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Frenchs Forest State Significant Site??

Discussion in 'Real Estate' started by rjaymcgowan, 1st Mar, 2011.

  1. rjaymcgowan

    rjaymcgowan New Member

    1st Mar, 2011
    Hi there,

    I am just wondering if anyone has any feedback on the proposed "State Significant Site" at Frenchs Forest. We have recently purchased a block of land (approx 1800 sqm) and we were just about ready to submit plans to council to subdivide it into 3 blocks when this whole "State Significant Site" thing broke just before Christmas. Our block is in an area where it is proposed to be rezoned to accomodate 4 storey units.
    Obviously if the rezoning goes through, then the land will be much more valuable than it currently is but my questions are:
    1. Does anyone have any idea how long something like this takes to finalise?
    2. What sort of price would we expect a developer to pay for this block of land if it was rezoned to 4 storeys (the whole strip of our road and the road behind us are also proposed for rezoning). We have the potential for ocean view from the top floors?
    3. Does anyone have any idea how much it might cost for us to build units ourselves (cost per sqm)?
    Any advice or feedback would be most appreciated as we now find ourselves with the dilema of what to do.

    Many Thanks
  2. Jacque

    Jacque Team InvestEd

    16th Jun, 2005
    I can't help you with this area but proposals for rezoning can take years, decades in some cases. Best bet would be to approach the town planner of the council and ask all your questions. Though it may be worth more down the track you do need to factor in your "waiting" costs here.