If you have 2 double size blocks which are side by side, so all up 4 normal sized blocks in a total land size of about 1500msq, and not enough cash/borrowing power to build a big development across all of it in one go, can you do it in stages? Ie get DA for whole thing, split block one, stage one- put 3-4 town houses at rear, reval, refinance and stage 2 put 2 more townhouses and some retail on street front, then repeat for block next door? Is there anything really stopping this? The zoning is not a problem, can build anything on it except a detached house. Has supermarket complex next door, and rear access too. Do banks get funny about this type of thing? I know shopping centres are sometimes done this ways to get new sections tenanted and paying income, and apart from the first people to move in to stage 1 having construction going on around them I can't see why it wouldn't work? Would allow us to get some equity & experience established as we go, and obviously won't require sourcing as much finance up front? Plus rear of both is just paddock, so houses on street front of blocks could still be lived in/tenanted...?
One block is a PPOR, other is IP, my thinking if this is doable start on the IP block? Plan would also include setting up a family trust and holding all properties at the end. Has anyone done this kind of thing? Location NSW south coast in case that matters.
Thanks in advance for any help.
One block is a PPOR, other is IP, my thinking if this is doable start on the IP block? Plan would also include setting up a family trust and holding all properties at the end. Has anyone done this kind of thing? Location NSW south coast in case that matters.
Thanks in advance for any help.