All Topics / Help Needed! / Cheltenham Vic- property development or not?

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  • Profile photo of MissyMissy
    Join Date: 2015
    Post Count: 6

    Hi all, I would love some help with this. I paid $716k for a 650 m2 property on the service road on Nepean Highway. I am new to the forum so I now realise that I probably shouldn’t have bought it but it is near Southland and train.
    The house is average and in the middle of the block. I don’t know whether to renovate and sell or build 2-3 town houses. The cost may be prohibitive as maybe overcapitalising. I owe $540k and have an interest only loan at 4.89% fixed for another year. I also have $150k of shares but to sell them means CGT.
    Any thoughts would be appreciated!!!!

    Profile photo of Baz80Baz80
    Join Date: 2014
    Post Count: 5

    Hi Missy,
    First of all well done on the purchase. I know the area quite well and being close to Southland and the train station is a great bonus.
    As this area of Cheltenham is pro-development I believe the possibility of 2-3 townhouses on the site is quite achievable.
    I am a Builder/developer and work with investors on joint Venture opportunities.
    If this is something you might be interested in please feel free to contact me.


    [email protected]

    Profile photo of #Planning Permit#Planning Permit
    Join Date: 2014
    Post Count: 64

    Hi Missy, I specialise in obtaining multi unit town planning permits for developers. Cheltenham is a good area but check the zoning first. Close to Southland coould mean a favourable zone. BTW a new rail station is starting at Southland! The further you go away from Southland the more restrictive in development. I can help assess your site with great accuracy having done this for hundreds of properties around Melbourne.

    #Planning Permit | AuArchitecture
    Email Me | Phone Me

    Property Subdivision expert with 250 planning permits approved by Melbourne Councils

Viewing 3 posts - 1 through 3 (of 3 total)

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