1 Into 2 Subdivision (Karina & Tim Smith)
856m2, Maddington, Western Australia
Imagine taking on a corner-block property with R17.5 zoning and spotting an opportunity to renovate the existing house while subdividing the land using the Corner Lot Bonus Scheme.
The plan? Renovate the house, sell it, and unlock the potential of a newly created vacant lot. Sounds straightforward, right?
But property development rarely goes exactly to plan!
What they expected to take around 90 days to achieve subdivision approval ended up taking 395 days. Unexpected council requirements added significant costs, power connection delays held things up, and settlement complications created even more pressure.
So, what went wrong? What would they do differently next time? And what can you learn from their experience before making the same mistakes?
At our next Property Developer Network Meetup, Karina and Tim Smith will share their Real Deal, taking you behind the scenes of their renovation and subdivision project including the challenges, unexpected costs and lessons learned along the way.
You'll discover:
• How a corner-block property presented an opportunity to renovate and subdivide
• How the Corner Lot Bonus Scheme helped unlock the site's potential
• Why subdivision approval took 395 days instead of the expected 90
• The unexpected council requirements that created additional costs
• Why engaging a town planner early can make a real difference
• The risks of selling before new titles are issued
• What they learned about finance, lender consent and choosing the right funding partner
Most importantly, you'll hear the lessons they learned firsthand, helping you make better-informed decisions on your own projects.
Because successful property development isn't just about spotting an opportunity. It's about understanding the risks, planning for the unexpected and knowing what to watch out for before you commit your money.