1 into 100 Lot Land Rezoning
40,570m2; Hackham (now Onkaparinga Heights); Onkaparinga Council; South Australia
Rural Residential - rezoned to Residential (Master Planned Neighbourhood)
Are you looking for a super creative No or Low Money Down Deal?
Have you considered doing a DA Uplift? But… maybe you are unsure what’s involved in doing one?
Well… Robert Elftmann worked on a rezoning deal of approximately 100 new land allotments on a site that is part of a larger 235ha rezoning to facilitate a residential development of up to 2,000 new homes plus a retail centre! Phew!
Sounds pretty impressive, right?!?
Robert secured a good outcome for the land owners, developer, investor and himself with a successful rezoning in the end. However, he had a few challenges to overcome along the way:
- the land owners had signed up with a major developer on a conditional contract
- the land owners had defaulted on their mortgage
- the bank was in process of repossessing the property
- the bank will not accept conditions in the contract if the mortgage is at default! Eeeek!
- plus… legal issues with securing the investors interest over the property…
- all resulting in time delays!
Now it’s sounding a bit tricky, huh?…
But never fear… Robert was able to achieve a successful outcome in dealing with the bank, resulting in keeping the developer’s conditional contract alive without the land owner losing their home whilst creating an opportunity for his investor to be rewarded with an above average return on investment.
So, if you’re thinking “I’d love to know how he did that!” then make sure you come along to this Meetup to find out all the details!