Melville Multi-Unit Development
Project | Multi - Unit Development
Three existing older properties were demolished to create a 2,553sqm development site. Recognising that the City of Melville was undergoing a transformation, the clients had purchased the properties a year earlier and then rented them out while rezoning took place. They identified there was potential for development and liked the fact their development site would be on a corner and next to a bus stop. All three of the blocks were rezoned from R20 to R40, which meant there was scope to build up to nine development units in total.
Project Challenges
The clients needed to optimise the large site, while meeting the needs of the local real estate market so that they could make maximum profit. Other challenges included meeting the planning requirement for additional visitor parking, and working with the owners of a neighbouring property to move their pool pump and fence, which was not aligned with their boundary.
Solution
Following the advice of a local real estate agent, the clients decided on a development of nine single-storey 3-bedroom, 2-bathroom properties that would appeal to downsizers and empty nesters. The properties were an ideal fit for the area, appealing to buyers who wanted an easy-care, low-maintenance home close to shops, cafes and restaurants. Mindful of the fact that each of the nine units has a double garage, the clients opted for poured aggregate to the common area instead of paving, which would have cracked over time. The poured aggregate is better suited to the number of vehicles accessing the garages and parking bays, giving buyers peace of mind that strata fees will be kept to a minimum in the years to come.
Project Outcome
Despite a softened market, the development achieved an overall return of 15%, with the properties selling in the low $700,000s to deliver a worthwhile profit.
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Alesha Thomas
Business Development Coordinator
M 0422 472 328
E DAPEnquiries@dalealcock.com.au
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