I have an inner city Brisbane site in a mixed use zone. The intention is to demolish the existing house and build something I will live as well as some additional residential or commercial space eg office/retail/cafe to lease to generate income. The site is 410m2, fairly flat and narrow ? about 9.5m wide which may make building difficult.
I?m after some advice on what to build for the income generating portion. The main limitation will be budget - from a town planning point I'm not really restricted, I can develop up to 8 storeys. I have never developed anything before so lack of experience plus budget will mean I will probably end up with something small. My budget for building something turnkey is about $900K (includes all professional, consultant and council fees).
I spoke with a real estate agent who gave me office rentals figures of $300 - $350psm/pa.
Brand new 1,2,3 bedroom units rent from $400, $500, $650 pw. Most of these places have pools and gyms which I will not be building.
My initial thoughts were to build a 3 bed place and a 2 bed place. At different stages of life, I will be able to move between the two or occupy the whole lot. I was also thinking to add an office space to use as a home office or to lease but not sure if I can afford this now. Im trying to figure what type of split is a good idea and how many m2 I should apportion to the commercial space. Or do I even build a commercial space? The end goal is to be able to live here and use the rent as retirement income.
Do I design and build only what I can afford now?
To try maximise land use, do I design something bigger now but stage the build? (To avoid having to go through DA more than once)
Am I wasting land potential and time by building something so small?
What should I be aware of if building commercial? It is more complex than residential? I know I may have to get a commercial loan but what are additional expenses go with commercial property that differ to residential, is everything going to cost more just because its commercial?
Any advice or comment appreciated
I?m after some advice on what to build for the income generating portion. The main limitation will be budget - from a town planning point I'm not really restricted, I can develop up to 8 storeys. I have never developed anything before so lack of experience plus budget will mean I will probably end up with something small. My budget for building something turnkey is about $900K (includes all professional, consultant and council fees).
I spoke with a real estate agent who gave me office rentals figures of $300 - $350psm/pa.
Brand new 1,2,3 bedroom units rent from $400, $500, $650 pw. Most of these places have pools and gyms which I will not be building.
My initial thoughts were to build a 3 bed place and a 2 bed place. At different stages of life, I will be able to move between the two or occupy the whole lot. I was also thinking to add an office space to use as a home office or to lease but not sure if I can afford this now. Im trying to figure what type of split is a good idea and how many m2 I should apportion to the commercial space. Or do I even build a commercial space? The end goal is to be able to live here and use the rent as retirement income.
Do I design and build only what I can afford now?
To try maximise land use, do I design something bigger now but stage the build? (To avoid having to go through DA more than once)
Am I wasting land potential and time by building something so small?
What should I be aware of if building commercial? It is more complex than residential? I know I may have to get a commercial loan but what are additional expenses go with commercial property that differ to residential, is everything going to cost more just because its commercial?
Any advice or comment appreciated