisbane CBD.
    If your referring to more viable in terms of develop to sell, then yes, the greater population is in Brisbane compared to Margate.

    BlueKelpie, I'm still designing at the moment, however predict it will be around the $1.6mil to build, $80K in planning and design and $120k in infrastructure costs.
     
  14. Sackie

    Sackie Well-Known Member

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    Need to do a Back of Envelope feasibility on your various options to see if anything stacks up. Not my area of competence but my quick guess is its unlikely anything would stack up .
     
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  15. BlueKelpie

    BlueKelpie Member

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    @Zenith666, thanks for the info. Such costs wouldn't be worth it (yet) in Margate. The prices would need to rise a lot more for it to make sense.