Forums / Property Investing / Value Adding / [moved] Help with Development info

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  • Profile photo of WAFWAF
    Member
    @waf
    Join Date: 2003
    Post Count: 61

    Hi all,
    I recently saw 175.9 acres within the proposed town site, adjacent to the fresh water River and tourist route to a major attraction. A full concept plan for 33 lots ranging from 1 to 6.5 ha lots is available to the purchaser. Currently fenced into 8 paddocks with good soil types, approximately half cleared, the remainder is karri, marri and peppermint bushland. There’s permanent water plus winter creeks and bore. There’s also a small 1 bedroom cottage and hay shed. Exclusive to this agency

    advertised. Now the concept plans were before council who apparently will require a full structure plan? The property was for sale for over 500k but the owner want’s the cash and I believe he may consider offers around 330k. Won’t say where it is but within a couple of hours of a capital city and a lovely area. Basically I have been told not to bother because council approval may be years away. Not knowing anything about development can some one offer me clues re a feasibility study, council help etc.

    Any info appreciated.

    Thanks

    Wayne

    Profile photo of HousesOnlyHousesOnly
    Participant
    @housesonly
    Join Date: 2003
    Post Count: 167

    Wayne
    There are many steps in the subdivision of rural land and it does normally take a long time. Councils are often understaffed and overextended hence the delays. If you can pick up the land for $330K and are prepared to wait it out for some time, building your interest and other holding costs into your feasibility study along with realistic projections of selling prices for the 33 lots over different timeframes you may find it to still be a worthwhile opportunity even over an extended period.

    Profile photo of markpatrickmarkpatrick
    Member
    @markpatrick
    Join Date: 2004
    Post Count: 94

    If they have gone that far with it, you have to wonder why they are “giving” it away.

    Profile photo of WAFWAF
    Member
    @waf
    Join Date: 2003
    Post Count: 61

    Markpatrick,
    I asked the RE the same question and he basically said that the owner needed the cash and was not prepared to wait a couple of years for council to approve it.

    Cheers

    Profile photo of ActTodayActToday
    Participant
    @acttoday
    Join Date: 2003
    Post Count: 232

    Not sure about other States but in WA beware the Waters & Rivers Commission. There covenant is enough to make you run a mile.

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