Duplex (Matthew Biel)
650 m2, NRZ3, Beaumaris, Victoria
Imagine securing a duplex development site, teaming up with another PDN graduate and setting out to deliver a successful project.
The plan? Work collaboratively, secure planning approval, engage a quality builder, manage construction costs and sell for a great result. Sounds straightforward, right?
But property development doesn’t always go exactly to plan!
What started as a promising project soon presented a series of unexpected challenges. Building tenders came in 30% higher than anticipated, engineering errors caused delays and additional holding costs, and a council tree management plan took five months to get across the line.
An ambitious planning strategy involving building over an easement was also knocked back, while delays from consultants and an unsuccessful auction campaign added further complications.
So, what went wrong? What went right? How did they navigate the setbacks, and what would they do differently next time?
At our next Property Developer Network Meetup, Mathew Biel will share his Real Deal, taking you behind the scenes of his duplex development, the decisions, challenges, unexpected setbacks and valuable lessons learned along the way.
You'll discover:
· How partnering with another property developer can help you overcome challenges and make better decisions throughout a project
· Why getting accurate construction pricing early is critical, and how builder tenders can come in significantly higher than expected
· How value management can reduce construction costs without compromising the overall finish and appeal to buyers
· Why choosing the right architect, engineer and consultants is crucial, and how their mistakes or delays can cost you money
· The risks of pushing for an aggressive planning outcome and why speaking directly with council departments can help you assess your chances of success
· How unexpected council requirements and approval delays can increase your holding costs
· Why you should never assume a builder's preliminary budget will match their formal construction tender
· The importance of choosing the right sales agent and knowing when an auction strategy may not be the best approach
Because successful property development isn't just about finding the right site and getting it approved. It's about managing your team, controlling costs, making informed decisions and knowing how to adapt when things don't go to plan.
Don't just learn from your own mistakes. Learn from someone else's before they cost you money!