Hi,
Our situation is we purchased a block with house with the intent of subdividing off the house and building rentals behind. We have the plans and approvals for 2 x 3 bed duplex (ie 4 dwellings) as well as split the house of the front. The rental market is good in that demand is high so the area is progressing as we had anticipated. The problem now is due to a change in family circumstances we can no longer borrow to finalise the subdivision or construct.
Do we look for a JV and if so how does one find a partner, or just sell? If we sell, where is the best place to list a small development? I feel that RE.com is a bit of a scatter gun approach.
I guess my preference would be an outright sell as we need to be thinking of other things right now, but open to any suggestions. The sad part is a week ago, we had an offer on the front house of full asking price, but as it has not been split from the back, the buyer (FHB) got cold feet and backed out. I guess the plus from that is knowing the front will sell quite readily.
TIA
SteveIf you have the planning permits approved you could sell the subdivided lots to a developer.
If you want to JV you need to network with people. People do not do Joint ventures usually from advertisements they want to know the person they are teaming with. Unfortunately you have not provided information on the State and suburb so I can't advise you on possible networking places in Victoria and Perth at the Active Property network http://www.activepropertynetwork.com.au/. However this type of networking takes time to do.
duckster wrote:If you have the planning permits approved you could sell the subdivided lots to a developer.Yes that would be my preferable option, although the key word is subdividABLE rather than subdivedED as the final split and council contributions needs to be done. Oh, and if makes any difference, the property is located in North West Plains, NSW.
Where would the best place to list for developers? Is RE.com sufficient?
The thought of a JV is the second choice and preferable to just leaving the block sit as is, although it is tenanted which is good.
Realestate.com.au does not accept non-agent advertising.
You may engage an agent or use one of the diy sites.
It may be possible to sell the site once you’ve got the DA.
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