R30 1012m2 block with duplex with separate titles

The property is in Victoria Park and Im just wondering whether it would be better to knock the 1970s duplex over and build 2 houses on the existing land titles or subdivide into triplex with 3 townhouses?

 

It depends on what is feasible, what you can get finance for and what is your strategy and risk appetite.
I know that sounds trite but this is a question that can only be answered by doing a feasibility and knowing more about your circumstances.
What I can say is that you should also include a single storey triplex in your feasibility - they are cheaper to construct, often have great end values with downsizers and can fit a large 3 x 2 or even 4 x 2 on R30 land.

 

Thanks Westmiinster for the quick reply. You mention single story triplex. What is the approximate cost for a finished product say 3x2?

 

It really depends on the size. For example if this was a R40 728sqm block you could also build a 3 x 2 but it would be much smaller and all up the project might cost $650-700k fully finished. But as this is a larger block it's likely that a 3 x 2 on this would be larger so you'd be looking at $725-775k as a rough estimate depending on the level of finish

Construction prices have been rising and will continue to rise so I have used ranges to try and cater for that.

 

thanks westminster. Will look into it when the tenancy finishes in Nov

 

A search for "profit" finds a lot
I asked this once
Would this development have made a profit? [WA]

 

Thanks shogun. Thats a good thread.

There was a recent development at 63 Geddes St Vic Park which I really liked