City of JOONDALUP rezoning (Perth) Multi units

G

grow

Hi
I have a property in Craigie that is currently R20 with the councils housing opprotunity arear draft housing plan in with the WA planning commision (for the second time after WAPC told them to make it denser) potentially going to R40 it is about 683 sqm (18m x 37 m )-
so i think my option here would be a set of 3 triplexes (got a rough estimate of 250K each from Dale alcock 3x2 but seems a bit pricey)

or perhaps Multi unit?

I also have another property in Joondalup going R20 to R60 on 703 sqm(20m x35m) . my question is what is the minimum practical size for a walk up 2/3 story unit development? I understand there is no minimum site size but just wondering if there is any scope to build units on this site?

or would it be better to build town houses? Ground Level vilas? or 4 separate houses on it?

any ideas??? prices best use and most importantly best returns.

thinking about keeping all as rentals. or selling some to reduce the debts.
 
Sorry but you need to run all the permutations to decide which has the best return.

Craigie
a. retain house and build behind
b. triplex of villas
c. triplex of townhouses
d. apartments 683 x 0.6 = 409sqm of apartments. Could be 4 of 3 x 2 apartments. Now it is a claytons quad site. or 6 of 2 x 2s. All depends on how parking can be fit.

Joondalup
a. retain house and build behind
b. triplex of villas
c. triplex of townhouses
d. apartments 703 x 0.7 = 492sqm of apartments. Could be 4 of 3 x 2 plus 2 x 2 apartments. or 7-8 of 2 x 2s. All depends on how parking can be fit.
 
Also take into account how you will fund such a development:

a. residential construction loan
b. commercial construction loan
c. deposits/LVR required for both
d. holding costs
e. serviceability

and

z. staging a development, ie one half then the other to reduce costs
 
Thanks Westminister, this is great. Yes so much to consider. Interesting to see what happens to the streetscapes when the rezoning goes through. I have read that you do not want to be the first to develop ,it is better to see what the neighborhood will except before going all multi unit in a mainly family 4x2 single storey brick houses on 600-780 sqm blocks.
 
always be the first, IMO. you are more likely to get the first through unnoticed than you are the second or third - once everyone understand what it is they are commenting on.

then you set a good precedent. that is, if you have upstanding morals about what you want for the site.
 
Grow, have you heard when the WAPC are likely to approve the rezoning strategy in City of Joondalup? We are in Padbury and been waiting what, three years?:eek:
 
It will be interesting to see the market uptake of multis in the area considerably out of the city and some what isolated from a train station.

I guess the precedent set is similar to Spearwood.
 
yes CoJ always says 2 years and the web site does not seem to get updated (not regularly enough for my wants anyway).

Seems like Padbury and Craigie in the housing opportunity areas seem to rising fast compared to the Opportunity areas in Joondalup( strange as the zoning is r60 as apposed to R40)-- or perhaps i paid too much of a premium a year + ago.
 
We bought in Padbury over three years ago based on the proposal. Since then we have had wildly varying valuations from local agents one as recently as four weeks ago. I moved in and rented my PPOR over a year ago and love it here in the North, apart from the commute to work. :(
Last I was told from the COJ was that proximity to the shops would make it R 40/60 on an over 700 block but the site works to redevelop would cost a bomb and no one getting any younger waiting for the re zoning to actually happen. :mad:
 
Moridog, Yes the wheels are turning slowly. Hopefully when the zoning does happen the increase in values will provide the equity for your development plans (and mine).

I have no idea if they will change by 100k + once the zoning happens, I have not ever had any of my portfolio rezoned before.

Looking at some of westmiinsters post and purchases in Town of Vincent ( much better located areas to the CBD and far more pricey) perhaps it may not change the rezone areas in C o Joondalup?
Interested on any views?
 
grow said:
Moridog, Yes the wheels are turning slowly. Hopefully when the zoning does happen the increase in values will provide the equity for your development plans (and mine).

I have no idea if they will change by 100k + once the zoning happens, I have not ever had any of my portfolio rezoned before.

Looking at some of westmiinsters post and purchases in Town of Vincent ( much better located areas to the CBD and far more pricey) perhaps it may not change the rezone areas in C o Joondalup?
Interested on any views?
Click to expand...

I think youll find the current values/prices already reflect the increase for the rezoning.

If following the market closely for the last 3 years this is apparent in the changes in values as people caught onto the rezoning. I have Certainly seen this in the likes of padbury, craigie , heathridge, beldon and kallaroo over this time.

Cheers
 
Yes seems to be more investors that have purchased especially in the last 6-12 months, (can only speak for Craigie) as it has always been fairly low on the rentals available, now there are 20 rentals at the moment! i usually expect about 6 for rent at any 1 time there.
cheers
 
grow said:
Moridog, Yes the wheels are turning slowly. Hopefully when the zoning does happen the increase in values will provide the equity for your development plans (and mine).

I have no idea if they will change by 100k + once the zoning happens, I have not ever had any of my portfolio rezoned before.

Looking at some of westmiinsters post and purchases in Town of Vincent ( much better located areas to the CBD and far more pricey) perhaps it may not change the rezone areas in C o Joondalup?
Interested on any views?
Click to expand...

I think they will happen, certainly the C of J plans are better than some of the more blanket rezoning. I like how they have varied the intensity of the zonings, higher around local activity centres/shops and lower in other spot. Makes for a much more interested suburb than a blanket R40 like City of Stirling did in many of their suburbs.

My worry of course with some of these is how it will all pan out with the merges of Councils.

I have yet to buy in any area that is proposed rezoning simply because I don't like the risk nor the waiting. Patience is not my forte :)
 
I agree Westminster. I think the plans look terrific Our place is quite close to Whitford City shopping centre which accounts for the higher zoning intent when they sent it back to the City of J. I think overall, it really embraces a dynamic that will work.: Nowhere near the train but walking distance to the shops, major arteries, buses, open space, you could walk to the beach if you were pretty determined, I think it will all look great. We were quite happy to wait and wouldn't be doing anything in the first year or so anyway, but, in my naivety, I didn't realise it would take quite so long to get nowhere. :eek:
 
Agree too. it is well thought out and focussed on well located properties with good access to green space/pub transport/shops and schools etc. perhaps a good way to target areas that are not currently undergoing rezoning.... especially within other states

ie 400 m from a train stop or major bus route
400m from a school
400m from a commercial zone ie corner store
 
Kent Cliffe said:
It will be interesting to see the market uptake of multis in the area considerably out of the city and some what isolated from a train station.

I guess the precedent set is similar to Spearwood.
Click to expand...

err?Kent, Joondalup is a city and all the rezoning areas are around the North corridor train stations?.:confused:
 
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