Profit from House in B5 zoning (Wyong LGA)

Discussion in 'Innovative Techniques' started by newstar, 21st May, 2015.

  1. newstar

    newstar Member

    Joined:
    19th May, 2012
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    Location:
    sydney
    HI all,

    Just want to get some idea from everyone - i have an IP in WYONG LGA area B5 (business development zoning) that has 1000sqm land (frontage of 19m) and only 300m walking distance to nearest train station. Currently it has a very old house that are in knock down condition.

    DIscussion: Can someone suggest any idea how I can add value to this property with the aim of selling it afterwards? If i take the current house to the market, it won't get more than 400k, but I am certain if we can add some value to it through some innovative ideas, we can increase the selling price signficantly. THe challenge of course it is in B5 zone not residential zone otherwise I would just subdivide and sell the back.


    Below is taken from LEP 2013 on B5 Zoning permitted use for some ideas what can we do with this land.
    "3 Permitted with consent

    Bulky goods premises; Child care centres; Food and drink premises; Garden centres; Hardware and building supplies; Hotel or motel accommodation; Landscaping material supplies; Light industries; Markets; Neighbourhood shops; Passenger transport facilities; Plant nurseries; Respite day care centres; Roads; Rural supplies; Self-storage units; Sewage reticulation systems; Shop top housing; Timber yards; Vehicle sales or hire premises; Warehouse or distribution centres; Water reticulation systems; Water storage facilities; Any other development not specified in item 2 or 4"
     
  2. nww

    nww Member

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    2nd Feb, 2009
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    994
    Location:
    NSW
    There is some small high rise starting to take shape in Wyong , Was there
    an off the plan sell recently ????
    Has been some more recent townhouse development taking shape again.

    Might be best to hold on to it a little longer , maybe look into changing the zoning
    I can't see council approving many of the permitted use you quoted.

    What are the current properties next door , if more housing might interest a developer.


    http://www.realestate.com.au/property-unit-nsw-wyong-118003663
     
  3. Scott No Mates

    Scott No Mates ...and people wonder why?

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    What is permitted without consent?
     
  4. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    Changing the property from IP for another purpose may result in income tax and GST issues. Worth incorporating the impact of these in a decision too.

    When you take an IP and change the use and intend to profit from it its no longer a CGT issue.
     
  5. archi88

    archi88 Member

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    27th Jan, 2012
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    Location:
    Brisbane, QLD
    Hi new star,
    As the property is in a business zone, the quickest way to increase selling value is to submit a DA for a commercial building. sell the property once you have the approval
    Regards
    Archi