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Hi Roachy,
I noticed you disclosed the address at some point to Fourex and so I thought you may be willing to share it. I apologize if I seemed a bit forward in my request.
I had a contract on a property in North Toowoomba, on two lots, and single dwelling at front. Two things seemed to really kill it. Slope of land was against me. Both lots would be less than 450m2 after boundary realignment (due to shared driveway) and council suggested property was not much good for developing.
I am after a block of land where an existing dwelling can be utilised and a second dwelling can be built ( Dual occupancy ) or better still, be able to sub-divide so can build duplex and sell off original dwelling (same strategy as yourself). Aim here is to have neutral or cash flow property that is not high risk. I do not want to look for cash flow in small regional town, mining town etc.
The idea behind ascertaining the address of your property is two fold. To help me give guidelines to real-estate agents. To use your site as precedence for having such a small lot subdivision. Council have been known to shift their thinking based on precedence before.
Either way, thank you for your time.
hartleypj,
Sometimes you just need to solve a problem.
Slope of block against you - Solution seek stormwater drainage easement off a neighbour.
Boundary realignment with the two lots will not work due to minimum lot size - Solution look at dissolving the lot into one and put in an application for a unit development (front dwelling make unit 1 and build a duplex as units 2+3).
Like your thoughts on working with 2 lot properties in the older style locations in Toowoomba, cheap way around the council contribution charges for creating a new lot and headworks charges.
Cheers,
Fourex.
Roachy,
There is a time limit on your DA- check when the approval will lapse. Community title can solve some issues, Council have to approve the CMS.
I have been looking at similar developments in the region- more for interest sake. I am a Surveyor in Toowoomba and looking to fill this space, solve problems, and look to develop in the medium term- when I have time to enter the game.
Wilbur
I was very interested to read your story re duplex development in Toowoomba as my husband and I are seriously considering 'dipping our toe' into the property development market and are currently looking at purchasing a property with a 1277sqm block. The block has DA approval for the development of 514sqm (behind the present property) which has a proposed laneway access running past the current property which is a 763sqm block.
I would very much appreciate any thoughts on the proposed development, things that we should be aware of, pitfalls etc.
I personally would like to build two 2 storey units on the 514sqm block as this development will be surrounded by housing and I am quite concerned about the aesthetics of ground level duplexs, also unsure of the current rulings with Toowoomba city council re building two story duplexs on a dual occupancy.
Any assistance/advice greatly appreciated
Was up in Toowoomba a few weeks ago having a squiz.
An accountant we use up there told us the place is expected to do well from the gas and mining further west.
I can't work it out though. There's 684 resi properties for sale tonight in post code 4350, and 400 rental listings. But SQM has vacancy rate for Jun10 around 1.25%.
If pop is 100,000, and a third rent at 2.5 per rental, then total rental stock should be ~13000.....and 1.25% = 173 rentals.
We rode our bicycles around quite a bit, and the place seems quiet commercially speaking. Lots of empty commercial, and the demographic wasn't too flash.
Though I can't help but like the place......and encores restaurant.
All the best with your dev't roachy. There's only 10 townhouses for sale so maybe you'll capture the downsizing empty nesters with your duplex.
edit:
gees, just checked the unemployment rate 1.9 1.9 2.2 2.8 3.5 for the last 5 qtrs. That's very low compared to the rest of SE Qld.
Be prepared to look around.
Peter Betros homes can be reliable. Personal service and he does a good job, well he is very thorough.
Or even Jeffries builders in Warwick.
See how you go
So you bought land and then are building the duplexs on that?
I have wanted to do that but cant see the immediate cash flow.
Update:
Finance has been approved for the purchase of the house and property. Finance is currently being discussed for the duplex. It looks like we will have to put a pretty hefty deposit for the construction, around 40k. Lucky we have funds
Should be getting the final plans tomorrow with quote for the building of the duplex. Fingers crossed under 300k.
Once settlement is achieved (18 Jun) we will start buildind ASAP.
Got a question for everyone? I'm looking at selling the house at the front of the block, but the land is yet to be subdivided. How much does a subdivide cost in Toowoomba. I'll need to start saving hahaha.
Have a good day and hopefully I'll have some nice plans to show you tomorrow.
Roachy
Hello all,
So I got the original Surveyors to draw up the plan again. Got it in the mail a couple of days ago, signed it and sent it back. It should currently be in with council. The surveyors tell me it could take up to 3 weeks for council to seal, and a further 3 weeks for DERM. The contributions fee was the real killer, approximately 19k. The financiers would provide the 19k, but this took my debt to above 1 mil, and apparently this means the LMI rate goes up substantially. Does anyone know what the current days in each of these organisations it is taking?