DA APPROVED SITE – 11 UNITS
- Development Approval in place for 11 One Bedroom units including 17 car parking spaces on site
- Development available up to 3 storeys
All the planning and headaches have been sorted out for this ready to go DA Approved site at 4 Neridah St Loganlea. Painstaking months of research, consultations and applications have already been done for you to maximise the sites full potential of 11 One Bedroom units. Every aspect of this site and plan designs through to cost minimisation in building has been considered to the minute detail. All important milestones of the development process covering Construction, Project Marketing and Finance have been investigated. The owner has even considered current lending criteria of all major banking institutions of which they require a minimum floor area per unit and private open space to be deemed satisfactory as a secure asset.
The plans of this development are available to be viewed in a face to face meeting with the Agent. To receive a copy of the plans all serious prospective purchasers will be required to sign a non-disclosure agreement as the plans are protected and of the highest echelon in design, with an expectation that an offer to purchase would follow shortly after receiving them. This is at the owner and designers request.
Estimated building costs for completion of approximately 854m2 project: $1,168,000
If you were to complete the project and sell all units individually:
- Estimated sale price per 1 bedroom unit individually sold at completion: $231,000
(A Comparative Market Analysis can be sent to you upon request)
- Total estimated sales price for entire project: $2,541,000
Estimations for purchaser of a completed 1 bedroom unit (assuming 10% deposit to financier, paying stamp duty and Lenders Mortgage Insurance):
- Estimated mortgage and other associated holding costs per week: $276
- Estimated rent for a completed 1 bedroom unit per week: $295
If you were to complete the project and rent out all available units (with other similar but less total floor space units within the Loganlea area all renting out within 2-4 weeks for an entire complex):
- Estimated rent for whole complex per annum: $168,740
It is our strong belief that if the project is completed and rented out in entirety that an approximate return of 8.75% is easily achievable on this investment.
Approximate values of items to get a 1975 era property in development zone to DA and ready for construction:
$17,000 Demolition
$9,000 Clear vegetation and level block
$24,000 Town planning including lodgement fees
$25,000 Architectural consultation and plans
$3,500 Landscape architect
$3,000 Hydrology Engineer design, plans and consultation
$1,500 Construction Renders
Other factors to consider about 4 Neridah Street site with regards to development:
- $28,000 credit for 3 bedroom home that was demolished on the land previously towards council contribution fees
- 4 Neridah street Loganlea falls just outside of the noise corridor overlay, this provides much lower building costs, no requirements for noise investigation & reporting and other costs required by council for properties that fall in the noise corridor.
- Slightly undulating site flows towards street frontage and efficiently avoids need for onsite water detention, pump station and pump station maintenance. This lowers upfront costs to the developer and ongoing body corporate fees for the prospective end consumers.
Further resources available online for this property and the surrounding Loganlea Development precinct can be found via the following below:
Copy and paste the link below to go straight to the current Logan Planning Scheme 2015 and explore your opportunities:
https://www.logan.qld.gov.au/__data/assets/pdf_file/0018/81810/Loganlea-Neighbourhood-Plan.PDF
You can also copy and paste the below link to understand more about the different overlays:
https://loganhub.com.au/dashboard
- Type in property address “4 Neridah Street Loganlea” and press “Enter”. Scroll down the page and click on any services for the property you wish to enquire about such as “interactive mapping”. You can then add any overlays of interest to your concerns.
You can make an appointment with Logan City Council town planning division in person at 150 Wembley Road, Woodridge or you can phone them directly by dialing 07 3412 3412.
Close to all amenities:
- 30 m to Loganlea State High School
- 165 m to Hospital
- 210 m to TAFE
- 430 m to Loganlea Express Train station
- 500 m to Shops
- 1.13 km to Griffith University
- 1.43 km to newly refurbished Meadowbrook Golf Course
- Ideally located close by to the Logan Motorway, with a short distance to both the M1 Pacific and M2 Gateway Motorways.
All information contained herein is gathered from sources we consider to be reliable. However we can not guarantee or give any warranty about the information provided and interested parties must solely rely on their own enquiries.
Remember to mention you found this property on DevelopmentReady
