Affordable Apartments in Bellingen.
‘Big House’ Apartments are your typical apartments but configured into what externally appears as a ‘Big House’. These types of apartments are especially good at ‘fitting in’ with a suburban context. (such as Bellingen).
This site is affordable land. It is one of the last large sites, within walking distance of the town centre. It has some difficulties though, as it is a battleaxe block and the sewer is at the top of the site. Additionally, the site’s primary aspect is Westerly which will require some summer sun control. The topography is steep and difficult to use. The site is also flood prone, and has the potential for the lower section of the site to be inundated in a 1:100 year flood.
On the other hand, it is on the South side of Bellingen, and within 500m walking distance to the centre of town. It has a creek frontage and a fabulous tree lined aspect over the creek.
This site has the capacity for 8 x 2 bedroom, 1 bathroom affordable apartments. The large site could also cater for a community BBQ facility and community gardens.
As with all of our projects, we keep a close eye on the cost plan. The cost plan for such a site would be as follows.
- Site Purchase, Stamp Duty & Legals. $320,000 approx.
- Consultants & Council to secure Development Application. $40,000 approx.
- Consultants & Fees to start of build. $220,000 approx.
- Build Costs. $2,000,000 approx.
- Site Holding Costs to completion $100,000 approx.
- TOTAL PROJECT BUDGET = $2,680,000
- Cost per Unit = $335,000 per Unit.
Assuming 8 people form a joint venture partnership with 40% deposit.
- Each person would contribute $134,000.
- This would provide the capital to purchase the site, obtain DA’s and obtain the funding.
- Each person’s share of the remaining funding would equal, $270/week approx.
- (assuming 25 year loan term on 4.9% per annum).