With a site area of almost 600m2 and favourable local planning scheme conditions such as a maximum of five stoerys building height and reasonable setback requirements this well located lot parcel would easily cater for in excess of 20 apartments. A nice amount of site leverage and certain to produce a good ROI.
This development ended up with 8 two level walk up apartments with semi basement carpark and storage areas. And that was a big ask! Here’s what we found after completing a ‘Will it Fly‘ assessment for this client.
With a street front of little over twelve meters and both neighbours permitted to build up to the adjoining boundaries, this immediately restricted the development to three levels.
This is because with a full length parapet wall running the entire length of the property from the adjoining neighbours the opportunity to allow natural sunlight into the lower level apartments would be next to impossible beyond three levels.
The quality of your product would be very sub-standard and the apartments would simply not sell. Not to mention other design performance requirements for passive design that would not be able to be met.
So, although this development site presented very favouable allowances and potentially a high ROI (which would have inflated the sale price) the reality was very different.
Having said that, the eight apartments that were created provided above standard room sizes, secure basement parking and good natural light to both levels. They sold very quickly and with a healthy ROI for the client.
Knowing the reality of your lot parcels potential will put you a stronger negotiating position before you put cold hard cash down to secure the lot parcel.