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Hi all,
A block of land is 1012sqm zoned R50 with a plot ratio of 2.5 up to 3.5 with bonuses. Does the R50 zoning apply to the 1012sqm or the 2530/3542sqm of developable space?
The block of land is also able to be developed with nil frontage
I'm not certain I understand your question.
The zoning of R50 is for the 1012sq but instead of the plot ratio allowed being 607sqm as it would be normally for R50 it is 2530-3542sqm of plot ratio
So effectively you can build 3 times as much stuff as you normally be able to.
Seems like it would be hard to fit that much plot ratio area in 3 storeys.
Also, unless you got really creative, the townhouses would be grouped dwellings and wouldn't use the plot ratio area calculations.
R50 is either 5 townhouses or as per Lynchy's calculations above.
You can have either.
The City of Stirling has recently passed a motion to "prohibit" multiple dwellings on blocks zoned R50 and under which affects this block. Council advised it's currently with the commission and they expect a decision in 6 to 12 months
I've done a quick feasibility, I'd love someone to tell me if I'm close to being accurate
1011sqm block with a plot ratio of 2.5 to 3.5 based on bonuses
Apartment Feasiblility
Allowable floor space, lets say a plot ratio of 3. 3 x 1011sqm gives you an allowable buildings space of 3,033sqm. I take 15% off of that for services like plumbing, electrical, aircon etc and I'm left with 2,578.05sqm of actual building space. or up to 859.35 per floor.
Lets go with 2 bedroom apartments which is probably the most in de3mand apartment in the area. Each apartment at 85m2. Within 800m of a train station so I only need 0.2 car spaces per apartment. If I go with 9 apartments per floor, that gives me 95sqm for car spaces which at an average of 13sqm = 7 car spaces which is plenty at only 0.2 per apartment needed.
So we have decided to go with 3 storeys of 9 apartments = 27 apartments.
27 apartments at 85sqm = 2,295sqm of building. At a cost of $2,200psqm that's a total cost of $5,049,000 plus the purchase cost of the land which was $750,000 = $5,799,000. Add another 10% on top of that for drawings, designs, application fees, architects etc So a TOTAL BUILD COST OF $6,378,900
Old 2 bed apartments in similar location sell for $300,000
Let's say you get an average of $350,000 for each apartment = $9,450,000
That's about $3 million profit
Townhouse Feasibility
Let's go 150sqm per townhouse for 3 bedrooms
Same allowable floor space of 859psqm per level after services, minus 8 car spaces gives us 760sqm of developable space. Lets go with 80sqm on the bottom and 70sqm on the top. That gives me the opportunity to build 8 townhouses with enough land left over for a small courtyard for each which is expected to come with townhouses.
$2,200 x (150sqm*8) = $2,264,000 for the build cost plus $750,000 for the land = $3,390,000 plus 10% for drawings, plans, applications etc so a total build cost of $3,729,000
So let's say you get an average of $500,000 for each
= $4,000,000
Profit of $271,000
I think there's plenty of profit to be had doing apartments but probably not doing townhouses?
Lynchy,
Some notes below:
Realistically on a block that size and only going 3 storeys high you are probably only going to get 12 apartments = plot ratio just over 1.0. To get the most out of the 2.5-3.5 you'd need to go very high
Realistically it also is a massive project as you can see from the sums. That means commercial finance, presales etc
Your parking allowances is not right. If you have an apartment less than 75sqm and within 800m of trainstation you need 0.75 bays per apartment. If you build 85sqm as you suggest then it is one bay per apartment.
I would use $2500/sqm and then a 10% allowance for headworks/siteworks etc
For grouped dwellings you need min 160sqm and average 180sqm of land per site so that is only 5 townhouses.
Easy with the parking calls, Myf. If applied like that, it's likely to be non compliant come voting with the new codes. New R Codes are min 1 bay, so the parking table drops 0.75/1 and moves up a rung.