What would you do?

We have 3 blocks of land (side by side) which form a rough square. The blocks are all approx 16m wide by 45m deep. The blocks are currently used for security on a commercial building. A high density development wouldn't sell and most likely wouldn't pass council.

The blocks cost a total of $60,000 to buy some years ago. They were valued at $360,000 as security but I would be surprised if they went for that much as individual sales

My thoughts are to either
build six (or more) 3 bed/2 bath townhouses that are likely to sell for low $300k's
or
sell the blocks as they are and avoid the headaches of a large (and long) build process.

Over to you.
 
i would do what marg4000 suggested

get approval for 6 (or more, as you say) townhouses and sell with the permits

i have a friend who does this and makes a lot of money doing so

good luck, and let us know what you decide to do
 
My thoughts are to either
build six (or more) 3 bed/2 bath townhouses that are likely to sell for low $300k's. Over to you.

Hulkster
I would think about this carefully.

The easiest would be to put in a DA for a duplex on each block but you would have to pay a DA fee for each block (check the amount) eg we paid about 7K so to you that would be 3x7K = 21kon DA fees.

If I was in your situation, I would go one DA at a time and build & sell and build and hold one and build and hold (but try and save some land content between each block to see if I could squeeze in another building later on by splitting.

The thing with DA's is that you may do and pay for plans etc and that is not what the next buyer wishes to build.

Think hard as 3 blocks together is a massive opportunity.

Regards
Sheryn
 
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