After being referred to our Office by an Industry counterpart, it was revealed that our Client had acquired a site with the development potential for an apartment or town house project.
Our Client identified a desire to develop the site, however had acquired the site without a clear understanding of the highest and best use, or the most financially attractive built form option.
After undertaking a wide ranging development advisory task, it was discovered that whilst the site had the potential yield for a mid-size apartment project, that the development costs, uncertainty on achieving the required levels of compliant with the local planning framework, and topographical features of the site serving as a constraint, we facilitated further investigations which yielded the potential for a more attractive financial outcome pursuing a town house option. It also was an option which was capable of securing approval with less risk to the Client.
We are currently working through the subdivision and development approval processes concurrently to enable our Client to proceed to developing the site.