Hi all,
I have an IP in Brisbane south side, on 607m2, zoned LMR 2/3 (mixed two-three storey).
The next door block is an identical size, and I've just found out DA is all but approved to put 7x 2 bedroom units.
I know that this block sold to the developer for bang on $1000/m2, and a couple of months ago I declined a cash unconditional offer of $944/m2.
I'm uncertain what to do and have lots of questions, I don't know the answers.
1) As a negative, these units will definitely decrease the privacy of the existing house on one side, however the positive is that the modern style units are replacing a fairly derelict post war house. Any thoughts on how this might effect the value of my property (for rent, or to sell) as it stands as a HOUSE, in broad terms? I consider the houses sidled next to boutique apartments in other gentrified areas, and they are hardly a poor cousin.
2) Now I know what is possible, is anyone clever enough to work backwards, as to what might be a reasonable maximum selling price for me - Does the $1000/m2 sound like top dollar?
3) Any idea what it might cost if I showed up to the same architect and asked him to essentially replicate the work except on my block, with the view to applying for DA? Or a ballpark figure from any architect/town planner to go through this process?
4) What might I expect the DA to add in terms of possible selling price? Is it worth doing?
5) My strategy is largely long term buy and hold, I guess I've gotten lucky with this zone change and changing area. Rather than develop it myself (I don't have the skills or the funds), I'm hoping the land continues to increase in its desirability as the supply of the existing LMR blocks dwindle. Any comments? Would this change what you do?
I have an IP in Brisbane south side, on 607m2, zoned LMR 2/3 (mixed two-three storey).
The next door block is an identical size, and I've just found out DA is all but approved to put 7x 2 bedroom units.
I know that this block sold to the developer for bang on $1000/m2, and a couple of months ago I declined a cash unconditional offer of $944/m2.
I'm uncertain what to do and have lots of questions, I don't know the answers.
1) As a negative, these units will definitely decrease the privacy of the existing house on one side, however the positive is that the modern style units are replacing a fairly derelict post war house. Any thoughts on how this might effect the value of my property (for rent, or to sell) as it stands as a HOUSE, in broad terms? I consider the houses sidled next to boutique apartments in other gentrified areas, and they are hardly a poor cousin.
2) Now I know what is possible, is anyone clever enough to work backwards, as to what might be a reasonable maximum selling price for me - Does the $1000/m2 sound like top dollar?
3) Any idea what it might cost if I showed up to the same architect and asked him to essentially replicate the work except on my block, with the view to applying for DA? Or a ballpark figure from any architect/town planner to go through this process?
4) What might I expect the DA to add in terms of possible selling price? Is it worth doing?
5) My strategy is largely long term buy and hold, I guess I've gotten lucky with this zone change and changing area. Rather than develop it myself (I don't have the skills or the funds), I'm hoping the land continues to increase in its desirability as the supply of the existing LMR blocks dwindle. Any comments? Would this change what you do?