Australasia Investment and Trade Association Inc Australasia Investment and Trade Association Inc
澳亚投资与贸易协会

Doncaster Residential Apartment Project

 

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This is an opportunity to acquire a development site in a highly sought after and premium location on Doncaster Hill directly opposite Westfield Doncaster Shopping Centre, situated on a hill top position offering premium Melbourne CBD and surrounding Views.

There is no planning permit approval in place for this property, it is however zoned Activity Centre Zone 1 under the Doncaster Hill Principal Activity Centre Structure Plan (City of Manningham Planning Scheme) allowing for a major development in residential, commercial and hotel, similar uses to other surrounding properties.

The vendor and their agents have prepared a development scheme that sits with the current zoning requirements. It is this development proposal that this feasibility study will be conducted to determine the properties investment viability.

This Doncaster Hill property is occupied by a two level brick building with adjoining car parking. It is currently used as a Gymnasium however the property is offered with vacant possession.

The Property

Land area is 2662sqm. The site has no planning approval in place. It’s zoning under the Doncaster Hill Principal Activity Centre Structure Plan (City of Manningham Planning Scheme) allowing for a major development. The vendor and their agents have prepared a development scheme that sits with this current zone designed by renowned Architects Peddle Thorp, the scheme proposes 136 Luxury apartments with 2 retail areas over 10 levels. This property is located on a major corner with three street frontages in the heart of Doncaster Hill activity Centre in an elevated hill position providing for panoramic views of Melbourne’s CBD and surrounding areas.

Proposed Development

Based on the City of Manningham Council Capital City Zoning and it planning scheme “Doncaster Hill Principal Activity Centre Structure Plan”, a conceptual residential and commercial/retail development plan has been drawn up allowing for the following.

  • 15 x 1 bedroom apartments
  • 103 x 2 bedroom apartments
  • 7 x 3 bedroom apartments
  • 1 x 4 bedroom apartments
  • 10 x 2 bedroom townhouses
  • 2 x retail spaces
  • 137 x car parks

The scheme proposes a Gross Floor Area (GFA) of 16,607sqm and a Net Saleable Area (NSA) of 11677sqm including balconies.

Development Costs and Return on Investment

The costs associated with this development and its projected investment returns are tabled below. Detailed calculations can be found in the appendices

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In conclusion, the costs of this development versus its potential sales show an investment opportunity of 33% return over a 32 months period on the total development costs.

Research on current sales in the location of this development suggest strong demand, given this strong demand for apartments and the projected high returns, this development opportunity shows a good and secure investment.