Chapel St reVision - New "activity" zone. Can I refinance?

[Lynchy]

Chapel St reVision - New "activity" zone. Can I refinance to a residential loan?

I had no idea about these plans for Chapel St in Vic
http://www.stonnington.vic.gov.au/re...chapel-vision/

They want to make the street more friendly to pedestrians and business' while also lessening traffic.

I own a commercial property located just off Chapel St and in the new "activity" zone that is set to be introduced. The property is currently zoned commercial 1 though it is used as a house and always has been.

Can anyone tell me if I might be able to refinance to a residential loan when this new "activity" zone comes in? I spoke to the council and they couldn't give me an answer though they noted my property is listed under use as a residential property even though its zoned commercial 1

Any brokers out there that might happen to know my options?

I have heard if I were to obtain a letter from the council advising that if the property was to be 100% destroyed I could replace it with a residential property then some banks would then consider a residential loan? Is this true?

 

[C Stewart]

Sorry Lynchy - not my area of expertise so I'll not gonna be any help.

I'm super curious about whats being planned for Chapel St though (the link you posted is broken). What are they proposing to do?

 

[Lynchy]

They want Chapel St and the surrounding areas to be more business and pedestrian friendly by way of widening paths, planting more trees and providing more grassed areas. The council is hoping this in turn reduces traffic by encouraging vehicles to use other routes.

If you just google Chapel st reVision then it should take you to the Stonnington Council page with information regarding the changes

I just dont know what the "activity" zone means for commercial and residential properties. The council said it would be up to the banks regarding what loans they will provide.

The council is at the final stage of approval and expect work to begin in 12 months time