WA Post a Bargain - Perth

Ok that was what I was after end value

when I was doing my homework was around 580k-600k

 

I tendered on that Willagee project, for the build. There was a lot of dordling, feet dragging and little to no communication coming back from the "developer".

Could have been a feasible project but they messed around for too long and didn't listen to recommendations. And now they just want to offload it! Sigh.

 

I reckon 2 story townhouses end value would be about $550-580k.

Only guessing though (I have nfi).

 

Just had a valuation on my Padbury property with two local agents. Three years ago had a bank valuation at $620 last week agents value $500

 

20% drop wow

I have not been looking closely? what about rent has that dropped

 

Just hold another 15 years and will double the price. Don`t stress.

 

+1

 

still can't find any bargain near UWA or KEMH @ Nedlands??

 

Really, I think there have been some links posted on other Perth threads

Price range?

 

Rent peaked at $590 around 2013-14, now back to $460 been the same long term tenants. One bonus I've missed out on letting fees for three years.

 

This is a real bargain. Awesome house, cracking spot with a 90s walk score. Stigma gone from the area with the imminent demolition of stirling towers. With this R80 zoning m, 620m2 will get you 4-5 townhouses or 8 apartments at an average size of 80m2 with the front all having nice city views.

This is really being sold at land value, Plus it has a great home to live in for 5-10 years before you do the development.

Best land bank listing I have seen for over a year!

https://www.realestate.com.au/prope...e.com.au/property-house-wa-highgate-125055598

 

I love it but I'd be very surprised if you could demolish that and even if you could I wouldn't.
What I would consider doing is something in the rear like 4 apartments
If it had a rear laneway it would be even better

I paid just over $1m for my R80 block in Highgate but it was only 550sqm - but it was a corner block so I paid extra for that.

 

Great point Westminster, it would be a shame for the City of Vincent to allow demolition of such a nice double frontage residence. That price is still good buying for retaining and building 2 townhouses behind or even 4 apartments like you said. Those house alone will be worth close to a million after land cut off.

I really don't understand why these R80 zonings aren't worth a lot more, same house land in unzoned mt lawley cost you 1.5mil and in sydney/melbourne 2km from city... 2.5mil

 

Another point is I believe the City of Vincent has recently adopted Built Form 5 policy which means this block (everything in Highgate east of Beaufort) now has a 3 story limit instead of 2! Very valuable IMO.

 

"Page no longer found" - someone has gobbled it up!

 

I believe this is the property 92 Lincoln Street Highgate WA 6003 - House for Sale #125055598 - realestate.com.au

 

Corner blocks are good for the type of development you are completing or when splitting and selling land (subdivided blocks) i.e. providing access off the street rather then a battleaxe lane that does not count to the subdivided block size.

But besides some cost savings in asphalt (that is saved by having a lane way already) there is zero benefit when constructing multiple dwellings on the site. As this all depends on the plot ratio, the more land the better!

For this instance with this site (say you can demolish the house... on the argument that there is a big wall hiding it from the street already) then you are better off securing as much land as possible. For example this R80 site has a plot ratio of 1:1 and therefore you can provide that same internal area of apartments as the land, that is 620m2. Which is perfect for 8 apartments.

Your site would only be be able to provide 550m2, which would be 7 apartments (using the same area). If you paid $1mil, then does that not value this site at $1-1.2 mil (land only)?... and that is assuming no growth in that time, which has probably seen great growth for 1 year after you bought it and lackluster growth or slight falls since?

Previously with only a height limit of 2 stories, these sites were difficult because you would have to provide a basement level of parking, which is expensive. Now with 3 stories allowed, from the recent change in December of the City of Vincent's Town Planning Scheme No.2 which adopts the Built Form 5 policy, that has been endorsed but not yet gazzetted (though imminent). then these sites are rare and valuable.

