Renovate or new build

We've developed only once (but renovated many times).

We contacted a town planner to find out what the "best use" was for our block.

We did nothing for several years... couldn't afford to build anyway without selling what we held.

We bought an adjoining block and finally went to a builder we like the look of (building local to us).

He brought in his building designer (architect or draftsman). We engaged him to draw up townhouses. He brought in a town planner he worked with regularly.

The town planner brought in a certifier he worked with regularly. These men all had worked together, and knew who to call for what part of the process.

Once we had everything through council, we waited another couple of years because we still couldn't afford to build. And we were scared to embark on such an expensive build, knowing the risk was we end up not making a profit.

In our case, our aim was not to make profit, but to hold long term for the rental income, but nobody wants to make a loss, even on paper.

Eventually we started, hired a project manager (found here on PC) who brought on board civil engineers, hydraulic engineers, civil works trades etc.

My suggestion would be to get an initial "what is best use" from a town planner. Find out what is allowed, what isn't. Get some local agents on board to ask if you are better with a stand alone new build, one house or a multiple dwelling (if allowed).

By the time we built, it seems townhouses were thought of as not the best way to make a profit. A builder wanted to buy our block to do a huge renovation on the existing house, but we had already spent so much getting this far, we chose to push on.

We now have four townhouses bringing in rent and it's all been easy because we had a project manager who looked after it all.

He saved his fees for sure, but it still cost so much more than we thought, because there were so many things to pay for that we were not expecting (because we were new to this).