The lot parcel for this development is a perfect rectangle measuring 4187 square meters in area.It’s West and East boundaries measuring 37.82 meters. It’s North and South boundaries measure 110.70 meters.
With its contour variance under 0.6m across the building lot and a density rating of R30 the potential to develop up to 15 dwellings suggested an opportunity for a a good ROI. However, when our team completed a desktop ‘Will it Fly‘ appraisal unique factors were discovered that dropped this potential to only 12 dwellings.
So what were the factors? In one word ‘Environmental’
Although the format of this development site looked like a ‘no-brainer’ it was locating in an area where very specific environmental controls were in place.
The lot parcel was located in the middle of the natural habitat of a breed of possum that could only be found in that area and required a very specific species of tree to survive.
It was a local policy requirement to retain this species of tree if it existed on your lot parcel and to provide safe passage for them to access them. The lot parcel for this development contained many of these particular trees.
Fortunately the tress were located towards the rear of the lot with the remaining lot parcel adequate for development when considering the local planning scheme allowed for a maximum building height of five levels.
These environmental factors introduced further complexity and ultimately delivery costs for the client, fortunately the project was still viable based on their development performance criteria if it was restricted to three levels.
Although a lot parcel might look like a ‘no-brainer’ on the face of it, there are many forces at play that can directly affect your project ROI. luckily for this client our ‘Will it Fly’ assessment quickly uncovered issues early and before valuable start-up capital was committed.