New Brisbane Townhouses
This information will help if you’re interested in developing Brisbane Townhouses. When offered for sale this property, on the corner of Ashmore & Venning Streets in Everton Park Brisbane, had been passed over by a number of buyers as being too dear at $750,000. It was a 771m2 corner lot zoned LOW MEDIUM DENSITY RESIDENTIAL (2 OR 3 STOREY MIX). It included a very shabby post war timber cottage.
We immediately identified several valuable aspects to the property that those buyers had overlooked.
- Firstly, the cottage was well located near the corner, enabling further development, without the expense of moving it.
- Secondly, the land was easy to build on requiring minimal site works or retaining. These costs sometimes cripple a project’s viability before they start.
- Thirdly, the corner location enabled direct street access to each townhouse.
- Fourthly, on checking the location of services, we determined that we could make these ‘freehold townhouses’ without the usual cost penalty associated.
So, what did we do? We subdivided the house off on it’s own freehold title and renovated it. Keeping the house in place enabled a lower ‘per unit’ land cost for the 3 townhouses to be built. We then designed and built the three new town houses so that they have their own individual freehold title. Not only does this save the costs and hassle of having to set up a body corporate [something we often do] but, according to the agents, the freehold factor should result in a 5% premium on the sale price as opposed to the same product with a group title.
This is what we do for clients – Can we help you?
If you have a develop able property that you need assistance with please come and talk to us. These are the 8 main benefits you will get from doing so. Discover the Property Development Process and reasons why people use us. We can take you all the way from concept to completion. Of course we can also pick things up along the way if you’ve already made a start. We’re here to help when you are ready. Did you know that there are a number of so called “Hidden Costs” and common pitfalls that we frequently see inexperienced property developers failing to avoid – you can discover them here
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