Below the research conducted by Investigate Property for an opportunity identified as suitable for our clients. This was completed before alerting our clients to the property, ensuring they only hear about deals that stack up and can actually be developed. Please note some sensitive and identifying information has been removed.

One Into Two Subdivision

General/Planning

• We don’t see this property selling for under $700,000.
• 698m2
• Corner block
• 1 lot
• Low density zoning
• Within 200m walk of significant shops/dining and supermarket allowing subdivision down to 300m2
• One road is busy, but one lane in each direction. The other road is quiet
• The long frontage of the lot and the house both face the side street
• 3 existing crossovers
• Verges appear larger than 3.75m. Power Pole to avoid, but looks to be sufficient frontage for new crossovers.
• New footpaths (but Council will make us re-do them anyway we expect).
• No Traditional Building Character Overlay (TBC). House can be removed.
• Site value of $445,000.
• Transport Noise Corridor. This will increase build cost slightly but won't prevent development

Services

• Slopes gently to the East. Appears that minimal to no fill required for stormwater.
• Manhole and private sewer connections on site but out of the way.

Existing House

• Reasonably large.
• 4 bed, 2 bath.
• Definitely needs some work.
• The house is filthy. Clearing the block, a coat of paint and polished timber floors will go a long way, but there is also a lot of rot evident in timber trims around windows and doors. A building and pest inspection will be required to confirm the extent of works required if you are planning to rent the house for the long term. On the plus side, the roof and gutters all appear to be new.
• At this stage we are assuming a basic $30-50k reno will be needed to get the place up to rentable condition (if you don’t want to develop straight away).
• Assuming rent in the low $600 p.w. range after the reno.

Location

• Very convenient location:
• Walk to market place
• Walk to Hypermarket
• Walk to a large number of additional shops and dining along Gympie Road
• Lots of buses on Gympie Road as well as local buses
• Walk score of 84.

Development Options

• Renovate the house, rent it out and develop later.
• Remove the house and subdivide into 2 lots and sell the land.
• Remove the house and subdivide into 2 lots and build 2 houses to sell (not our preferred option).
• Remove the house and subdivide into 2 lots and build 2 Rooming Accommodation dwellings to hold and rent.

Preferred Development Option

• Proposal is two lot subdivision. Each lot approximately:
  • 349m2
  • 16.6m wide
  • 21.1m deep
  • Squarish shape to provide greater design flexibility.

Preliminary figures below:

Comparable sales

Recent Sales for Subject Site AS IS

[list of 4 comparable sales here]

Vacant Land Sales

[list of 8 comparable land sales here]

Vacant Land For Sale

[list of 6 comparable land for sale here]

Rental Comparisons - RENOVATED HOUSE:

[list of 4 comparable rental properties here]

Rental Comparisons – ROOMING ACCOMMODATION:

[list of 6 comparable Rooming Accommodation rentals here]

Infrastructure Plan