When I purchased my property, it had a long lease to a national tenant, My intentions was rental investment only, however it came with a 6.5.1 FSR and 7 level limit. Builders would not be interested due to the long lease, Across the road was a hotel pokie nightclub, it was the hotelier and myself the final 2 bidders.
The tenant never exercised the lease option and vacated the property, the site abutted the rail line. I have no experience in developments. I decided to visit a architect to at least sell it DA approved. He sells me the world, Are you crazy, you can get 16 levels and 140 units on the site. Months go by as he has meetings with council, An event comes up with Joe Hockey at Doltone House, he advised we go, we go. We sit the table beside and I am introduced. More council meetings, Acoustic, basix, electrolysis, geotech, railcorp, stormwater, traffic reports, 3D models and some $450K later all a waste of time.
Had all the excuses including wait for new local elections.
Its like I flushed that money down the toilet. Out of nowhere a developer approached me direct and says leave it to us, not that much better, and about 3 years later, through land and environment court ended up with 13 levels
The deal i made with the developer was, you pay me for 100 units (thinking 16 levels would be approved) if you get more I also get more on a sliding scale. however if you get knocked back you still pay me for 100.
The twist ~ I have my money in my account now, 13 levels was good for 75 units inc retail, the deal wasn't too good for the Chinese overseas developers, however they came to an arrangement where if they donated one of the retail shops to city council which would become a library the council would agree to them adding an additional 2 levels (15).
Half way through development the builder went bust and ANZ took over the site. Never heard from anyone after that.
Never again
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