recommendation for solicitor to review conditions on development site contract

I have a development site for sale, the only offers are JV's. The latest is offering an amount to settle with a further amount or unit on completion of the project. Looking for someone experienced in this area to review and make suggestions.

 

@RPI Might be able to help.

Personally, if the JV partner can't afford to buy the site, I'd worry.

 

Personally, if the JV partner can't afford to buy the site, I'd worry.[/QUOTE]
I'd prefer an outright sale but those buyers just don't seem to be around.

 

How many units will the site yield?

 

What state?

 

The site is in Cleveland south east of Brisbane, Queensland.
DA is for 29 units

 

Try RPI

 

Thanks, anyone in particular there

 

He means @RPI or Certus Legal. Links here RPI

 

Thanks, I'll try them Monday

 

Not a small development @suebris.How much risk do you want to bear?

• What happens if the jv partner goes broke?
• Do you want to wait several years to see your money whilst paying land tax and holding costs?
• Who carries the exposure to the construction debt?
• Who has exposure to the land debt?
• What if the market turns?
• What recourse does the jv partner have against you?
• When does the jv partner get their hands on the title?
• Who pays stamp duty?

It may be time to go to the market again and find a cashed up buyer who can relieve you of the above issues by buying the site and taking on the development risk.

Are you dealing through an agent or direct?

 

I know indirectly of a developer based near Cleveland.

At the moment he, and other developers, already own great sites but are delaying developing them as there is general concern about ongoing demand. It is also difficult to finance developments as significant pre-sales are needed, and banks are becoming increasingly wary.

A 29 unit development would probably need around 20 pre-sales, very difficult in the present climate of increasing warnings against OTP apartments.

Unless you really have to sell it may be best to hold.
Marg

 

@Scott No Mates the answer to most of your questions is why I haven't accepted other proposals, this one is a little better.
@Marg4000 there are a few sites just waiting for the right time in Cleveland, it's a great area but hasn't gone ahead like other areas have yet. If the right sale doesn't happen then looks like I'll be holding on to it.