My development

[Aaron_C]

Update

I thought I'd update this thread - we got the planning permit after modifying our initial design to 7 units rather than 12. Updated pics below:

1. Heritage Dwelling that is to be restored with a modern extension:

2. 6 townhouses to be constructed at rear with high-end specs and finishes:

3. Rear of townhouses with open plan kitchen, living and outdoor areas:

4. Open plan kitchen and living area in new townhouses:

5. Luxurious bathrooms with smart design:

All specs will be high end and we're looking to start construction in September.

 

[mattnz]

Looks good Aaron

What was the reason they wouldn't allow the original plans for 12?

 

[Aaron_C]

update 2

6. Front of natural timber townhouse:

7. Front of dark timber townhouse:

 

[John_]

Very nice.

 

[oc1]

Very impressive renders too. Always makes selling easier.

Are you planning to hold onto any of these babies?

Oscar

 

[luce.rocks]

Looks great! How exciting

 

[jacked]

Well done Aaron, your one clever cookie and I'm sure it will work out for you. Good luck with your development it looks sensational!

 

[MsAli]

Looks great Aaron !

 

[westminster]

A long time between updates! I'm sure all that time has been spent in umpteen meetings to reach this compromise.

How does losing 5 units affect the numbers?

I'd love to see some current plans.

 

[Aaron_C]

What was the reason they wouldn't allow the original plans for 12?

Oh, plenty of reasons....we got about 15 objections, town hall was full of people and we saw it getting pretty political. Would probably have gone to VCAT which is not what we wanted.

Also commercial reasons as building 7 units is a lot easier than 12, particularly if there is no basement involved. Worked out well in the end but we shall see!

westminster - losing 5 units didn't impact the numbers too much actually as while our total GRV went down so did our building costs! Still expecting 50% margin at the end of the day. Waiting for the final plans (as we all know they change constantly) and will post up when received.

 

[westminster]

Not having the basement level definitely gives back to the project to make the numbers work on 7. 5 less kitchens etc too

So are they bigger now? I recall they were nice decent sizes before.

The market is looking better too. Will you do presales?

 

[Pins]

Super slick! I'm sure the vision and hard work will pay off. Renders look pretty amazing.

Are you doing it as a JV? What kind of structure do you have in place?

 

[Bennny]

50% margin! Good work.

What $/Sqm are you basing the construction on?

Good looking development mate. I like it.

 

[Aaron Sice]

just goes to show sometimes you can be too smart for your own good.

well done on the underdevelopment of the site. I'm finding more and more, lately, that there's the same return on less outlay when under developing.

I likey.

 

[Deltaberry]

Another winner for Aaron.

Good timing too as the market is on the up now, especially in these sorts of areas and for dwellings of this nature. These areas are holding at 85%+ clearance consistently now.

Now, if there were another rate cut or two, it'll boom even quicker.

 

[sanj]

Looks great Aaron. Have the increasing prices helped with the fact that it is still highly profitable despite the setback or did you have some significant contingencies and plan Bs etc in place?

 

[Melbournian]

Looks damn high end man.

 

[Aaron_C]

It is a JV 50/50 with a business partner of ours via a unit trust. Construction we expect to go for about $2,500 per sqm, the most expensive part being renovating the existing Heritage dwelling given the state of it. The new townhouses are circa 210 sqm + double garage + outdoor living + rooftop terrace with land content of 200 sqm. The Heritage dwelling will be about 250sqm + outdoor areas but is on much larger land of 400 sqm.

I think we've found the right mix of size / construction costs as well. These will be a lot easier to build and hopefully sell than the originals. I will keep a few if I can but it really depends on where else the money can be allocated since you tend to get the best price when you sell them new.

Floor plans attached as requested:

View attachment floorplans.pdf

 

[westminster]

I like the design.
I'd probably do a few things differently internally but overall I think they will be very spacious and light filled which is end game.
Love the roof terraces!

 

[LoneWolf]

Wow, looks good Aaron!!