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Hi P
The new local plan encourages the development of higher densities in close proximity to the train station. It is street dependent, if you PM or email me the address I can have a better look. Chances are you are looking at being able to do several stories of units or subdivide into substantially smaller blocks of land. It goes as low as 180sqm in LMR3 . But it really depends on the exact street.
There is a gazetted sub precinct around the Banyo Station which has specific outcomes, however not all streets within 400m of the station are included, some are further away.
Hope that helps or PM me
regards
Darryl
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Hi Ged
They apply to LMR, MR and HR zones also. The Council has increased the distance it considers close to transport from 200m to 400m. Basically what is happening is that LMR is being split into 2 storey zone, 2 and 3 storey mix zone and 3 storey zone. With the sites within 400m being 3 storey zone. So whereas at present the jump from 50%GFA to 60%GFA only adds a small amount eg on 1000m2 site an extra 100m2 (balconies not included in GFA). Under the new plan 2 storey to 3 storey zone adds an extra 450m2 of site cover (inc balconies).
Also always have a look at the local or neighbourhood plan. Many identify increases in density in certain areas and these over ride the city wide zoning.
If you email or PM me an address you are looking at, I will happily give feedback on this forum, with all identify information removed, so that others can have a look also.
regards
D
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Hi
I have done this multiple times, but not for a decade or so, so my pricing would be out.
From memory it used to cost me around $12k for the shift and something similiar for stumps and steel.
It's not a bad thing, after the transport you end up getting
-new stumps
-new wiring
-new plumbing
-new roof
I would highly recommend that you stump it at maximum height, even if you just put gravel underneath and battens around the stumps. Difference in cost will be next to nothing and it makes for a more saleable house later. I sometimes even had them shift the house to the block and leave it on low styes for a couple of weeks so that it could be painted externally for less money.
You normally have to pay a completion bond to council also.
regards
Darryl
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See a lawyer regarding Asset Protection, accountants are not able to provide legal advice like that.
I like using various trust structures for property investment. I think you would benefit from looking at not just the structure for this investment but your overall structure.
Utilising a trust structure that then lends money to your property investment vehicles via a secured second mortgage makes a good start. Normally have to worry about the rule of perpetuities, but being SA based changes that.
regards
Darryl
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Payments for pre-sales go into a solicitor's trust account.
You use solicitor's and agents in combination to liase.
RPI | Certus Legal Group / PRO Town Planners
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I would always say yes.
regards
Darryl
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There are definitely some big opportunities.
I just appraised a site a medium density residential site, that will allow 3 times as many units under the new cityplan 2012 as opposed to the old. 3 2 beds to 9 2 beds is a big jump.
What about a 600m LMR site. Currently 300m2 of gross floor area allowed (excludes balconies)
New plan 540m2 (inc Balconies) or 2 x 300m2 freehold blocks of land
If it was 60% LMR Currently 360m2 GFA
New Plan 810m2 (inc balconies) or 3 x 200m2 freehold blocks of land
600m low density lot Currently nothing
New Plan 2 x 300m2 freehold lots
That is just to name a few. Possible changes are huge.
As an aside I have upcoming articles on the new City Plan 2012 in API magazine and also Prime Site in the Courier Mail.
Darryl
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Hi Ultra
It is with the State Govt and out for community feedback at present. Council is being cagey as to dates. Hopefully first half of the year. I am starting to submit some applications based on the new plan, though I wouldn't be pushing the 180sqm lots as yet.
regards
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Hi
I agree wtih Terry you need to get specific advice.
Separate entities for developing and holding is a good start.
Trusts can provide flexibility for distribution of income and capital as well as asset protection. But if you don't set it up properly neither will work.
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Hi Tom
Terry is correct in that asset protection advice should be through a lawyer, not an accountant.
One huge advantage you have, is that it is easiest to set up an appropriate structure early on. The more assets you have in the wrong structure, the more it costs to put them right.
I have just helped a client through the liquidation of one of his businesses and also personal bankruptcy. He had some terrible advice 20 years ago on structure. His accountant had him buy residential investment properties in the same company that his business traded in. He lost a lot more than he had to, over $600k net, that after they pay sales costs, CGT etc will eat up most of the capital and the liquidator will get the rest. Luckily he had some good advice on a business he setup 5 years ago. It is outside the reach of both the liquidator and his personal trustee. It is still a very hard thing to go through, but at least he is still able to receive some income now and once out of bankruptcy will be able to receive more.
