Development - Brisbane - Woolloongabba

[Tim L]

Hi, seeking some advice re development in Woolloongabba, Brisbane. I have a site that has recently been re-zoned to high rise building up to 12 stories, 1012 sqm.

To sell or get a DA - I am trying to work out but leaning towards selling.

If selling, what kind of information should I be prepared with so I don't get baffled when it comes to negotiating price? Gross Floor Area I have found out as being 60%. Does anyone have any info that will assist? I essentially want to arm myself with information so when the developer starts negotiating through an agent I am prepared.

Also If I was to get a DA with the purpose of on selling to a developer - How hard is this to do? I work long hrs so won't get a lot of time during business hrs to get things done. How much does it increase the price?

I have heard figures of 100k to complete? - A developer who was moonlighting as a carpenter once told me that some people don't know what they are doing and get it wrong and make a mess of it. So is it worth the effort or should I just sell? Thank you in advance.

 

[RPI]

Hi Tim

If you PM me the address I will answer back through the forum (sans identifying info).

I will have a look at restrictions and let you know what size your floor plates can be, how many stories etc.

Happy to outline application fees to Council also.

Do need an address though as 2 blocks right next door to each other can have very different answers.

 

[Tim L]

Thanks a lot for this Daryl, I have sent you a PM.

Hi Tim

If you PM me the address I will answer back through the forum (sans identifying info).

I will have a look at restrictions and let you know what size your floor plates can be, how many stories etc.

Happy to outline application fees to Council also.

Do need an address though as 2 blocks right next door to each other can have very different answers.

 

[RPI]

key Details

Zone High Density Residential 2
Eastern Corridor Plan

Max height under Neighbourhood Plan 12 Storeys.
Max site cover of 60%
Commercial use to the ground floor may be preferred
Awning over the footpath
Front Setback 3m to balcony, 5m to wall
Side setback 3m for 1st 8 storeys
5m for 9 to 12
Rear 10m

So for the 1st 8 storeys
14m wide building, 38.3m long = 536.2m 2 floor plates (inc balconies), 480m2 not inc balconies

So i would estimate 6 units per level so that would be 42 units plus commercial on the ground floor.

Another 12 for the top 3 stories

so 54 units. plus 480m2 of commercial

Brisbane Council App fee would be about $35k

But if you can add demo and a range of other fees so I would allow $50k.

Town planning fees would be $35k +

Architect fees, engineering ,stormwater etc would be substantial on top of that.

 

[Tim L]

Hi Darryl, that is great - I could not ask for more information
from you. This knowledge really helps. Thank you

Is there anyone that knows how much a DA adds to the value of the property? Double?

 

[superAndrew]

Is there anyone that knows how much a DA adds to the value of the property? Double?

You can get the property valued "as is" and with a DA to give you an idea. It would be worth doing it.

Cheers

Andrew

 

[RPI]

Most areas have a going box rate. $x per box raw and y$ per box with DA

North of 6 stories you drop the per box rate back a bit due to the big increase in construction costs.

A good agent in the area would know what that box rate is.

Peter W on here is a gun that owns LJ Hooker Coorparoo. He sat on the consulative committee for the Eastern Corridor Plan

 

[Tim L]

Thanks Andrew that is a great suggestion and
One I have never thought of. Do you mean by this that they would
Predict the future value assuming it had a DA? I didn't know valuers did that. Actually come to think if it banks provide loans for renos based on the increased value. Would be similar.

You can get the property valued "as is" and with a DA to give you an idea. It would be worth doing it.

Cheers

Andrew

 

[Tim L]

That is good to know thanks Darryl. All this town planning and developer speak is new language to me. I have spoken to 3 agents and none of them can give me the value of the property due to the different variables. I will get in touch with Peter. Cheers.

Most areas have a going box rate. $x per box raw and y$ per box with DA.

North of 6 stories you drop the per box rate back a bit due to the big increase in construction costs.

A good agent in the area would know what that box rate is.

Peter W on here is a gun that owns LJ Hooker Coorparoo. He sat on the consulative committee for the Eastern Corridor Plan

 

[superAndrew]

Thanks Andrew that is a great suggestion and
One I have never thought of. Do you mean by this that they would
Predict the future value assuming it had a DA? I didn't know valuers did that. Actually come to think if it banks provide loans for renos based on the increased value. Would be similar.

Not predict the future value (no valuer will do that ) but value the property as if it had the DA. That means that they will take into account all the development costs (including construction) and the developers profit margin.

Land Value = Value of completed development - Costs - Profit Margin

Cheers

Andrew

 

[Tim L]

That is great Andrew thanks for clarifying. Sounds like that would be well worth paying for.

Not predict the future value (no valuer will do that ) but value the property as if it had the DA. That means that they will take into account all the development costs (including construction) and the developers profit margin.

Land Value = Value of completed development - Costs - Profit Margin

Cheers

Andrew