Triangular block in Geelong - What would you do? Opinions and help needed!

Discussion in 'Development' started by LukeR, 18th Dec, 2016.

Join Australia's most dynamic and respected property investment community
?

Which option would you choose?

  1. Option 1 - Keep existing dwelling, build 2 storey high spec

    0 vote(s)
    0.0%
  2. Option 1.2 - Keep Existing, build single storey house for accommodation yield

    0 vote(s)
    0.0%
  3. Option 2 - Demolish, Build 3 x 2 storey

    0 vote(s)
    0.0%
  4. Option 3 - Demolish, Building 2 x 1 storey

    0 vote(s)
    0.0%
  5. Option 4 - Other

    0 vote(s)
    0.0%
Multiple votes are allowed.
  1. LukeR

    LukeR Well-Known Member

    Joined:
    17th May, 2016
    Posts:
    98
    Location:
    Melbourne
    Hi All,


    I'm 22 years old, been watching the property market for the past 10 months, deciding between either frankston/seaford or Geelong. I ended up going with Geelong as I personally love the area and feel like it is a safer IP location. The growth in east/west/central Geelong looks be steady 5% PA increase and although Frankston/Seaford may have topped that this year, I am wary of fluctuations, risk and a "hot suburb". Might I add this property is stunning, it overlooks a park and is around 5mins walk from a massive shopping centre.


    Just wanting to see everyones opinion on what you would do with this block as there are a few options that I have thought of myself

    [​IMG]
    [​IMG]

    1. Keep existing dwelling, add carport/garage to existing, subdivide and build new dwelling - either single storey student accommodation type house or 2 storey townhouse (high spec) overlooking park - there is a range of options also
    2. Demolish existing dwelling, build 3x 2 storey units
    3. Demolish existing, build 2x single storey units

    Issues with block

    • Triangular
    • Existing dwelling is very small - 102sqm internal for 3 bedrooms
    • Existing dwelling's carport is where new dwelling would fit, res code will ensure you supply 1 undercover car park for existing dwelling - where to put these? Is this avoidable with council? How much does a new driveway cost with council - approx?
    • Land is on a slope - see attached
    • Bottom half of land is in a flood zone (1/100 flood zone and only just - will need surveys done, height off ground to be increased etc)

    I would love any help, opinions or recommendations as to what you would do and why?

    I think option 1 would be a safe bet but unsure if the existing dwelling would have a detrimental impact on sale price - if selling is what I intend on doing.


    What is everyones first stage that they embark on when doing a development? Is this decision first, then architectural advise/drawings next?


    How does the current market influence you - would you be taking less risk? (i.e. option 1)
     

    Attached Files:

  2. Tufan Chakir

    Tufan Chakir Well-Known Member

    Joined:
    18th Aug, 2016
    Posts:
    872
    Location:
    Victoria, Australia
    Residential Growth zone - good.
    Innundation Overlay - but the site is on the edge of the overlay so innundation depth shouldn't be a problem (needs checking)
    sadly the ocuncil has an under the counter policy of 1 dwelling per 300 sqm, they resist anything higher. not impossible, but important to get it right at the start of the project, and not believe what CoGG tells you (best advice - don't ask the Council, and if you do, don't believe them)
    You need to explore options before deciding. Options will have merits, look at what gives you the best combination of yeild and "smooth" process.
    The location is also one where there has been resident activity/strong objectors in the past, so again, a need to get it right first and move with something realistic and viable.
    PM me if you like for a chat
     
  3. Joynz

    Joynz Well-Known Member

    Joined:
    5th Apr, 2016
    Posts:
    5,751
    Location:
    Melbourne
  4. LukeR

    LukeR Well-Known Member

    Joined:
    17th May, 2016
    Posts:
    98
    Location:
    Melbourne
    There was a burnout, but no snakes from memory for this one.

    Any idea why people are doing this?
     
  5. Tufan Chakir

    Tufan Chakir Well-Known Member

    Joined:
    18th Aug, 2016
    Posts:
    872
    Location:
    Victoria, Australia
    As I said, there's a resident "action" group in that location that has been opposing development for years. Could be related.