Hi,
I am new to this forum and have a query regarding an investment property I own on Brisbane's northside in Kedron which is abround 10km from CBD.
It is only a 405sqm block but is zoned LMR and there are six pack units on either side of the property. I purchased the property relatively cheap 12 months ago for $350,00 and spent $15,00 renovating the 2 bedroom house and it has been renting at $390 per week since the renovation was complete.
I have spoken to a few different people and done some research myself but still not exactly sure what I can do with the property. Originally I was thinking about removing the house and building a duplex on the site but have now been steering towards trying to get approval to build a single townhouse at the back of the lot which could be accessed by a driveway down the side of the existing house. The idea would then be to sell the townhouse and keep the house at the front.
The existing house is only 70sqm in area and positioned towards the front of the block. The Brisbane City Council give me different information every time I talk to them and the most common information I've had is that it can be approved as long as it is presented properly to Council.
I understand there is a huge amount I need to consider here (including fincance, CGT, what I can sell the townhouse for etc) but I am wondering if anyone can point me in the right direction regarding the following:
1) Can anyone recommend a good townplanner in Brisbane to get advice from?
2) Can anyone recommend anyone in Brisbane who could do a feasibility study on the proposal to see if Im wasting my time?
3) Any other information that may be of use ie. Approval costs etc
I am also considering a JV with a builder whereby they build the townhouse at their expense and then when the property is sold they take half the sale price or whatever figure/percentage is agreed on. It would obviously have to be worthwhile for a builder and I understand there would be legal implications here. I could imagine things may not always turn out as expected in these situations but just wondered how often it happens and if it is worth pursuing.
Thanks in advance for any information you may be able to provide.
I am new to this forum and have a query regarding an investment property I own on Brisbane's northside in Kedron which is abround 10km from CBD.
It is only a 405sqm block but is zoned LMR and there are six pack units on either side of the property. I purchased the property relatively cheap 12 months ago for $350,00 and spent $15,00 renovating the 2 bedroom house and it has been renting at $390 per week since the renovation was complete.
I have spoken to a few different people and done some research myself but still not exactly sure what I can do with the property. Originally I was thinking about removing the house and building a duplex on the site but have now been steering towards trying to get approval to build a single townhouse at the back of the lot which could be accessed by a driveway down the side of the existing house. The idea would then be to sell the townhouse and keep the house at the front.
The existing house is only 70sqm in area and positioned towards the front of the block. The Brisbane City Council give me different information every time I talk to them and the most common information I've had is that it can be approved as long as it is presented properly to Council.
I understand there is a huge amount I need to consider here (including fincance, CGT, what I can sell the townhouse for etc) but I am wondering if anyone can point me in the right direction regarding the following:
1) Can anyone recommend a good townplanner in Brisbane to get advice from?
2) Can anyone recommend anyone in Brisbane who could do a feasibility study on the proposal to see if Im wasting my time?
3) Any other information that may be of use ie. Approval costs etc
I am also considering a JV with a builder whereby they build the townhouse at their expense and then when the property is sold they take half the sale price or whatever figure/percentage is agreed on. It would obviously have to be worthwhile for a builder and I understand there would be legal implications here. I could imagine things may not always turn out as expected in these situations but just wondered how often it happens and if it is worth pursuing.
Thanks in advance for any information you may be able to provide.