I think it is like insurance in many ways, so many people skimp on setup costs and there is no going back if it turns bad or you have excessive tax implications because of the lack of flexibility.$5k in extra setup costs when you are buying a property in the hundreds of thousands of dollars and a couple of hundred more a year is not a lot. If it goes bad there is no going back and fixing your structure then. Imagine if does go bad done the track and you are going through litigation and staring down the barrel of losing everything and you remember that it was your choice not to setup properly. It is a terrible thing to go through anyway, but if you put the regrets of your own decisions contributing to you losing everything, rather than just one part of your wealth, it is much worse.
As TerryW was saying, asset protection from what? Different structures for different things.
As a general rule, I am a huge believer in the following:
A Master Trust- your first trust that owns all your equity. It lends money to other entities to do other things, secured by a second mortgage, registered charge of some other appropriate security, with a written loan agreement.
Unit Trusts or partnerships of discretionary trusts for joint ventures
Discretionary trusts for property.
Layers of entities for a property development
Layers of entities for businesses
But if you don't setup properly with correctly worded documents and agreements or your inter entity transactions are done poorly or not documented, then you may as well of done nothing to protect yourself.
Good luck with your research.
Darryl
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Hi
Driveway Last. No damage from machines digging up for other stuff. Others depends more on coordination of trades.
Good luck
Darryl
RPI | Certus Legal Group / PRO Town Planners
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Hi
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Logan City Council is a bit of a different beast, but they currently don't charge for prelodgement meetings which can help if you are trying to push some boundaries. If you PM the address and what you want to do, I will happy have a look and then post non-identifying info regarding the proposal and issues on here so that others can get something out of it.
Darryl
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Also
Duplex Code
Multiunit Dwellings changing from Gross Floor Area to Site Coverage. Massive increase in number of units that will be allowed under this model.
Eg 1000sqm block in 3 storey zone –
currently 60% GFA or 600sqm of units not including balconies
under new plan 45% site coverage. 3 stories plus a garage level (max 1m above natural ground level) allows for 3 x 450sqm or 1350sqm including balconies.
And small non-residential uses code. allows for up to 250 sqm shops, offices etc on neighbourhood and district roads (not a local street)
regards
Darryl
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Hi
Have been vigorously plugging away at it and have quite a lot on my new website about it.
http://www.brisbanecityplan2012.com.au
The lot sizes drop dramatically if you are prepared to do a DA for the dwellings at the same time. Min sizes are
Low Density Residential 300 sqm & 7.5m frontage. 400sqm & 10m for rear lots
Character Residential 300 sqm & 7.5m frontage or 7.0m frontage with rear vehicle access
Low Medium Density Residential 2 storey area 260 sqm and 7.0m frontage
Low Medium Density Residential 3 storey area 180 sqm and 6.5m frontage or 6.0m frontage with rear vehicle access. 350 sqm & 10m for rear lots
Darryl
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Hi
Can you get a remedy under law? Sounds like a yes on the facts provided.
Is it worth pursuing if they are not forthcoming? Unlikely, legal costs would be more cost than fixing it.
Your solicitor advised to settle, so see what their estimates of costs are to pursue.
Sometimes it is easier and cheaper to forget it and move on even where the other side was clearly in breach and should remedy. In principle it sounds like they should pay up, you just need to way up the financial, time and emotional cost of chasing them for it.
Good luck
D
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Hi DM
Structures depend on whether you are going to keep 1 or not. A trust structure is often a great way to go, just sounds like your setup costs were on the high side, If it was for only the trust, was anything else provided.
I would charge $3,500 for a Development site package but that includes
Trust with Corp trustee
Loan Agreement and Registered 2nd mortgage
Conveyance on the Purchase
1 hours advice on any related matter.
You have to be careful if using the same entity for developing and holding, that the ATO doesn't class you as developer and you lose access to the 50% CGT discount.
Don't know anyone in Melbourne sorry,
Darryl
RPI | Certus Legal Group / PRO Town Planners
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