Central Coast: Granny flat now or townhouses down the road?

I've got a property on a 800m2 block that's zoned medium density in Umina.
Now my conundrum is that I don't know whether I should put a granny flat in the back now or wait a couple of years and put three or four townhouses on the land.
Currently the house is renting for $410 a week and a new granny flat would probably add around $300 per week on top of that for an outlay of around $120k.

A 3 bedroom, 2 bathroom townhouse would rent for between $400 and $450 a week, making the total return between $1200 and $1800 per week, depending on whether I would be allowed to build four or only three.
I don't really know how much this would cost me, as I haven't looked into it in detail.

What would you do and why?
 
Townhouses would be worth more down the track ... but really you need to do your costings for townhouses to see if it's financially worth it.

If you look at around $1,000m2 you should be pretty on target
 
Townhouses would be worth more down the track ... but really you need to do your costings for townhouses to see if it's financially worth it.

If you look at around $1,000m2 you should be pretty on target

That does seem pretty cheap, so then (if I was allowed), I could build four town houses, each 130m2 for only ~$650k (including other costs) all up and would end up with properties worth $1.8M?
Obviously I would have to add the $450k that the block is worth on top of it, but even then that would still be a very healthy profit.

I'm not having a go at your estimates at all, but it does seem cheap to me.
It would be fantastic though!
 
I've got a property on a 800m2 block that's zoned medium density in Umina.
Now my conundrum is that I don't know whether I should put a granny flat in the back now or wait a couple of years and put three or four townhouses on the land.
Currently the house is renting for $410 a week and a new granny flat would probably add around $300 per week on top of that for an outlay of around $120k.

A 3 bedroom, 2 bathroom townhouse would rent for between $400 and $450 a week, making the total return between $1200 and $1800 per week, depending on whether I would be allowed to build four or only three.
I don't really know how much this would cost me, as I haven't looked into it in detail.

What would you do and why?

I would actually look into doing 4 townhouses now imo

Been following the Gosford council area closely in the past few months and everything 750m2+ and R1 zoning is getting snapped up way above asking within HOURS!

Quite a lot of chinese money atm particularly around woy woy and east gosford area at the moment who pay a substantial premium for brand new OTP townhouses/villas

I know one Sydney developer concentrated in this area at the moment working 5 sites at once and making a motza!
 
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