Two side-by-side vacant blocks beside one of my IP's have come up for sale and I am considering purchasing them for potential development at a later date.
I have just rented out the IP on a month to month tenancy.
The rates on the vacant blocks would be about $600 per annum each.
I considered adding landscaping, fencing and offering them as as a garden extension to the house, but I would need to get an extra $25 per week just to cover the rates, let alone landscaping and fencing costs. The new tenants are students however, and the location of the house is close to a uni, so future tenants will likely also be students… the demographic for a garden extension is wrong.
I was thinking about some secure storage units for bikes, or a couple of basic small rooms — not requiring planning permission (not a secondary dwelling) that might be attractive to students as a study den. Perhaps they'd be willing to pay a bit extra with these on site?
I know I can't build a granny flat on a vacant block.
Any ideas?
The house is a four bedroom home and has a run down double carport onsite, but no security.
Just thinking out loud… perhaps fencing the blocks in with a remote gate and turning it into a secure offstreet parking/garden area (for the tenants) would be attractive? On street parking is not hard to find in this area, so I couldn't rent it out to anyone else for this purpose, but the security of parking behind a locked gate might be attractive to tenants?
Someone could park cars there maybe?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Depends on the area – I have one client who owns a block of land in a semi Resi/Industrial area and he is renting the land for cars to park their cards. It does have a gate.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Depending on location, parking… if it is near somewhere there is not much onstreet parking but a high demand for spaces you could maybe install some electricity and some parking meter ticket machines. You know the kind. Park your car in this field, pump money into machine which gives you a ticket and you display it on your dashboard. No need to pay a full time parking attendant that way. You would want some way of checking people have not gone overtime and how to fine people if they do.
Another idea is billboard space, if the land is on a main road where signage visibility would be desirable.
The dilemma is that I suspect each of these would require a rezoning permit on the land to operate in a commercial capacity. You could check with council…
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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