Gladstone

Size and position seem great.

I'd be asking why the previous owner never got around to building the units.

Looking under the rental section theres only one other two bedder for rent in West Gladstone, and for $270 per week, it looks a much nicer/newer place, so what would the rental return be on this place??
 
You are really only paying the land value. It wouldn't be worthwhile to try to renovate the 2 bed house. It will be demolished for townhouses at some point.

4 townhouses sounds very low for that sized site. There is another I know of where they are building 7 x 3 bed, 2 living, 3 bath townhouses on a 960 sqm site in Gladstone. I am intending to build 6 x 3 bed townhouses on 868 sqm there.
 
Size and position seem great.

I'd be asking why the previous owner never got around to building the units.

Looking under the rental section theres only one other two bedder for rent in West Gladstone, and for $270 per week, it looks a much nicer/newer place, so what would the rental return be on this place??

Something like that would rent for around the $220 -240/week mark.

It is pretty central but has the "Pines" apartment block behind it and looking directly on it.

The ad only states that the vendor "intended" to build units on it. He could have then realised he had a dirty great sewer line running directly across his block!

A phone call to the council will clear it up.

Cheers

Rooster
 
Something like that would rent for around the $220 -240/week mark.

It is pretty central but has the "Pines" apartment block behind it and looking directly on it.

The ad only states that the vendor "intended" to build units on it. He could have then realised he had a dirty great sewer line running directly across his block!

A phone call to the council will clear it up.

Cheers

Rooster

I saw the large apartment block behind in the photos. Perhaps the real opportunity is to buy that one and a couple of adjacent properties, get a DA for a large apartment building like the Pines and onsell to developers.
 
I looked at this on internet a while back as it looks like good value.

At the back of my mind was concern about this "with access into the block via an easement driveway."

Without the easement the block is landlocked. Maybe I am finding an issue where none exists. Even if there is a valid easement will it apply if/when units/townhouses are built?
 
Can someone give me a very rough idea/example of how much capital you would need *roughly* to be able to buy that property for $280k, then demolish and build a few townhouses on it. Just a very rough example etc? I.e. to those doing these kind of developments, what does your financial situation and rest of your portfolio already look like to be able to take on something like this?

What would be possible with 110k available equity to put into something and an 80k income ..
 
I spoke a while ago about this property with the listing agent, she can explain a lot more about this property.

You won't be able to do unit development on it due to some restrictions due to the driveway, you may only do a unit development if you buy a property next door, when it comes for sale.

So, please be wary about his purchase, do your complete due diligence before going ahead with it.

sanjeev

I looked at this on internet a while back as it looks like good value.

At the back of my mind was concern about this "with access into the block via an easement driveway."

Without the easement the block is landlocked. Maybe I am finding an issue where none exists. Even if there is a valid easement will it apply if/when units/townhouses are built?
 
Hi Everyone, What do you think about this property

http://www.realestate.com.au/property-house-qld-gladstone-106504476

it has sewer pipe running right through its guts, I wonder if any unit development will be possible on this one, till the sewer issue is resolved under the council requirements.

anisavvu

I'd very much doubt it.

Gladstone City Council will not allow any building within 2 metres of a sewer line. That's either side and above if you were thinking of building a high set.

Your option would be to move the existing sewer line at your cost. You could proceed with a development application subject to this i guess.

The area of town where this house is is quite commercial/industrial and is surrounded by mudflats and creeks. Sandflies would be one concern with this i'd guess.

Cheers

Rooster
 
You may be able to do town houses on the one with the sewer issue and just leave a gap between the structures were the pipe is. The one with the easement driveway may be fine if you purchase the easement from its owner and then it is extinguished. If the widthe of the driveway is the issue, you could agree as a condition of consent to put in signals or a mirror.

I have recommended approval for quite a few developments in NSW in my time as a town planner, that had these issues and all has been fine. The required distance from a sewer pipe at the Council I last worked for was 1500mm from the centreline of the pipe and I thought it was an Australian Standard so check where the pipe easement is to be measured from.

I also recomended apprioval for several sewer pipe moves which seemed to be a profitiable thing to do because yeild often subsequently increased.

Be more concerned if the sewer tie is not on your propoerty but in the neighbours property, I've seen developments killed stone dead when neighbours refuse to grant easements.
 
Can someone give me a very rough idea/example of how much capital you would need *roughly* to be able to buy that property for $280k, then demolish and build a few townhouses on it. Just a very rough example etc? I.e. to those doing these kind of developments, what does your financial situation and rest of your portfolio already look like to be able to take on something like this?

What would be possible with 110k available equity to put into something and an 80k income ..

best bet is to ring the town planner councils differ contributions etc
 
HI All,

What's the sentiment up there in Gladstone, Rudd and Julia's mining tax seems to have been a real dampner for the real estate market.

Is the market sluggish at the moment & thus it's just a lull before the storm ?

No one even posts in the Gladstone thread now a days, which is quite dis-heartening for a person who has recently purchased there.

Please write your views about this market, what's happening on the ground there?

Are the good times on the horizon?

Cheers!

anisavvu
 
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