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North Perth R60 - do the numbers stack up?

Discussion in 'Development' started by LifesGood, 22nd Nov, 2015.

  1. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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  2. mrdobalina

    mrdobalina Well-Known Member

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    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.
     
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  3. Jamie_

    Jamie_ Well-Known Member

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    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.
     
  4. Aaron Sice

    Aaron Sice Well-Known Member

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    .....can still connect though.

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

    LifesGood Home Building & Development Consultant Business Member

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    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 ;)
     
  6. WestOz

    WestOz Well-Known Member

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    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
     
  7. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    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.
     
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  8. WestOz

    WestOz Well-Known Member

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    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.
     
  9. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    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
     
  10. WestOz

    WestOz Well-Known Member

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    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.
     
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  11. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    @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.
     
  12. Aaron Sice

    Aaron Sice Well-Known Member

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    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.
     
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  13. Aaron Sice

    Aaron Sice Well-Known Member

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    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.
     
  14. mrdobalina

    mrdobalina Well-Known Member

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

    Westminster Tigress at Tiger Developments Business Member

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    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
     
  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    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
     
  17. Aaron Sice

    Aaron Sice Well-Known Member

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

    Westminster Tigress at Tiger Developments Business Member

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    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.
     
  19. Blacky

    Blacky Well-Known Member

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  20. Aaron Sice

    Aaron Sice Well-Known Member

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    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.