Hi Everyone,
I have constructed a lot of duplexes in my career, but never for myself. That is about to change.
I just purchased a site in North Ryde NSW, and as the site has a number of challenges which come up as questions on this forum, I thought it might be fun and educational to post regularly about the challenges and solutions that I come up with, and also an honest look at the financials to help people who are thinking about doing the same thing.
I have set myself a challenge which is to have these completed by the end of June 2022. The site settles on November 17th 2021, which gives me 7 months.
The first goal is to have the slab down pre Christmas so that it can cure over the break. The biggest threat to this is going to be stormwater approval.
Below is a summary of the site details and major challenges from a design and engineering perspective:
Site Summary
1. Site Area - 676 sqm
2. Frontage - 15.24m
3. Fall from the front to the rear of the property - 4m ( RL 49 at the front & RL 45 at the rear)
Major challenges:
1. The site is flood affected as it backs onto a creek, which is also a positive from a marketing perspective as the outlook is fantastic
2. As the site falls to the rear we have to find a way to drain the stormwater off the property
3. My wife is the project manager/interior designer on this which is why I only have 7 months to build it North Ryde Duplex BuidBack yardLike ⋅ Add a comment ⋅ Pin to Ideaboard ⋅
North Ryde Duplex Buildrear yardLike ⋅ Add a comment ⋅ Pin to Ideaboard ⋅
Financial Summary:
1. I purchased the site for $2.5m
2. I am budgeting spending $1.2m on the build and design fees
3. I am budgeting to sell each duplex for around $2.5m
4. With interest, marketing, taxes, agents fees etc the project will owe me just over $4m.
Next Weeks tasks:
1. Survey is booked for Wednesday the 13th
2. Design Brief to be finalised and issued to the design team
I have attached a couple of site photos to put this into context.
Till next week
Simeon