Hey experts, Has anyone got experience around townhouse developments in Mackay? Keen in learning from your experience. There is a property developer who has bought a bigger block in North Mackay, in flood zone and is keen in doing Townhouse development. She is pursuing me to buy the next block to do a bigger project together. I am just worried about the numbers and not an expert in feasibility. She is doing some and it looks like a project worth pursuing but I do not get some confidence yet. Do you guys recommend some good feasibility tool for myself to use ? Also, with no prior experience, what should be my next steps ? This is definitely something that I would like to pursue but do not want to get into it just yet with such little info, as I do understand it's a risky game. Also, don't want to keep waiting on the sidelines forever and understand the doubt will stay until I do my first project.
First step is to determine what is able to be achieved on the site - you would need to factor in consultant and DA costs for ascertaining a DA. I wouldn't rely heavily on the council being able to give you this information - you will need to engage a town planner that has experience with this type of project and is familiar with the council. You will need to work out very rough construction costs - you will need account for any site issue such as sloping sites, if excavation is required, etc. You will then need to figure out the finance side it - can you ascertain finance if you are planning to build x number of dwellings on the site? If so then great but if not will you make a profit from selling the site with DA? All of this would need to happen concurrently.
