Understanding LMR zoning in Ashgrove Qld

Discussion in 'Adding Value' started by satch, 7th Jan, 2013.

  1. satch

    satch Member

    Joined:
    7th Jan, 2013
    Messages:
    3
    Location:
    ashgrove, Qld
    Good morning everyone

    What a great forum.

    Background:

    We have a 3 bed post-war on metal stumps (99 sq meters under roof) with internal stairs to under the house. The block itself is 500 sq meters zoned LMR with both neighboring blocks having 2 units each and lots of multi-level units up the road backing on to trout street.

    My wife and I love the location but need to add more space. The constraints are that we are mainly on a single income for the next few years with young children - so the bank is not likely to cough up big dollars for a reno.

    We are contemplating a lift and build under (owner builder project managing trades) - have good contacts to fall back on for this so will not be a total newbie project. We liked this idea because we can space out costs over a year or so to allow us to save between stages (after doing the lift and slab in one hit) - I can't see knock down/rebuilding being cost effective atm, as there are more than a few nice 5 bed 3 bath houses for sale in Ashgrove for 790K-890K at the moment. I would end up costing 830K for us to put a similar sized project home on our block - not good value. May be the higher end market is moving better, don't know. Anyway, the bank issues still apply.


    After reading posts on LMR zoning (which our block is zoned in Nathan Ave), I wonder whether I might have a chance getting a loan extension if I segregate the front portion of the new downstairs as a one bedroom unit and rent it out? Rents for one bed room units are in the high 200s/wk at the moment in Ashgrove. This would easily cover repayments on a 100K loan (we have about 40K saved to pay for the lift and slab). With another 100 sq meters (without extending out) we could easily add another 2 bedrooms a bathroom and family room (extend of our needs) and still have space for a unit in front.

    QUESTION:

    I am finding it hard to understand what is the maximum I can legally do with my block given its only a 506sq metres (15 metres wide)? What formulae apply? As we area in a brilliant rental area close to transport, it might be smarter to set this up to maximize rental returns in future rather than end with a large single family home surrounded by units.

    Sorry for the ramble; its sort of my head is at the moment!:confused:

    Regards
     
  2. RPI

    RPI Member

    Joined:
    17th Apr, 2003
    Messages:
    2,090
    Location:
    Brisbane
    Hi Satch

    if you can send me an email with the address of the property I will tell you what the possibilities are. Local plans can overide the zoning.

    You may even be able to subdivide into 2 lots under the new plan. I will also reply through here without revealing address etc

    Darryl
     
  3. satch

    satch Member

    Joined:
    7th Jan, 2013
    Messages:
    3
    Location:
    ashgrove, Qld
    Thanks Daryl!

    Will email now.

    Regards

    Satyan
     
  4. RPI

    RPI Member

    Joined:
    17th Apr, 2003
    Messages:
    2,090
    Location:
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    Hi

    In the current city plan it is slightly 2 small to meet the regulations for development.

    However it may be possible to get something through like you are proposing as it would be significantly under GFA limits.

    The GFA would be 50% which would allow for up to 253m2 plus balconies if you could get approval through. It's location next to another zone may help you get it through.

    Under the new city plan it would need to be 520sqm to subdivide in to 2 lots, however it would allow for 455m2 of building including balconies.

    If it was in the 3 storey zone you could have subdivided into lots as small as 180 sqm

    hope that helps.
     
  5. satch

    satch Member

    Joined:
    7th Jan, 2013
    Messages:
    3
    Location:
    ashgrove, Qld
    Hi Daryl

    Thanks for your insights.

    Is there any way to confirm the feasibility of what I am proposing short of drawing up plans and actually putting in to council?

    Its very interesting about the ability to subdivide 520m2 LMR blocks under the new plan. I take it that this relates to 2 storey LMR zoning. Where can I read up on these new changes?

    With the market the way it is, these changes could present some great opportunities in the inner-city.

    Thanks again

    Satch

     
  6. RPI

    RPI Member

    Joined:
    17th Apr, 2003
    Messages:
    2,090
    Location:
    Brisbane
    Hi Satch

    No way to confirm as yet.

    Have a look at my website on it cityplan2012.com.au

    any questions pls ask

    D