Murray Bridge Rear Block Cut Off

View attachment Standen_64_sewer.pdf

View attachment 13695 SAW Existing Mains Water lines (1).pdf

Here is my new project.I have done many of these,and will share the process to do one.At present we have not decided to sell block or add a house.I own No 64 Standen St,i have just acquired 270sm of land from the neighbors at No 66(pending) creating a new 540sm building block facing Amanda St.Today's issue is the sewer.To Torrens Title we need to have a extension to the mains to create the new point,at a cost!,or Community Title and use the existing point at no 64 utilising a private run.

In this particular scenario we will opt for Community Title,as the sewer cost will be too hard to recoup.
 
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Torrens Title VS Community Title Costs.
 

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Umm, Sewers are expensive $1000 per metre.

We went community didn't think the $20k for sewer was going to make that much difference in sale price, in hindsight it would have spend up the sale but might have struggled to get the $20k increase in sale price.

Interest payment for 6mths vs $20k sewer?
Unit sold for $265k which was pretty good price.

Cheers
Graeme
 
sewer main extensions are expensive

I had a sewer main extended 17m to achieve torrens title, cost us $10,000.

Cheers for sharing your subdivision process Jim, I'll watch it with interest, as I've only done one and have much more to learn.

So for $25,000 ish subdivision costs, you'll achieve a community title worth approximately what?

How much do you think the smaller rear yard to your existing dwelling will reduce it's value by?

I'm interested in crunching the numbers for a comparrison- my subdivision in Morphett Vale (creating a rear hammerhead allotment) reduced the front property value by $50,000 (according to bank employed valuer), the subdivision costs and capital works to achieve it blew out to $40,000 so all up $90,000 cost and I ended up with land valued at $140,000, so $50,000 equity generated (total invested $350,000 all up, thats 14%ish return, not sure about how other people would work it out, but thats the way my maths works)

Would you be happy with this sort of return?

I keep reading that developers should be aiming for 20% return or don't touch it, do you apply this strategy?
 
Division Layout

This will be the division layout.The DA at present for land division is 500sm,so lucky me.Note the division line looks as if its running through the shed,this is actually the shed boundary,there is a carport attached which will go,
 

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So for $25,000 ish subdivision costs, you'll achieve a community title worth approximately what?
How much do you think the smaller rear yard to your existing dwelling will reduce it's value by?

Yes,we will go with the community.They are popular in Murray Bridge.At present i only have 2 agents costings,not valuers.The 500sm block facing Amanda St will sell for $90,000.I am purchasing 250sm of land from my neighbour for $20,000.We will go 50/50 on fence and private conveyancing costs,all sub division costs will be paid by us.So far the figures look pretty good.:)

The front homes will reduce in price by approx $10,000 to $15,000,once again info from agent.
 
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With the extra Fat now in the deal,perhaps it would be a better option now to go Torrens Title??,for a better end result.I will sleep on it.
 
Hi Jim,

Did you look into the sewer issues before purchasing the land? Would this have stopped you going ahead if you had known beforehand?

AndyM
 
Did you look into the sewer issues before purchasing the land? Would this have stopped you going ahead if you had known beforehand?

Yes,i knew about the sewer having to be extended to achieve Torrens Title,but the other cheaper option of shared sewer with a Community Title was also available,so to me no real big deal.:D
 
Contract signed to purchase 66 Standen St today.Private sale @ $190k,will return $250 PW.
Bump. Contract will go unconditional Monday,settlement in 2 weeks.We have decided to get the surveyor to peg out the new 500m2 block,and realign the fences before settlement.This is to our benefit,no tenant hassles,they can see what they are renting and...................................

We can advertise the block to sell alone or with a land/home package with a STCC clause,with a long settlement.When we have a buyer,then we can spend the $$$$$$$$$ to finish the division.Once we have a contract in place,i will approach the bank for funds to fund the division and/or house/land package.This approach will keep them happy,when they see money at the end of the tunnel.
 
YaY.66 Standen St,Murray Bridge settled today.New tenants move in Tomorrow paying $250pw.Surveyors have pegged new 500sm block,fencer due to start in the next day or so.
In the short term we have decided to put the new proposed block up for sale subject to council consent and issue of new title.This way we need not spend any more $$$$ on it till we have a firm unconditional contract in place.Asking price for land will be $90-$95 K.
 
Hey jim just got a block with a house at the back of it which we want to subdivide (driveway down side of front block to the back) and pegging it out sounds like a good idea.

But before we spend the money , how do you know council will let you do the division? Was it just simply talking to them or your are just sure they will allow it as you have seen it before??
 
But before we spend the money , how do you know council will let you do the division?

Firstly i had a good read of councils DA plan,minimum lot sizes,frontages,sewer and water positions,provision for power pit,crossovers.
Next i spoke to the head council planner indicating what i wanted to achieve and got the nod of approval.One hiccup which surfaced today

Council require block to be 500sm which we achieved.Surveyors have pegged the block,but could only achieve 13.7 metre frontage,and council require a minimum of 15 metres.
 
How petty are some people.The former owners were too lazy to organise the yard to be cleaned up and the home cleaned before settlement,and asked me to organise this to be done.
Today the bills come to me
1) $150 for yard clean up

2) $120 for full home clean.

Emailed to owner who promptly asked me to pay half.Somehow i dont think she will ever contact me again with my response.
 
Murray Bridge

Bump
Its all happening now!!!Now we start the selling stage,No more money will be spent on DA untill we have a contract.It cost me $1100 to clear the block,4 trips to the dump,through a mate of mine.
May look at Sell By Owner ???????? Thoughts?????
 

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I'm following your progress with interest Jim.

So no problems getting the 13.7m frontage through council then? (instead of the 15m in the councils development plan)
 
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