Concerted and coordinated approach maximises returns
When it comes to designing your property development, a coordinated effort between builders, architects and town planners is needed to optimise your site.
During the design process of a property development, many investors will either engage a builder or architect to help determine the size and number of dwellings to build.
This stage of a development is highly important because the decisions made now will have a big influence on the final yield of the project.
As such, a better approach is to incorporate both building specialists and architects into the design process, as well as town planners, who have a firm understanding of the residential design codes that govern what can and cannot be built.
For example, a client recently engaged Momentum Wealth’s developments team with a 1,000 square metre development site located in a north-east suburb in Perth.
With a zoning code of R40, the site was, on face value, suitable for the development of 8 multi-dwellings.
However, particular to this site was a 5.5 metre slope to the rear.
Typically, sloping blocks can be more costly to develop because they present unique challenges in terms of drainage, excavation and building height.
Subsequently, more site and earthworks typically need to be completed.
In this case though, our in-house town planners and development specialists worked with designers to utilise the natural contours of the site to the client’s advantage.
The final design, which recently received building approval, comprised a 2-storey building on the street front and a 3-storey building at the rear with car parking in between.
The sloping block meant the height variation between the front and back building was negligible, despite the extra storey at the rear.
Adding the extra storey also allowed us to include 10 dwellings, compared to the original design of 8, and an additional 150sqm of floor space.
Using the innovative design, the projected yield for the client has increased by more than 30%.
This project is an excellent example of why it’s important to incorporate building specialists and architects as well as town planners into the design process.
This approach will help to ensure you utilise your development site to its fullest potential and, in turn, optimise your returns. To learn about more development tips, click here.