Happy New Year! Currently I've got my eye on a nice little plot of land in my local area.. Its going cheap! The catch, its zoned light industrial.. The properties either side are established residential houses and the whole streetscape is residential around where this particular block is located. Im considering purchasing the land cheap (hopefully), with the money saved have my town planner get the thing re-zoned to residential. Has anyone got experience or any idea on the process/ cost/ headache etc? Any input would be greatly appreciated!
What is permissible under the LEP? Is it in leaseable condition? Will you require commercial finance? Is a spot rezoning warranted? Is the commercial zoning viable or is the industrial area at the end of its life cycle?
Zoned light industrial will make the property difficult to finance under Resi so you'll likely need a bigger deposit than normal. And any future buyers will face the same if the zoning doesn't go through.
Which State? And Council? There are some Councils who just refuse to look at spot rezonings. In Vic you would need to look out for an Environmental Audit Overlay which is likely to detail Audit requirements prior to using the property for a sensitive use.
Ive spent some more time on it today, the surrounding houses were all built prior to the land having been zoned 'light industrial' from residential. SO basically, they can only demolish their houses as the land has been claimed as a buffer zone by local council? Any new structure is required to fall within the current zoning overlay. May have answered my own question here!
@JKWS - sounds like its a development site - if you have an appetite for risk there's easy money to be made building a stand alone warehouse or 2/3 factory units (extra due diligence required).
Easy money, now I'm worried! But yes, your right. The area is going to become a new industrial estate in time, once the run down houses next door are demolished or sold. The zoning is (IN1) general industrial under the NSW scheme, if anyone has any further information or pitfalls on this kind of zoning?
Essentially non-noisy industries. Early entry poses the highest risk in terms of vacancy, desirability, lack of other complementary businesses however can also provide the best buying opportunities too. Linky Industrial Zones - IN1 IN2 IN3 IN4 Zone IN1 General Industrial 1 Objectives of zone • To provide a wide range of industrial and warehouse land uses. • To encourage employment opportunities. • To minimise any adverse effect of industry on other land uses. • To facilitate and encourage appropriate forms of industrial development which will contribute to the economic and employment growth of Wollongong. • To allow some diversity of activities that will not: (a) significantly detract from the operation of existing or proposed manufacturing and service industries, or (b) significantly detract from the amenity of nearby residents, or (c) adversely impact upon the efficient operation of the surrounding road system. 2 Permitted without consent Building identification signs; Business identification signs 3 Permitted with consent Advertisements; Advertising structures; Community facilities;Crematoria; Depots; Freight transport facilities; Heavy industries;Helipads; Industrial retail outlets; Kiosks; Light industries; Liquid fuel depots; Mortuaries; Neighbourhood shops; Places of public worship;Recreation areas; Recreation facilities (indoor); Roads; Service stations; Take away food and drink premises; Transport depots; Vehicle body repair workshops; Vehicle repair stations; Vehicle sales or hire premises; Warehouse or distribution centres 4 Prohibited Any development not specified in item 2 or 3
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