I am currently looking at an investment property which is located in a Queensland regional town. The property is located on a large block which has been rezoned as higher density residential. The property is a brick house, and whilst I have no intention to knock it down and redevelop in the short term, I like the fact that I have the option should I wish to in a few years.
My concern is the property next door is also on a large block and I am told they have development approval for a small number of townhouses/units (probably between 4 to 6), and planning to develop soon.
Is the planned townhouses next door going to be good, bad, or indifferent?
Thanks for your help!
You are buying a property with a higher and better use than the current improvements, you will not be buying a 'bargain' but you will be buying a site with development potential. It is to be expected that other properties adjacent to yours may be developed before you do any works to the site. You could make enquiries with council with regards to the plans if they have been submitted/approved, that way you can see what is proposed.
As SNM has mentioned sounds like you are buying a bit more than the average block.
Talk to the Council and see what opportunities arise.
Nothing to stop you (subject to of course DA) retaining the current dwelling and constructing on the balance of the GFA.
If the neighbouring block is zoned for multi dwellings then you or your tenant might be inconvenienced during the development and construction of the townhouses.
Richard Taylor | Australia's leading private lender
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