Property Development Assessment with RPData

Property Development Assessment with RPData

Possibly the most asked question we get asked by clients wanting to subdivide and develop their property is:

For projects under $2m, we recommend a Property Development Assessment that helps you identify whether a project has an Excellent, Good or Marginal level of confidence to proceed.

About the Property Development Assessment

The Property Development Assessment takes place at the commencement of a project – before you spend time and money on plans or drawings.

The Assessment takes into account the following factors of your proposed development:

Client Brief:

• What type of development are you wanting to achieve?

Legals

• What is legally on Title that can be developed?
• Are there any encumbrances, covenants or caveats that might pose a problem?
• What does the Copy of Plan (of Subdivision) reveal about the subject site?
• What are the dimensions of the subject site boundaries?
• What orientation is the site and how might this factor into a proposed design?
• Are there any easements?

Planning:

• What are the State and Local Planning Policies/Overlays that apply to the subject site?
• Has the local council identified any Neighbourhood Character guidelines that may be pertinent?
• Has the local council identified certain ‘zones’ that prefer the proposed development?

Existing Conditions:

• Are services (electricity, plumbing, gas) located nearby or will extensions be required?
• Will other site assets (power lines, drain holes, fire hydrants etc) cause potential crossover issues?
• Where is/are the existing building/s located (if relevant)?
• What is the slope of the land?
• Presence of any significant trees or other features?
• Any potential planning issues with adjacent buildings?
• Does the building envelope support the potential development?
• Any precedent for development/subdivision in the neighbourhood?

Now with RPData!

Earlier in 2010 we surprised a number of people when we included a FREE ‘Back of the Envelope‘ (BOTE) Property Development Feasibility spreadsheet with every Property Development Assessment (PDA) we conducted.

Since then, we have been working with RPData, Australia’s #1 Property Information Service, to customise their RPData Professional Platform for use with our PDAs.

Our new PDA will now actually include not one, or two, but THREE RPData reports:

1. Valuation Report. This report will provide you with an automated valuation of your existing property based on comparable sales in the last 6 months. This is the same system used by the Commonwealth Bank of Australia!
2. Market Analysis. This report will provide you with a market analysis of the future dwellings you propose to build based on comparable sales in the last 6 months within a 1km radius.
3. Rental Analysis. This report will provide you with the rentals achieved within the last 6 months of comparable properties to the dwellings you are proposing to build. This is invaluable for understanding your expected rental yields.

We work in your area

The graph above shows the Councils we have performed the most number of Property Development Assessments for on behalf of our clients in 2010*.

In addition to these Councils, in 2010* we have also conducted PDAs in Wyndham, Brimbank, Casey, Port Phillip, Whittlesea, Kingston, Macedon, Manningham, Moorabool, Moreland, Yarra Ranges, Whitehorse, Bayswater Boroondara, Stonnington, Hume, Maribyrnong, Maroondah, Mitchell, Moonee Valley, Nillumbik, Warrnambool and Yarra.

If your property is in Melbourne, we can help!

* Current as of September 28, 2010.

What you get

The Property Development Assessment compiles the answers to these questions into a report summarised as:

1. Recommendations. Recommended way forward given the four constraints listed above and how they uniquely apply to your site.
2. Things to note. Summary of pertinent planning information regarding your site.
3. ‘Back-of-the-Envelope’ Project Feasibility. This is a high level feasibility study for your project that now uses actual, live RPData and HIA industry build data.
4. Appendix. Important documentation including Title, Copy of Plan and Schedules/Neighbourhood Character docs where appropriate.
5. Conclusion. The report concludes with a recommendation that your proposed development can proceed with a level of confidence that is:

• Excellent – Very likely to gain a planning permit from Council for development
• Good – Likely to gain a planning permit as long as identified risks are mitigated
• Marginal – Likely to be rejected for a planning permit