Resi-Commercial
920m2, Community Facilities Zone, Woodville South, Charles Sturt Council, South Australia
Strategy Stacking! A.K.A. Highest and Best Use!
That’s the ultimate goal for property developers, right?
Negotiating directly with the owner to acquire a block of units just down the street from this one, Mary became aware of this site positioned right across the road from the soon-to-be redeveloped Queen Elizabeth Hospital Emergency Department and negotiated to buy both properties!
Originally 8 Strata Titled Studio Apartments it had the potential to be developed into a 3 Storey Resi-Commercial including Undercroft Parking and Retail, 2 levels of Medical Consulting Rooms and 1 Level of Apartments! Phew!!!
Mary and her team had a strong vision for this project, anticipated to be done in two Stages:
1. Increase Rental Yield by Airbnb and Executive Rentals, and
2. Assess Feasibility for Resi-Commercial.
Stage 1 was a roaring success with them achieving significant rental yield uplift and Airbnb Super Hosts Status!
Stage 2, however, was a different story, posing many challenges:
- new Planning Code came into force in 2019
- had specific rules for carparking for Medical Consulting Rooms resulting in double off-street car parking requirements!
- extensive coordination of infrastructure upgrades to sewerage, storm water and electricity during Hospital Redevelopment
- traffic flow (median strip only allows access from one side of the street)
- inability to access Hospital Public Carpark and other challenges being next to Hospital during construction.
Mary became an expert in this unique Hospital Precinct and realised that this individual site had restrictions that made developing the site not feasible.
SO… what now? This project highlights the importance of having a strategy and a vision, and finding the best exit strategy in any circumstances. Amalgamating with the property next door, they looked to sell the two sites to a big developer…
Come along to this Meetup to hear from Mary how she got creative to ensure the community will have a facility that suits this unique medical precinct location!