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Development Dilemma

Discussion in 'Real Estate' started by Renoir, 8th Jun, 2011.

  1. Renoir

    Renoir New Member

    Joined:
    7th Jun, 2011
    Posts:
    3
    Location:
    Brisbane
    Hi everyone...I have a bit of a dilemma and I don't know really know how to proceed and so I was hoping someone with more experience in these things might be able to give me a bit of advice.

    I own a property located in an elevated position on the border of Nundah/Wavell Heights (in Brisbane). I currently have a Development Approval and Building Approval for 3 x Terrace Houses which is all ready to start building, unfortunately my project partner's business has gone pear shaped and he is now no longer able to assist to finance the project build. Well he may be able to in another couple of years but I can't wait that long as there is just over 18mths left to go on the Development Approval.

    I'm a single, self employed woman and I have sunk everything I have to get this project to the building stage and now I just don't know where to turn to get the build financed.

    The DA is for: 3 terrace houses each has 3 bedrooms, 3 full sized bathrooms and Double Lock Up Garages and each also have unique Rooftop Garden/Entertainment Terraces with stunning views to the airport, bay, gateway etc. There is also 3 visitors car spaces on site.

    The intention was that I would live in one myself and we were going to keep the other two as a long term investment and we wanted to get a premium rental return so we went for quality build and liveability whereas most developers prefer quantity and try to keep building costs as low as possible.

    The result is that I now have these awesome architect designed plans and building approval, the house that was on site has been already been demolished but now I'm stuck in no man’s land with no way to build them and an empty block of dirt doing nothing!

    One of my friends suggested that they would be ideal for someone looking for investment property for a Superannuation investment. And with myself living on site any owner could rest easy knowing someone was actively keeping a close eye on their investment for them.

    Does anyone know where people tend to look to find properties for long term investments? I have tried calling a few buyers agents and everyone I seem to speak to says their clients all want something already built or they are looking for something to build and sell off straight away they don't have clients looking for something to build and hold.

    Any advice about which way to proceed would be greatly appreciated.
     
    Last edited by a moderator: 8th Jun, 2011
  2. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Renoir
    How are you going?
    Any progress since June?
     
  3. Renoir

    Renoir New Member

    Joined:
    7th Jun, 2011
    Posts:
    3
    Location:
    Brisbane
    Hi Bill

    A builder contacted my architect last Friday afternoon and said he wanted to put an offer on the property so I'm just playing the waiting game at the moment.

    He told my architect what amount he was going to offer and it is an amount that I will be happy with so I guess it will depend on what terms and conditions he puts in the contract.

    Apparently he wants to build them and live in one himself and use the other 2 as rental properties/long term investments, so it would be ideal for him.

    I have also been talking to a another builder about it as well that has expressed interest so hopefully something will eventuate from one of these soon.

    Regards
    Renae
     
    Last edited by a moderator: 5th Jul, 2011
  4. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Renae
    That's good news, I hope it all goes well :)