Block shapes impact on redevelopment value?

Hey all,

So it's been a while, but after two dislocated knee caps, a broken elbow, my best mate fighting off cancer and my mum being diagnosed with bipolar I'm ready to return my focus to investing. A lot can happen in 18 months!

I'd like to know people's thoughts on the following:

I'm looking at a two bedroom place in a desirable suburb at Lake Maquarie, with plans to remodel it in the future. The catch is, its on a 570ish metre squared ice cream cone shaped block in a suburb where most places are 1000ms rectangular blocks (although subdivision is changing that a bit).

It's currently priced accordingly which is why I can afford it and I realize this will always hold back this property in one way or another (both price and resale speed).

It is a two story, two bedroom with carport underneath place, which I believe can be modernized in keeping with the area's expectations, and turned into a four bedroom,two bathroom with double garage residence.

The question is, does the block hold back the value so much that it's not worth doing in your opinion?

Cheers
Greg
 
So it's been a while, but after two dislocated knee caps, a broken elbow, my best mate fighting off cancer and my mum being diagnosed with bipolar I'm ready to return my focus to investing. A lot can happen in 18 months!
If it doesn't kill you it only makes you stronger! Good to have you back Greg.


The question is, does the block hold back the value so much that it's not worth doing in your opinion?
OK so being an odd shape like this means that it is not a candidate for sub-division (no big deal). This one is 570m2 and in today's terms that is a biggish block. When some of the other 1,000m2 blocks around get split, they will only be 500m2 making yours fit in more.

I am buying one at the moment in Carrington on a 156m2 block :eek: but the property is unique and ornate and will hold its value very well next to other property on blocks of double the size around 300m2. ;)

Cheers
Alan
 
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