North Perth R60 - do the numbers stack up?

What would you do with this site? At $700k, does it stack up?

467 Charles Street North Perth WA 6006 - House for Sale #120819557 - realestate.com.au

 

I ran the numbers over this one when it was on the market. Problem was the agent wouldn't let anyone view the property inside.

I would've done 7 2x2 apartments @70sqm each. Will have to go 3 levels due to the car parking and the road widening. Costs per apartment increase when going up 3 levels.

 

If i recall correctly as well, this place wasn't linked to sewerage either? The lines stopped either side of this property for some unknown reason.

 

.....can still connect though.

Personally I would do six 3x2 s with massive (40 sqm +) balconies and two carbays each.

 

Sounds like a homework assignment! I'll see what 3x2's might sell for then we can work out build cost etc... and end profit

 

Be interesting to have a chat at a catch up with you experienced guys about this sort of thing.
I've got 1070sqm R60 (apparently 7 units at present) three streets back from Mandurah Foreshore, currently duplex.
Never done a dev before, any thought of it brings scary thoughts of builders taking advantage of my noobness.

For any Sandgroppers not aware - WA - Perth monthly meetup

 

It's been under offer a few times I think. It's one of those listings where the REA does himself no favours by not updating it when it is under offer, and not being helpful.
Also be aware that there is a MRS Road Widening Easement at the front. I think from recollection it's about 3-4m deep of land across the front you'll lose.
Charles St should be getting a density bonus when TPS2 goes through which will therefore allow 682 sqm of apartments instead of only 477 at 0.7. Trouble is to get that you'd have to go basement parking or 3 stories and it might be better to just go KISS and simple.

@LifesGood I would explore these scenarios and then work out which is best
- simple triplex single storey 2 x 2 x 2s
- simple triplex double storey 3 x 2 x 2s
- apartments 6 x 100sqm 3 bedders
- apartments 4 x 120sqm 3 bedders
- apartments 8 x 70sqm 2 bedders
- apartments that look like townhouses - 6 with a mixture of 1,2 and 3 bedders.

 

I was thinking two story 2x1's, single garage/storage for mine, allot of oldies down here, downsizing, only need a bedroom and spare for the Grandkids, sewing etc, short walk to foreshore and all conveniences, bus on the corner takes-em to bowls club, train etc.

 

Just watch out for oldies and stairs. They don't mix well.
If you wanted to do more than 6 grouped dwellings you could do proper over 55s which require less land and you might be able to squeeze 8 in.
Mathematically there are many options, but reality often gets in the way with block layout, sewer placement, finance options, design constraints. etc etc

 

Thought about stairs being an issue, then thought about my independant Gran still dancing, playing bowls and climbing to the 3rd floor at ~80.

Believe anyone at the stage of no stairs would be considering one of many retirement/lifestyle villages etc down here, somewhere with a bit more care/social structure etc compared to the many independent/energetic elderly couples that don't consider themselves old, some I'd have trouble keeping up with.

I daydream about it a bit, secure auto gate to site with intercom, allocating a yard area where they can park their vans rather than paying storage, obviously all reflected in the price.

Basically those that don't want to maintain a big place anymore, but also don't want to be around to many oldies who gossip/whine/politics etc.
Wanna be able to lockup and head off for awhile knowing the few neighbours they do have will keep an eye on the place for-em.

 

@WestOz i was just looking at dev sites in Mandurah. There are some bargains to be had that's for sure. Could be a great little future prospect.

 

single bed townhouses might actually be better here - with a one third size concession, you could get six (6) on there - this product, I think, would be the best outcome - especially with a study nook and balcony off the bedroom.

 

FYI, Mandurah generally requires a min frontage (35m?) to take advantage of more than two dwellings per lot in those R60 lots North of town.

 

What is this WM and when is it planned to go through?

 

It is in their Draft Precinct Policy - part of TPS2 which was voted in by Council last Sept and is with WAPC so who knows when it might actually happen - Council were hoping it would be done by now.

All the documents are here Your Vincent Your Say

 

Agreed also a good option. Might be time for me to show off my SBDs that are still in concept stage but looking pretty darn fine. Dropbox - 151020 - L 41 WRIGHT ST - v4 copy.pdf

 

l like the elevs but they're not RDE compliant...

 

They are off to my local town planner at the moment to be assessed and tweaked into compliance. I can see a number of issues but I want to get it all fixed at once rather than constant fixes which cause different problems.

 

Ha - I saw this one yesterday as well! looked cheap given other recent sales in the area. I dont follow the area, so wasnt aware it had been on the market before.
And figured if it had been surely Westminster would have bought it by now.

There is also this one on the market
241 Charles Street North Perth WA 6006 - Other for Sale #120732825 - realestate.com.au

Higher cost, but may also be of interest

Blacky

 

Handle's Meridian apartments you see in that opening shot - the house next door was left alone and then this site was one of FOUR up for sale at the same time.

All the kids jumped in, demanded a higher amount for their inheritance and the deal fell apart.