Mount Barker S.A. Division

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.

 

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)

 

I did see that, thats where i got the idea from

 

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.

 

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

 

Lodgement fee $1304 paid today.We are off!!

 

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

 

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.

 

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

 

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

 

I wish.Xmas has certainly slowed things down,its in at council with the planners,but as we all know,Mount Barker is booming, so their workload would be pretty full on.I have called my surveyor to push things along.

 

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.

 

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)

 

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

 

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

 

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?

 

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

 

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

 

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