Will the City of Vincent become a hot spot for investors and developers?
With the City of Vincent recently releasing a draft of town planning scheme changes, there are some opportunities for astute investors and developers.
The City of Vincent has prepared a new draft town planning scheme, which has been adopted at a recent council meeting. A town planning scheme dictates zoning and land uses and also guides development throughout the council. The Minister for Planning has granted consent to advertise the draft town planning scheme between February and May 2014 as the first process to initiating the new town planning scheme for comment.
There are many changes proposed by the new town planning scheme. These include changes to the zoning of more than 400 properties, the addition or removal of various development standards within the scheme and the change of allowable land use for certain properties and zonings.
The new town planning scheme is proposing higher densities and a greater mix of land uses along major roads, close to train stations and high-frequency bus routes. This is consistent with the State Government’s “Directions 2031” planning policy. The new town planning scheme reduces the number of planning precinct areas from 15 to 5, which will result in a more consolidated approach to development controls. The removal of the R 80 zoning in the Cleaver precinct, coupled with the removal of the multiple-dwelling development restriction may allow for apartment-style housing to be constructed. This denser style of living is an example of a change that may positively affect property values.
A change of town planning scheme gives those with the knowledge the ability to capitalise on the lesser-known information affecting specific properties. It gives the savvy investor an opportunity to get in before the prices reflect the real development potential.