4 Townhouses
696sqm, Medium Density Residential, Cleveland, Redland City Council, Queensland
Do you have an investment property in your portfolio that has development potential?
Simon purchased this site as an investment property in 2010 with the help of his Mum. BUT the tenants stopped paying rent and vacated without notice! Yikes!
What to do now! No tenants and no income!
It was time to act on the DA and build!
Luck was on his side with a great builder and quick construction timeframe. However, Simon had a few difficulties to resolve along the way:
- Changes in the planning scheme.
- Inexperienced staff within Council's Engineering Assessment team.
- Delays obtaining Operational Works (compliance assessment).
- Delays with mortgagee consent from the bank because the solicitor chased up the wrong bank!
- Delays obtaining On Maintenance sign-off from Council at completion.
- Wet weather making the red clay soil stick to everything – it’s famous in the Redlands!
- Civil engineers engineering an engineers solution - overdesigning things!
- Who's controlling the project? Me or the builder?
- Not sticking to a strategy: build to keep and rent or build to sell.
- Decisions on finishes, fixtures and selections hampering end sales.
Come along to this Meetup to learn from Simon how he navigated through the challenges to achieve good price points on this impressive project!