I purchased my property in 2006, and I've only started to investigate the prospect of subdivision.
The block in question is 40m X 25M with a little bit more on one corner. According to the council, I could potentially build three units (300sqm min/10m frontage) Currently a house sits on about 530 sqm. I've upgraded the kitchen and Bathroom @ 16k approx a few years ago.
Question is: what is going to potentially net me more cash in the shortest term, given I collect $200/wk in rent.
1. Keep the house split block in two, sell land as first option in short term, or build on the vacant block, finish renovations on existing house. Sell the existing house, and claim private residence on the new block, (hopefully avoiding CGT by doing so). I've only been renting it for 2 years.
2. Demolish the house, build side by side units X3, rent all/Sell 1/2 or all three.
I've already been told I can expect 35-40K to do the divide the three blocks. But in trying to do my math, how much could I expect to build three side by side units (single floor) I think one of the houses solo was fixed at $150k through Rosdale. So what would I expect for three.
I'm trying to work out what sort of final value I could get for the job. My long term goal is to own 3-4 rental properties, my dream home, a boat and a campervan. I don't ask much

If I've missed any information, please don't give me the how long is a piece of string thing. work with me
