Owner JV & New Build
900 sqm, GRZ1, Boronia, Knox Council, Victoria
Are you having trouble finding land suitable for new builds?
Have you considered approaching a landowner to buy their backyard so you could build a new house on it?
How would you go about negotiating that with the landowner, and what are the main elements of a Joint Venture arrangement such as this that you may need to be aware of?
Baz Komak from EQ Property Group executed that exact strategy with this project in Boronia. While the upfront negotiations went well, he encountered a few hiccups along the way:
- COVID delays,
- building cost escalations,
- unexpected builder variations,
- final Statement of Compliance difficulties due to a plumber not wanting to fix items,
- $55,000 GST and margin scheme error. Ouch!
Don’t miss this opportunity to learn from Baz's journey, from his 2017 beginnings to managing a pipeline of 9 projects. Get ready to elevate your property development game!