How much "extra" would you pay for a Corner Lot ??

I've attached 2 pictures showing different types of Street Frontages and Corner Lots.

Curious to know how much "extra" would you pay for a Corner Lot with 2 Street Frontages or 3 Street Frontages.

-No Overlays.
-Not in Flood Zone
-No Easements
-Flat Land
-Each lot has an 18mt Frontage

How much extra would you pay for a corner lot compared to an ordinary single street frontage.

Looking forward to your responses.

Depends where and if it's worth doing anything with. My PPoR has two corners, three street frontages and is on 1800sqm but all this means is its more expensive come refencing time because I only one side of the block that I can share costs with. I'd happily be rid of it, personally.

Corner blocks sound like too much work with the edger to me!

I would only pay extra if it offered an easier potential for subdivision. If I was buying for my PPOR I would rather not have a corner block. On a corner block you have traffic/street noises from 2 (or 3 directions) instead of 1.

RumpledElf said:

Depends where and if it's worth doing anything with. My PPoR has two corners, three street frontages and is on 1800sqm but all this means is its more expensive come refencing time because I only one side of the block that I can share costs with. I'd happily be rid of it, personally.

Click to expand...

The land is 6-7km from Melbourne CBD and would be used to build townhouses or units.

Each Lot is approx 800m2.

Each townhouse or unit built would have its own street frontage which would increase the value. So Im just wondering how much "more" would a Developer or investor pay for corner lots?

A past discussion on on corner lots: Corner Lots, Good or Bad....

http://www.somersoft.com/forums/showthread.php?t=39097

considerig you have to have setbacks from all frontages, you're effectively loosing that amount of land. So the opportunity cost of corner blocks is the development amount lost. ie on an 1800m2 lot you may be able to get 6 townouses on it, on an 1800m2 corner allotment you may only be able to get 5.
In that case a corner allotment would be worth less imo.

shady said:

considerig you have to have setbacks from all frontages, you're effectively loosing that amount of land. So the opportunity cost of corner blocks is the development amount lost. ie on an 1800m2 lot you may be able to get 6 townouses on it, on an 1800m2 corner allotment you may only be able to get 5.
In that case a corner allotment would be worth less imo.

Click to expand...

I was going to comment with same reply, it could be a negative, depends on situation of course.

generally 2 street frontage is best where there is access from say front and back of the site, this offers more usuable, and less set backs.

Not saying this in a bad way, but you just need to crunch the numbers, i would definately not pay more for corner, unless there is some substancial reson as to why.

Corner lots are more attractive in my shire as they enhance your chances of duplex development and give you more space to work with. The council will make you have a turning area in a normal block so that cars can exit the lot in a forward direction whereas on a corner lot you can separate the driveways onto different streets which effectively removes this problem of congestion and enables you to have a normal driveway.
Also the front setbacks in our shire can be reduced by half on one frontage which provides more area to work with. On top of this I prefer to create detached buildings to give the impression of separate houses rather than the villa or townhouse look. I think this is more desirable and therefore adds more value to the final product.
So in my case I prefer corners and may pay a little more to purchase them. I currently have two vacant corner blocks ready for action.

I think for building investment properties its a plus for me corner lots aslong as they are in side streets, etc.

Regarding set backs it will vary, with the Lot of 3 Street Frontages there is a 3mt setback and you need 20% of the site to be landscaped and thats were the 3mt setback comes in

The lots are in Side streets. I found in my area that units or townhouses without there own street frontage tend to take a long time to sell and the value dramitically decreases with dwellings without there own street frontage.

hobo-jo said:

I would only pay extra if it offered an easier potential for subdivision. If I was buying for my PPOR I would rather not have a corner block. On a corner block you have traffic/street noises from 2 (or 3 directions) instead of 1.

Click to expand...

I agree, if there is no potential for sub-division, and the only benefit is easy access for what-ever reason, then I wouldn't pay extra.

Regards Jo

shady said:

considerig you have to have setbacks from all frontages, you're effectively loosing that amount of land. So the opportunity cost of corner blocks is the development amount lost. ie on an 1800m2 lot you may be able to get 6 townouses on it, on an 1800m2 corner allotment you may only be able to get 5.
In that case a corner allotment would be worth less imo.

Click to expand...

I don't know if I agree. Dual frontages gives you alot more flexibility when developing. Even with the setbacks you generally have a much more usable space, especially when you are talking about small duplex blocks where it may not even be possible to develop without being on the corner. On thin blocks as big as 1800m2 you may not even be allowed to develop (as the council might now allow battle axe) but they would let you if it was a corner allotment.

FOr me corner blocks are worth more, how much more depends on your bottom line.