Should I buy block next door? Central Coast NSW

Discussion in 'Development' started by Liam, 24th Dec, 2019.

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  1. Liam

    Liam Member

    Joined:
    29th Jul, 2016
    Posts:
    12
    Location:
    Sydney, Australia
    The property next door (land size: 700m2) to my investment property (land size: 920m2) is for sale.

    How would you evaluate this opportunity?

    More info...
    - my IP has 2 houses, both older style built 1970s
    - next door is 1 house, older and smaller than mine, but big garage and shed
    - land is flat
    - total land size combined is 1,620m2
    - in the streets adjoining there are townhouses

    Here's my ideas if I buy next door...
    - put granny flat at back of next door (to increase rent)
    - knock down, build a development - what is best?

    I'm new to this, so any advice I'd really appreciate. Thank you!! :)

    What would you recommend?
     
  2. Marg4000

    Marg4000 Well-Known Member

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    5,673
    Location:
    Qld
    The only real advantage is if the combined site supports more dwellings than the total of each - if each block can have two dwellings, how many can the combined block allow? If it is still 4 then there is not much advantage.
     
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  3. larrylarry

    larrylarry Well-Known Member

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    Location:
    Sydney
    Agree. Know what you can build on them first.
     
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  4. Stoffo

    Stoffo Well-Known Member

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    Location:
    Sydney
    Sounds like a long term buy and hold prospect.
    When you decide to cash out sell to a developer
     
  5. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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    Location:
    Vaucluse, Sydney.

    I would pay a town planner for a could of his hours to do an amalgamated site options feasibility. Sometimes they'll even give you rough feedback for free. Then if it looks potentially promising, you can pay for a full investigation.
     
    Last edited: 24th Dec, 2019
  6. Liam

    Liam Member

    Joined:
    29th Jul, 2016
    Posts:
    12
    Location:
    Sydney, Australia
    ellejay, larrylarry and Stoffo like this.

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