My Duplex Development near "parramatta"

LeoT · 11th Nov, 2014

PS10 said:
Hi Leo,

I'm just after an update as I have enjoyed reading this thread, and was wondering if you have obtained your CC as yet, and are you currently getting quotes from builders?

How many quotes do you anticipate to obtain, for you to be comfortable in engaging a builder?

HI PS10,

I am currently in the middle of getting land and property to sign off of on the easement etc and then I will get CC, Its taking longer than i'd like but that's always the case when u have easements to deal with. In terms of builders, I have a building broker here in Syd who I have used many times so I trust he will find probably 3 builders to make comparisons with. (problem with getting too many builders is they lose interest when they know they have to contend with too many others).

I have a friend who just finished a development in the area, very similar to what im building. He sold his otp and was expecting 950k and got 990k.

PS10 · 12th Nov, 2014

Thanks for the reply Leo, good luck with it all, and I'm sure it will be a success.

Good news about your friends development, which makes it look even more promising for you.

Would you mind sharing who your building broker is?

mflying · 12th Nov, 2014

Leo,

i think construction now will cost around $750K (turn key)

Have you factored in

demolition cost?
Surveyors cost around 4K for subdivision?
Council contribution for additional dwelling

are you plannig to sell them? IF yes,

selling cost
GST

Sorry didnt had a chance to go thru whole thread!

Regardless of additional cost, you will make good money out of project!

LeoT · 13th Nov, 2014

mflying said:
Leo,

i think construction now will cost around $750K (turn key)
We have a reliable quote for under 700k turn key. But even at 750k we would be quote happy with the return. Because the market has been great it goes without saying that our 'decent returns' expected on this project has become spectacular.
Have you factored in

demolition cost? Yes

Surveyors cost around 4K for subdivision? Yes

Council contribution for additional dwelling Yes

are you plannig to sell them? No

Regardless of additional cost, you will make good money out of project!

Thanks Mflying . We were happy with a 20% return on this project as its difficult to get much more return for a duplex in Sydney nowadays. However the market being as it has been (and continues to be, bless it) were looking at about 28%+ returns

Greenjoy3001 · 15th Nov, 2014

One question Leo - considering that you are not selling, what do you estimate the rent to be once completed?

LeoT · 15th Nov, 2014

Greenjoy3001 said:
One question Leo - considering that you are not selling, what do you estimate the rent to be once completed?

Hi Greenjoy,

We estimate rent would be around $750-$800/week for each dwelling.

bumblegoodie · 6th Jan, 2015

Hi LeoT,

happy new year mate!!! wishing you prosperity with future property developments.

still on my holidays from work so wondering how your duplex is doing?

i've been driving around quite a abit around town looking at resi construction sites and found that many have retention storm water tank at the drive way!!!

spoke to the builder there and they said the council have changed the rules and mandates installation of retention tanks and that have eaten away their profit....

Does your duplex includes a retention tank?

I've been them constructed at the site and it is made of retaining concrete walls below the drive way

sammy1 · 12th Jan, 2015

How long did it take you (or expect it to take) to register the easement? I'm going through Parra council right now for a dual occupancy with an easement that also drains to council reserve and was just wondering if this is going to be a lengthy process.

Good luck with your build, i too have a had a huge increase in land value giving me a nice fat return once i get this show on the road

.

@bumblegoodie
All Dual Occupancies with Parramatta council require an On-site stormwater detention system otherwise known as an O.S.D.

Most are below the driveway yes,but not all, mine are located in the rear patios.

bumblegoodie · 12th Jan, 2015

sammy1 said:
How long did it take you (or expect it to take) to register the easement? I'm going through Parra council right now for a dual occupancy with an easement that also drains to council reserve and was just wondering if this is going to be a lengthy process.

Good luck with your build, i too have a had a huge increase in land value giving me a nice fat return once i get this show on the road .

@bumblegoodie
All Dual Occupancies with Parramatta council require an On-site stormwater detention system otherwise known as an O.S.D.

Most are below the driveway yes,but not all, mine are located in the rear patios.

thanks Sammy,

ok. i guess it depends on the slope of the land.

like yours it slopes to the back so the OSD is situated at the rear?

good on you for the land increase and hope you will make lots of profit!!!!

did you buy the land few years back?

sammy1 · 12th Jan, 2015

bumblegoodie said:
thanks Sammy,

ok. i guess it depends on the slope of the land.

like yours it slopes to the back so the OSD is situated at the rear?

Yes, you are correct. But my land slopes very gently to the rear so i could have put the OSD in the driveway, but i know that cause cracks in the concrete so i opted to put them in the patios instead (with sealed lids).

bumblegoodie said:
good on you for the land increase and hope you will make lots of profit!!!!

did you buy the land few years back?

Yes about 3 years ago.

oc1 · 15th Jan, 2015

LeoT said:
Hi Greenjoy,

We estimate rent would be around $750-$800/week for each dwelling.

Maybe you can ask another poster here for advice on parramatta, Sesster

LeoT · 15th Jan, 2015

Oct when I first read your last comment I was thinking 'whats this guy on about now??"

then I did some searches and I don't blame you, we have very similar thoughts on some things. But I aint him/her mate. If you want to assume I am then go ahead.

Leo

LeoT · 15th Jan, 2015

p.s I've never understood why you have always been so hostile towards me.

tjmindspark · 15th Jan, 2015

Thanks for sharing Leo

Thanks Leo

mflying · 15th Jan, 2015

LeoT said:
Oct when I first read your last comment I was thinking 'whats this guy on about now??"

then I did some searches and I don't blame you, we have very similar thoughts on some things. But I aint him/her mate. If you want to assume I am then go ahead.

Leo

Your denial of being Sesster indicates something not right.

Anyway, it is a public forum and you will have your reasons.. so i ll leave it at that!

most of us here don't change names and pretend to be someone else...

LeoT · 15th Jan, 2015

mflying said:
Your denial of being Sesster indicates something not right.

Anyway, it is a public forum and you will have your reasons.. so i ll leave it at that!

most of us here don't change names and pretend to be someone else...

ok mate I give up. you got me.

Leo

oc1 · 15th Jan, 2015

LeoT said:
p.s I've never understood why you have always been so hostile towards me.

You remind me of a friend of mine. She too lives in a fantasy world.

mflying · 15th Jan, 2015

LeoT said:
ok mate I give up. you got me.

Leo

why lie and pretend to be a pro developer when you havent even laid a brick yet?

no point taking poor newbies on ride!

LeoT · 15th Jan, 2015

mflying said:
why lie and pretend to be a pro developer when you havent even laid a brick yet?

no point taking poor newbies on ride!

lol mflying I was being sarcastic! jesus Christ!

LeoT · 15th Jan, 2015

oc1 said:
You remind me of a friend of mine. She too lives in a fantasy world.

Well at least shes 1 step better than me. your friends. Maybe we can get there one day mate.

Leo

My Duplex Development near "parramatta"

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