The following costs are associated with developing your land with a dual occupancy- tandem or duplex style.
The cost of acquisition of the land if you do not own it
The interest or holding costs
Your share of equity or the deposit which is usually 10% of the cost of the property
Stamp duty which is 5.5% in Victoria and 12% for overseas interests plus FIRB fee
Legal costs for conveyancing which could be in the vicinity of $1000 upwards
Town Planning Application fee which is around $1500 depending on the value of the construction costs
Subdivision permit fee of around $1400
Bonds or contributions your local Victorian Council may request. Generally speaking open space contributions apply to three or more lot subdivision. A bond may apply to ensure the landscaping is completed as per approved plans
Metropolitan Planning Levy (MPL) for construction costs above the MPL threshold which is now just over $1m
The Land surveyors fees which can be around $3000
The Architect and Town Planners fees which ranges from $12,000 upwards. Talk to us for our competitive fee structure
The landscape consultants fee which is around $1000 and higher for larger sites
BESS and ESD report which is becoming common in some councils- around $1000
A civil engineers fee for the drainage design around $1500 +
The structural engineer's fee which can be in the $3500 range depending on the type and coplexity of the construction. Sloping land, poor soil report will affect the engineering and building cost
The fees to prepare Building Permit/Tender documents
An arborist report if it applies. Arborists report on the vegetation on the land and on adjoining properties if applicable
The Building surveyors fee which can be upwards of $1500++ depending on dwelling sizes
A soil test report around the $450 mark
The cost of the construction which can be $1200 per sqm and more depending on finishes and site constraints
The subdivision costs (providing services, crossovers, driveway,landscaping which can add up to $15,000 and more for a simple dual occupancy)
An open space contribution usually applies for three or more dwellings on a lot. The contribution can be 5% of the land value on the rates notice
A contingency amount to cover unexpected construction costs which should be 5% of the contract price
Feel free to call us on 0448 170 132 to discuss your project or please complete the form for a 24 -48 hour response
Th above feasibility is a general example for a duplex style feasibility.
There are few types of dual occupancy- the most common being the tandem here site costs (driveways and connection of services can be more), the duplex with each unit have a street presence which attracts a premium or those on corner lots and in some instances one unit above another.