Hi all,
I'm very green but very keen so excuse my ignorance and feel free to bombard me with information.
My wife and I are wanting to live in Adelaide CBD. I'd be happy to rent and rather purchase an IP to rent out, but my wife wants her own place. Solution? I am hoping to situate ourselves in a 3-4br townhouse that allows dual occupancy (eg 1br studio/bath on ground floor).
Parents from both side of the relationship are keen to make a change and move into a townhouse from a house on a block that requires maintenance. This may be the red light telling me that this project is insane but it may also be the capital we need to get the project moving too.
In an ideal world I'd like to be building 4 townhouses. I am pretty open to where in the Adelaide CBD (need to be flexible to find the right block) however in a perfect world it would be in the South East corner - around Hutt and Gilles Streets.
The goal is to retain one as a PPOR that allows dual occupancy/key lockable separate access studio and one townhouse to rent. The other two townhouses would be for our parents.
Given the different goals that each townhouse is aiming to provide (eg. finish in the rental would be different than a retiree's PPOR), I suspect it may be best to have the builds built to lock up and then passed to the owners for fit out.
The thing is, while I have Project Management experience, I have near zero experience in building and less in subdivision/working with councils. I have contacts in the industry but haven't asked them too much yet until I get my head around some specifics.
So given what I have written so far, is there any feedback (eg: "Dealing with family? You're nuts!" or a good direction to go from here? How does one actually go about finding a property with some sort of certainty that it can be developed on? Is it worth looking at commercial property that can be rezoned to residential?
Thanks
I'm very green but very keen so excuse my ignorance and feel free to bombard me with information.
My wife and I are wanting to live in Adelaide CBD. I'd be happy to rent and rather purchase an IP to rent out, but my wife wants her own place. Solution? I am hoping to situate ourselves in a 3-4br townhouse that allows dual occupancy (eg 1br studio/bath on ground floor).
Parents from both side of the relationship are keen to make a change and move into a townhouse from a house on a block that requires maintenance. This may be the red light telling me that this project is insane but it may also be the capital we need to get the project moving too.
In an ideal world I'd like to be building 4 townhouses. I am pretty open to where in the Adelaide CBD (need to be flexible to find the right block) however in a perfect world it would be in the South East corner - around Hutt and Gilles Streets.
The goal is to retain one as a PPOR that allows dual occupancy/key lockable separate access studio and one townhouse to rent. The other two townhouses would be for our parents.
Given the different goals that each townhouse is aiming to provide (eg. finish in the rental would be different than a retiree's PPOR), I suspect it may be best to have the builds built to lock up and then passed to the owners for fit out.
The thing is, while I have Project Management experience, I have near zero experience in building and less in subdivision/working with councils. I have contacts in the industry but haven't asked them too much yet until I get my head around some specifics.
So given what I have written so far, is there any feedback (eg: "Dealing with family? You're nuts!" or a good direction to go from here? How does one actually go about finding a property with some sort of certainty that it can be developed on? Is it worth looking at commercial property that can be rezoned to residential?
Thanks
