Case Studies
375 Fifteenth Avenue, Austral 2179
Mixed Zoning
R2 Low Density &
R3 Medium Density
4.48 Acres
13KM
Background
Mixed Zoning Property: Fifteenth Avenue FAST Corridor
Located along Fifteenth Avenue, close to the north Austral IGA, was the family home of our clients. We had been referred to this family by a client who we had assisted from Sixth Avenue. The family was well known within the area and had close ties with the Austral community.
A change in their circumstances of their elderly mother had prompted the family to consider selling their long held family property. This change in circumstances had the potential to impact the sale from a tax perspective with the sale needing to be completed within a certain timeframe to manage these tax implications. The family home was also significant in terms of lifestyle for some of the family members and this was a consideration during the selling process.
- Land Size 4.48 Acres
- Status Purchased by Kuber Homes
- Outcomes Development Application in Process
- Key Stakeholders
The vendor and multiple family members
Neighbouring vendor
Client's Solicitor
Development Consultants
Prospective Purchasers - Services Rendered
Planning research
Property Advisory
Property Negotiation
Process
Given the location of the property and it's proposed road layout, there was a benefit to our client in working with their neighbour.
A key consideration in developing the selling strategy for this property was the indicative road layout on the site. An investigation into the proposed road layout led us to the conclusion that it would be beneficial for our clients to work with the neighbouring land owner. The two owners had a good relationship with each other and had been in discussions for some years about the potential of taking their properties to the market together.
The benefit of working together in this case was that the road layout on our clients property was supported by their neighbour. This meant that development of our client's land would be difficult in isolation. As a result of the relationship between the two vendors. we were able to bring the two adjoining properties to the market to maximise each of the individual properties potential.
We ran an on-market selling campaign for the two properties simultaneously and engaged with multiple developers during the process. It was also important for us to manage developer enquiry related to the FAST corridor proposed for Fifteenth Avenue.
Key Considerations
- Indicative Road Layout Plan & Yield
- Tax Implications and Selling Timeframe
- Adjoining vendor benefits from selling together
- Current use of property by family members
Results
The result achieved for this property and the neighbouring property was outstanding in terms of the price per acre achieved.
The results and outcomes achieved for our clients included the following:
- An experienced builder & developer purchased the site which has mitigated risks within the transaction.
- Tax implications have been managed by securing the sale within the allowable timeframe.
- The negotiated selling price per acre was strong for the type of property and market conditions.
