Over 20 years in
property development has taught us there are few angels in the industry but
also that many rush in to development projects with such inadequate preparation
their actions can only be characterised as foolish.
While the rewards from property development can be great so are the risks.
Those who fail to take a professional, well-planned approach not only increase
their risks but also reduce their potential return from any development.
Even relatively simple projects invariably involve more time, trouble and
expense than first envisaged. Success requires highly developed project
management skills, remarkable tenacity, and the capacity to harness the skills
and expertise of individuals or companies in fields as diverse as urban
planning and stormwater drainage. It is not a task for the faint-hearted,
time-constrained or inexperienced.
No two development projects are alike and few can be described as ‘typical’. A
very general and incomplete summary of some of the tasks involved is outlined
below. This, we emphasise, is not a comprehensive guide to the development
process but should provide some idea of the complexity involved.
The first, most important and too-often-neglected step that should be undertaken
is a realistic and rigorous financial analysis of the proposed project. This is
not an occasion for ‘back of the envelope’ calculations but rather for a
thorough and detailed analysis of all the costs as well as impartial
advice on the potential returns.
Only after a detailed financial analysis has been completed should work begin
on the development process.
Request contour and feature survey from surveyor
Draw proposed plan of sub-division
Instruct surveyor to prepare proposed plan of sub-division
Submit proposed plan of sub-division to the West Australian Planning Commission (WAPC)
When the Conditional Approval of Sub-division is received from the WAPC, the following need to be attended to:
Prepare and submit a Development Application to the local authority
Sign Water Authority agreement and make payment for water, sewerage and drainage headworks
Sign Western Power agreement and make payment for the installation of electrical power dome
Arrange demolition of out-buildings on the proposed new strata block. i.e. sheds, garages etc
Arrange for the safe removal of any asbestos, including fences
Remove old septic systems in a manner approved by the Heath Department
Submit certification or Statutory Declaration to Local Authority for the removal of the old septic system
Clear all vegetation, including tree stumps, and rubbish from the proposed new strata block
Re-align sewer to the existing residence, if being retained
Install new sewer junction for the proposed new strata block
Install new water service for the proposed new strata block
Install underground power and safety switches to the existing residence, if being retained
Relocate gas meter to the existing residence, if being retained
Establish sand pad level for the proposed new strata block
Install access track to the proposed new strata block
Install retaining as required by the local authority
Install storm water drainage to the existing residence and driveway, if being retained
Build store to the existing residence, if being retained
Build carport and pave parking area for two cars to the existing residence, if being retained
Install crossover to drive
Instruct surveyor to repeg site
Fence new proposed strata block
Once all the Conditional Approval of Sub-division conditions have been completed, you then need to:
Arrange for clearances from Western Power, the Water Corporation and the local authority to be sent to the surveyor for final submission to the WAPC
Surveyor to lodge the approved Strata plan/diagram of survey to Landgate
Apply for titles
Brief real estate agents on
requirements
Agree on marketing budget
and strategy
If all else fails and you run into problems, contact Warren Humphrys at Successful Stratas to take advantage of its strata titling service: +61 (0)8 9245 6370 or send an email here.
