Forums / Property Investing / Help Needed! / Building Units on 800sqm LMR land in Brisbane

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  • Profile photo of KindOfNewKindOfNew
    Participant
    @kindofnew
    Join Date: 2009
    Post Count: 12

    Hi There,

    I have recenty bought a 800sqm block of land zoned LMR in Brisbane. I intend to develop units on the block but I am not sure how much that will cost. Worst case scenario, I should be able to build a two storey building with 6 decent size units. Best case scenario I might be able to develop a three story building with carparks on the ground floor and 8 decent size units on Level 1 and 2.

    I wonder what an appoximate cost to develop would be? I am currenlty thinking that the first development, 6 units should cost around $1,600 per sqm, fully developed. With an average unit size of 100sqm, the development should cost $960k.

    Does anybody have better information?  

    How much more would it cost building three levels to accomodate parking on the ground floor? Any chances of buying palns of the "rack"?

    I appreciate everybodies help!

    Cheers

    Profile photo of i3ravoi3ravo
    Member
    @i3ravo
    Join Date: 2009
    Post Count: 7

    <font color=”#000000″>i think thats a bit underpriced, but brisbane has a much more relaxed building code than darwin.

    in saying so, up here, id bank on $200-$250k per unit to fully develop the property.

    i cant be too much more specific than that unfortunatley as i am unaware of the building code down there, but in regard to the ground floor parking, concrete is obviously one of your major costs, to give you a figure in mind, i poured a 180m2 suspended slab up here and it was worth around $25k, without the cost of formwork, this was also for a elevated home so the load bearing rating of it would be quite minimal comparing to a larger unit complex.

    when i was looking at doing a 4 storey 12 unit complex, i got a draftsman to do some plans for about $2500.  that was him designing and drafting.  theres not really a much better way that im aware of, i doubt youll find a set of plans for such a complex that fit trouble free on your block. always worth a look..

    hope this helps..</font>

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    No i agree $1600 + GST / Sq M would be about right for Bris at the moment.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Persuader7770Persuader7770
    Member
    @persuader7770
    Join Date: 2010
    Post Count: 1

    Hi Kind Of New,

     I have a 1200 sqm land in a LOW DENSITY RESIDENTIAL AREA LR, do you think i can build units?

    Thanks for your help in advance.

    Take Care

    Profile photo of KindOfNewKindOfNew
    Participant
    @kindofnew
    Join Date: 2009
    Post Count: 12

    Hi there,

    My understanding is that you can not. It needs to be LMR (Low Medium Residential). However, you can split the block and build houses. You might even be able to split it into three blocks with 400sqm each.

    Have a look on http://olr13.brisbane.qld.gov.au/website/MN_CP/bcc_user_agreement.htm

    Here you can see what the zoning looks like around you. Pick you subburn and choose the layer (left hand side) Area Classification.

    Zoom in if you can not see any colour scheme. The colours tell you how everything is zoned around you. Maybe there is a chance of being re-zoned to LMR if you are close to LMR land. This would double the property value in no time.

    Hope that helps … if you are in Brisbane I suppose.

    Cheers

    Stefan

    Michael
    Participant
    @michael-patrick
    Join Date: 2016
    Post Count: 3

    Depending on the shape of the Block your going to potentially lose a considerable amount in driveway access, I suggest you have a sit down with an architect which specialises in DA proposals and possibly a Town Planner an try and get a feel how you can maximise the properties potential. They will aim for the stars and if they get you the moon your in front, aiming for council expectations is really compliance with no real benefit.

    Michael | Nominee Builder Queensland Mid Rise
    Email Me | Phone Me

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