Development Approval

Development Approval. You purchased your ideal commercial investment property a long time ago. Cash flow was pretty good for a while, but the situation has changed over the years. Getting good tenants are getting a bit harder and time between tenants is getting longer.

Your ambitious maintenance program you thought about when you purchased the building is now a distant memory.

On the whole the building is starting to look a bit tired. In addition maintenance costs keep climbing.

Sooner or later you have an interesting decision to make. Do you still want to be in the situation with the same game plan where the quality of tenants and the building keep deteriorating? Do you continue to keep on throwing good money after one repair job to the next?

You can run away from the problem and put your property on the market. Easy option? Will be there with any possible new buyers. Don’t forget – the Main reason why investors don’t want to purchase your property this probably the reason why you want to sell. With this in mind the question will be – will they want to pay top dollar. They will probably have to factor in the refurbishment costs to bring it up to a reasonable level and attract good tenants. There are plenty of vultures out there looking for a bargain. You would want to be in a good bargaining position just in case you have to sell quickly.

It doesn?t have to be that way.

Your options?

Maybe you should speak to a commercial investment real estate specialist about current market demand and the options available to you. Do you refurbish or re-develop? You have to compare your options and do a feasability study to determine the highest and best use. ie thus most money in your pocket. You probably have looked at what the refurbishment costs are but are not too sure about the process to redevelop. Sounds good but generally what is the process for getting development approval?

What is a Development Approval?

(click headings for links to more information)

Basically it is a legal document that gives someone the right to undertake a development. The Development Approval will also specify the design and the detailed plans and conditions for the approval.

In summary,there are three types of consent. They are;

Development Planning Consent

Building Rules Consent

Land Division Consent

 

 

Local Council Requirements?

NSW Planning Portal

 

When is a Development Approval required?

Major Developments – What you need to submit for council approval. Council requirements.

Except and complying developments

Heritage works without consent

Construction Certificates

 

What is the difference between a building approval and a development approval plans?

Equally importantis ?the information you need for property assesment.

What types of development are exempt?

 

Development Approval

Are there any redevelopment possibilities for your property? Have you looked at the redevelopment options? Feel free to contact us for a no obligation, confidential discussion on planning or development options for your property.