Lovely 4 bedroom house rezoned for apartments building
FOREIGN INVESTORS (Non Australian Residents): Government approval for foreign investors is simple, via FOREIGN INVESTMENT REVIEW BOARD (FIRB), and costs $5,000 for a purchase of $1,000,000 or less, that is our case figure. FIRB is responsible for ensuring most foreign investment in Australia is directed towards new dwellings, which create new jobs and result in economic growth, as well as preserving the current stock of housing in Australia. Foreign residents can apply to buy an old house for redevelopment, such as knocking down the old house (demolition and new dwellings completed within 4 years of date of approval). This is usually only approved as long as a minimum of two houses are built for every one demolished. In our case, it will be 1 demolished for 6 massive apartments built, perfect situation. The Development Application (DA) can be obtained within 3 months.
This charming family home is situated within the Greater Springwood Master Plan and has been re-zoned by the Logan City Council as low-medium density/apartments, that means 75 dwellings per hectare. To make it simple this property can accommodate 11 apartments of 1bed+Study, or 6 huge apartments of 4/5 bedrooms, being designed presently, with swimming pool, BBQ area and Gym on roof top
You can live in it now and develop in a couple of years, or just rent it for the time being while you can already start the Development Application (DA). For information AIRBNB in this zoning is allowed, and the location just between Brisbane CBD and the Gold Coast will attract guests from interstate and overseas. I estimate it can be rented on Airbnb to accomodate 8 guests at easily $140 per night minimum.
