Before buying or selling: do you know the development potential of your site?
Understanding the development potential of a property before buying or selling is paramount. Let’s see why it is important to conduct due diligence regarding development opportunities which can include clarifying key factors such as the zoning, planning overlays and any other planning policy relevant to the site, whether there is a designated building envelope on the land, presence of significant trees and vegetation, whether there are any restrictions on the title and the overall feasibility of your proposed use and/or development.
What is the development potential of your site?
Before diving into any real estate transaction, it’s crucial to assess the development potential of the property in question. Factors such as town planning regulations, land size, and surrounding infrastructure play significant roles in determining what can be built on a particular site.
Buyers and sellers alike should conduct thorough due diligence activities to uncover any restrictions or opportunities regarding development potential. This may involve consulting with town planners, conducting site surveys, and researching local council regulations and policies. AS Planning can help you with this, so feel free to contact us today by phone, email or via our online form.
Some important questions to ask when considering development opportunities of a property or vacant land:
Does the land have a building envelope?
Some properties have associated building envelopes on the land. The building envelope outlines the permissible area and height within which buildings can be constructed. It’s essential to align proposed developments within this envelope to ensure compliance with local regulations.
Are there any significant trees or vegetation on site?
The presence of significant trees can greatly influence development potential. The relevant Planning Scheme and the local council often have regulations protecting these trees and vegetation, which may restrict building activities near them. Identifying and assessing the impact of significant trees and vegetation is crucial during the planning stage.
Is change of use or rezoning feasible?
Exploring the possibility of rezoning or change of use can unlock additional value in a property. However, this process can be complex and may require approvals from local councils and government authorities. Understanding the feasibility and implications of such changes is essential for informed decision-making.
A Town Planning consultant can help you independently assess planning factors that can influence your plans for development
Gaining insight into your property’s development potential before buying or selling can significantly impact its value and future opportunities. By considering factors that will trigger local (and in some instances State) planning approvals, stakeholders can make informed decisions that align with their objectives. Engaging with an experienced town planner can provide invaluable guidance throughout this process. AS Planning is highly experienced in working across most Local Government Areas in Victoria, so contact us today to help you maximise the potential of your property.
