HELP! Neighbours Organising Collective Sale on Rezoned Land

[divirgo]

Hi ,

We are a group of 5 neighbours in a suburb about to be rezoned to encourage medium to high density living. Our collective land equates to an acre. The problem is we are not quite sure how to go about this. We have had some suggestions but I suspect they are not in our best interest. We are thinking about putting it out to tender and letting the developers make us offers. We believe that as a group our land is worth quite a bit more than it would be if we were to sell on our own. A developer has told us that this is not the case but I find that hard to swallow.

Has anyone come across this situation? The council is really keen to help developers move on their projects, encouraging them to build...quite unique.

Any help, suggestions and feedback would be appreciated, especially if someone has tread this path!

Cheers
Divirgo

 

[HD_ACE]

Hi ,

We are a group of 5 neighbours in a suburb about to be rezoned to encourage medium to high density living. Our collective land equates to an acre. The problem is we are not quite sure how to go about this. We have had some suggestions but I suspect they are not in our best interest. We are thinking about putting it out to tender and letting the developers make us offers. We believe that as a group our land is worth quite a bit more than it would be if we were to sell on our own. A developer has told us that this is not the case but I find that hard to swallow

Has anyone come across this situation? The council is really keen to help developers move on their projects, encouraging them to build...quite unique.

Any help, suggestions and feedback would be appreciated, especially if someone has tread this path!

Cheers
Divirgo

This...

when you go and buy things in bulk do you offer to pay more or ask for a discount?
A developer would not want to pay more than land value minus demo etc costs.

The exception is two blocks next to each other where seperatly they are 4 unit sites each or together its a 10 unit site, therefore worth more together.

Is this the case with your blocks combined?

cheers

 

[Colin Rice]

We believe that as a group our land is worth quite a bit more than it would be if we were to sell on our own. A developer has told us that this is not the case but I find that hard to swallow.

HD_ACE has a good point.

Speak to the council or consult a town planner to see if your zoning is better combined or separate. It may be somewhere in the middle and could be worth more as two lots for example. But will depend on local council laws.