Does Your Property Have Development Potential?

Knowing the development potential of the land you are looking to acquire or sell is a critical factor in determining the value.

 

How to Determine Development Suitability

Experienced property developers choose their locations very carefully and always do so in close liaison with their trusted town planning or land surveying advisors. Once they understand the relevant local council’s development requirements, they assess development suitability using a number of factors aside from popular locations.

• Size and dimensions – How big is the site and are the dimensions suitable for development?
• Current dwelling – What is on the site currently? Can it be leased during the approval stage? Can it be repurposed? Will there be issues demolishing it? (e.g. asbestos, heritage status)
• Obstacles – Are there any big trees or other obstacles on the site or nature strip that will need to be retained or that will affect the development in other ways?
• Topography – Is the site level or does it slope?
• Soil – What kind of soil is on the site? (rock, clay or sand) Is there a possibility of soil contamination or the presence of archaeological remains?
• Site orientation – Which way is the site facing? This has implications for planning, e.g. access to natural sunlight, privacy issues with neighbours etc. Is the site easily accessible? Sites facing north are generally more valuable, as are sites with multiple street frontages (corner blocks)
• Neighbourhood character – What level of density is the area and will it affect any developments? What properties are in the area? Who are the neighbours and are they likely to object to new developments? What is general condition of surrounding infrastructure? (e.g. roads, footpaths)
• Neighbouring properties – Could any features of the neighbouring properties adversely affect the size, positioning or design of a new development?

 

As you can see, there are a lot of factors to consider when evaluating a potential development site, and this is only the beginning.

 

Title Checks

The certificate of title or online planning scheme needs to be checked to determine whether there are any easements, covenants, restrictions or development overlays in the title deed that could affect development.

Before the property is developed, the boundaries need to be reinstated by a survey. This may involve making minor adjustments to the boundaries between a block and adjacent land. The area and dimensions of a block of land can shift, although usually not by much.

A reinstatement survey or surround survey eliminates the risk of working with inaccurate dimensions and specifications. It also avoids disputes with owners of adjacent properties. A reinstatement survey needs to be conducted by an experienced and qualified surveyor.

 

Development Consultants in Queensland

If you own a block of land with development potential, you may be able to unlock significantly more value by developing it yourself rather than selling it off. If you think your land might have development potential, consult an independent development consultant.

Arnold Development Consultants has more than 50 years of experience as surveyors, town planners and development consultants all across Queensland. Contact us today to discuss your land’s development potential.