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Mount Barker S.A. Division

Discussion in 'Development' started by jim1964, 20th Oct, 2015.

  1. jim1964

    jim1964 Well-Known Member Premium Member

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    We purchased this property January this year, its time i did something with it.

    http://www.realestate.com.au/property-house-sa-mount+barker-118613843

    Talking with council as its policy area 13, which allows multiple dwellings, leaning towards a hammerhead block which then retains the front dwelling for a future new build.Surveyor is looking into 2 X community Title blocks down the back.
     

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  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    The house looks like its quite forward of the paddock.

    You'd probably have to torrens the back off 1st and then community the back one in half? That's what I've seen one do in Sheriffs Rd Morphett Vale.

    Alternatively is there any money in demolishing and building more dwellings there?

    What do end values look like in this area? (It isn't an area i follow)
     
  3. jim1964

    jim1964 Well-Known Member Premium Member

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    I did see that, thats where i got the idea from :)
     
  4. jim1964

    jim1964 Well-Known Member Premium Member

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    It may be the case the original dwelling will be better off left, and work with the dirt.The Bank will like that as their security doesnt end up as dust.Personally i like the double split at the back.Leaves a lot of options.

    End values are still coming, will depend on councils decision on whats allowable.
     
  5. jim1964

    jim1964 Well-Known Member Premium Member

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  6. jim1964

    jim1964 Well-Known Member Premium Member

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    Meeting with the planner tomorrow,attached is my preference in dividing the block.
     

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  7. jim1964

    jim1964 Well-Known Member Premium Member

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    Lodgement fee $1304 paid today.We are off!!
     
  8. D.T.

    D.T. Adelaide Property Manager Business Member

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    Woo. All systems are go. Whats your timeframe on this?
     
  9. jim1964

    jim1964 Well-Known Member Premium Member

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    3 to 5 months.Pretty standard cut n shut.End values to be confirmed by valuer but 2 Reisa members both gave me around the $170,000 for the new created hammerhead block, and $250,000 for the existing home.
     
  10. s_andy

    s_andy Active Member

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    @jim1964 How are things going with your subdivision in Mount Barker? All done, any issues along the way?
     
  11. D.T.

    D.T. Adelaide Property Manager Business Member

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    Interested to hear progress - prob not much as parties closed over Xmas?
     
  12. jim1964

    jim1964 Well-Known Member Premium Member

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  13. Erica

    Erica Well-Known Member

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    Hi jim1964, have you renovated the front dwelling to achieve $250k, or is that appraisal as is?

    My experience is that by halving the land component resale value drops a lot more than $20k unless renovation is undertaken.

    If $250k resale for the front house is without any work- you've picked up a great deal- well done.
     
  14. jim1964

    jim1964 Well-Known Member Premium Member

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    1) Nope,nothing other that a split system @ $1800.The good ol tax payer propping up SA Housing Trust gave it the full make over before i bought it.

    2)Thats the appraisal,but i think would fly off the shelf at that price to a FHB or investor,rents at $325pw.

    3)
     

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  15. s_andy

    s_andy Active Member

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    @jim1964 What are your costs looking like for this subdivision? 20-30k? Will you need a sewer main extension?
     
  16. jim1964

    jim1964 Well-Known Member Premium Member

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    No sewer extension required, will be septic tank.Costs around 16k.
     
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  17. s_andy

    s_andy Active Member

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    Am I right that you can get away with septic tanks for community title but would have needed the sewer mains extension for Torrens title?
     
  18. D.T.

    D.T. Adelaide Property Manager Business Member

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    Not sure the rules on septics, but torrens need their own and community generally shares.
     
  19. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    @jim1964 forgive me for coming in late. Will you build on the rear 2 blocks or just sell as land?
     
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  20. jim1964

    jim1964 Well-Known Member Premium Member

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    The intention is to just sell the land,to now raise capital to build townhouses at Christies Beach.
     
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