1 into 2 Subdivision Owner JV
836m2, Residential - Housing Diversity Neighbourhood (HDN) Zone, Christies Beach, City of Onkaparinga, South Australia
Letter box drops – you never know what the outcome of them will be!
The responses from property owners can range from mild curiosity, to outright hostility! And, if you are lucky you can make contact with someone who is genuinely interested in either selling or developing their property!
Such was the case for Robert with this corner site! It had a total land size 836m2 - ideal for a 1 into 2 land subdivision, the owner could keep the existing house and sell off the subdivided rear allotment of land.
The homeowner always knew she could subdivide but didn’t have the ability or the cash to do the subdivision herself. She was finding the backyard maintenance a hindrance and she wanted the cash to pay off her mortgage.
Creating a Win-Win situation for them both, Robert and the homeowner entered into a Joint Venture Agreement. Robert funded and completed the Land Subdivision, offering a fair price to the homeowner without triggering stamp duty or holding costs for Robert.
As simple as this project was, there were a few hiccups with:
- the sewerage extension,
- water meter install, and
- registration of new titles.
Come along to this Meetup to learn more about this project. Don’t miss this opportunity to hear from Robert who has loads of experience! He has facilitated around 40 successful land & property acquisitions for Adelaide developers & renovators from small 1 into 2 subdivisions, over medium size townhouse developments of up to 19 dwellings all the way to large land subdivision opportunities of plus +100 land allotments.