 

This is where maths and the Rcodes and the City of Vincent all fight with each other. Whilst a driveway does not take up plot ratio is does take up space that you can't build on and that is valuable.

If you have 620sqm on this block you may mathematically be able to build 620sqm of plot ratio which is 77.5sqm each for 8 apartments. Assuming this property is within 800m of a train or 400m of a HFBR (which I assume it would be) then you need to provide 8 resident bays and 2 visitor bays.

In this instance the block is 41 x 15 and the 10 bays will take up approx 30m of depth and will need to go perpendicular to the long boundary. A car bay is 5.5m minimum plus let's put the store rooms here to help hold up the upper structures so 7m carbay + storeroom. Add 6.5m reversing room from the bay is 13.5m. That does leave a sliver of 1.5m that really doesn't have a use but can't be used for much. The parking area takes up 450 sqm plus the access leg from the road. Leaving 11m x 15m to cater for setbacks front and rear and possibly have one apartment at ground level.

Front setback in City of Vincent aren't as per Rcodes which is 1m to the front - it is the average of the 5 houses either side. So potentially you can have quite a deep set back between 3-5m. That leaves you somewhere between 6-8m for rear setbacks and a foyer and perhaps ground floor apartment.

It's pretty squishy.

Then the R80 setbacks are not your friends on a narrow block. A 15m wide block needs 3.5m side setbacks so your apartment building can only be 8m wide, then for the floor above it needs to be 1m skinnier so 6m wide.

You may find that you can only fit 50sqm on the ground floor, 250 sqm envelope on the first floor (8 x 32) which would equate to around 200sqm of apartment plot ratio 200sqm of apartments which is 3 apartments. The 3rd floor envelope would be 180sqm (6 x 30) which would equate to around a plot ratio of 140sqm of plot ratio and 2 apartments. I could see about 6 apartments fitting on this site.

The 3rd floor would be very contentious with neighbours and they would object heavily to it. Overlooking provisions would mean that many balconies would need to be fully screened.

In comparison although my block is 70sqm smaller the laneway or any secondary street means I can provide parking for 7 with a 1m setback from the laneway in 150sqm leaving a bigger envelope on the ground floor for possibly 2 or 3 apartments.

92 Lincoln is a lovely block and potentially worth what they are asking for as the land is likely to be worth $2000/sqm. I just think when you look closer that it's not the best block for apartments.

 

Maybe it's time to door knock on the neighbours and buy two or more

 

Yes this property is within the high transport routes, both bus and train so you would only need to provide one car bay per apartmrent. In regards to visitor bays, I believe you only have to provide up to 1 visitor bay for 8 apartments as per the relevant clause in the guidelines of the R-Codes.

If you are going to provide 6.5m aisle then you would only provide 2.4m wide bays (not 3m) which with columns will add up to 22m. On the flip side as I said in a previous post, you can provide wider bays and less aisle width which will enable you to get the storage/bike/bins and stairways behind in say a 3m space.

So you would have one apartment on ground level towards the front. The front set backs are quite small along Lincoln, so worst case would be 4m. So you would get an 11x 10m internal space for an apartment, say 100m2.

You can put the stairs hard up against the boundary on R80 blocks because you can build a parapet 2/3 of the block length (27m), you are allowed to take this up to 2 stories, stairs aren't required above this and no need for a lift for 3 levels unless your targeting oldies.

In regards to 3.5m, well you already have this on the one side because of the driveway, which you would cantilever 0.5m from the 4m giving you a massive width of 11.5m on floor 2 and say 10m on floor 3. That is 300m2 on floor 2, say 240m2 on floor 3 and 80m2 on the ground floor.

I agree with screening and depends on adjacent houses or developments. You will need it in this case, but you can get stylish louvre screening these days.

If you don't believe me, refer to the narrow low 9 apartment development on 630m2 around the corner, link below.

http://www.vincent.wa.gov.au/agenda/2012/20121218/att/broome001.pdf