Hi all,
The property next door to my PPOR sold recently, and the guy who bought it came over and explained his plans for the future. For him it's an investment property which he'll be renting out initially, with plans to build units on it in a year or two.
I assume he's serious about this as he said he's already had initial discussions with his town planner. He's a cabinet maker by trade so I assume he has connections with good tradesmen and would probably do some work himself to save on costs.
During our talk, he asked me if I would be interested in selling my property, which I am not. I only moved in 18 months ago. He then asked if I'd be open to the idea of developing both blocks to "maximise" it's use. I told him if there was a decent dollar to be made, then of course I'd be happy to look at it.
Some basic details :-
- suburb is 20km north of Brisbane CBD.
- 300m from train station, 100m from main road.
- Day care, primary and high school all within 300m.
- the zoning of the blocks could possibly be up to 4 storeys high, as that is what they are in the Moreton Bay MasterPlan. Not finalised yet as far as I know.
So onto my actual question. Can such a development be done whereby both parties can make a decent amount ? I'm assuming he can 4 or maximum 5 units on his block which is around 800 m2. Mine is 760 m2 so I'm guessing with the 2 together you'd get 12 or so ??
What would be a reasonable offer before I even entertain the idea ? I'm not looking to rip him off, but I'm not in any particular rush to sell either as my plan was to live in this house for 10 years or so, and then develop it myself one day.
Any suggestions, ideas or things to look out for are most welcome.
Thanks all in advance.
The property next door to my PPOR sold recently, and the guy who bought it came over and explained his plans for the future. For him it's an investment property which he'll be renting out initially, with plans to build units on it in a year or two.
I assume he's serious about this as he said he's already had initial discussions with his town planner. He's a cabinet maker by trade so I assume he has connections with good tradesmen and would probably do some work himself to save on costs.
During our talk, he asked me if I would be interested in selling my property, which I am not. I only moved in 18 months ago. He then asked if I'd be open to the idea of developing both blocks to "maximise" it's use. I told him if there was a decent dollar to be made, then of course I'd be happy to look at it.
Some basic details :-
- suburb is 20km north of Brisbane CBD.
- 300m from train station, 100m from main road.
- Day care, primary and high school all within 300m.
- the zoning of the blocks could possibly be up to 4 storeys high, as that is what they are in the Moreton Bay MasterPlan. Not finalised yet as far as I know.
So onto my actual question. Can such a development be done whereby both parties can make a decent amount ? I'm assuming he can 4 or maximum 5 units on his block which is around 800 m2. Mine is 760 m2 so I'm guessing with the 2 together you'd get 12 or so ??
What would be a reasonable offer before I even entertain the idea ? I'm not looking to rip him off, but I'm not in any particular rush to sell either as my plan was to live in this house for 10 years or so, and then develop it myself one day.
Any suggestions, ideas or things to look out for are most welcome.
Thanks all in advance.