Co-Development is a unique process that to this day no other company has adopted or strategically implemented. Joint Ventures and partnerships are nothing new, however when it comes to Co-Development; this measurable process is not something that has been centralised and demystified by a single company. Most developers are not looking for smaller opportunities on the ground in their community. But we’re a family-based business; a community-based business, we really want to help and support the members of the greater Melbourne community. Co-Development is a powerful concept inherent to the owner of Peak Property Group, who’s goal is to achieve financial opportunities for for both the landholder and developer.
Ultimately you have a vision which can be realised through Co-Development. Our “Dream A Little More” package offers you access to the best advisors and consultants at Peak Property Group. Learn from industry experience about, feasibility, private town planning, council regulations, land zoning, surveying, designers and architects and prime services such as water, sewerage, gas, electricity and internet are but a few things on the list that require assessment to maximise the financial potential of your property development.
Peak Property Group have been in the industry for over 10 years and currently have in excess of $150 million dollars in property developments across Melbourne, and that figure is steadily growing. Client testimonials speak volumes and many have been obliging when asked to express their Co-Development experience on camera. See these testimonials at; https://peakpropertygroup.com.au/transforming-lives/
Peak Property Group put each project through rigorous feasibility and planning stages; that offer client confidence, trust and financial potential; prior to any demolition or construction processes take place. At Peak Property Group, we are all about partnering with owners and providing a cost effective, time efficient offering.
Like all investment opportunities, there is always an element of risk, however the Co-Development model at Peak Property Group reduces that risk through capital support, cost absorption, feasibility study, council and town planning. Peak Property Group have the experience and resources to dodge industry pitfalls, ensuring the client process is informative and essential to success. Basically, you as the owner put up the land and Peak Property Group create the necessary partnerships that will transform your life and financial freedom in the next 3 to 5 years. Some examples of risks listed below can be mitigated through planning and marketing strategies implemented by Peak Property Group.
1. Development refusal from Council.
If Council does not like or agree with the proposed development, this would prevent the development. But as you have not paid for any development costs through Co-Development, there is no financial risk for you. So, you’re in a no-lose situation.
2. The builder dies, disappears or is bankrupt.
This is a major risk in any property development. At the beginning of a construction project, before a deposit has been paid to the builder, the builder must take out an insurance policy on behalf of the owner. This policy is called the Domestic Builder’s Home Warranty Insurance. It protects the owner if the builder dies, goes bankrupt, or has disappeared. The insurance will cover either the cost to complete the project, or to fix any structural defects that might be apparent in the work completed.
3. Newly created properties take longer to sell.
This is an easy risk to avoid. At Peak Property Group, rather than wait until the end of the development before selling the properties, we prefer to sell Off the Plan. In an Off the Plan sale, the purchaser commits to buy the property once it’s completed – generally for a small discount. Once this milestone has been achieved, Peak Property Group is comfortable to move into the construction stage because most of the major risks have been mitigated.
The first step in Property Development involves the fundamentals. Financial feasibility with a knowledge around numbers and an involved understanding of council requirements including land sub-division. Just because your neighbour 3 doors down has propped up 3 Townhouses, doesn’t necessarily mean this is the best option for you. Many varying factors could include; council and zoning restrictions, town planning compliance, financial, family and emotional legacies could see a range of possibilities emerge. Contact Peak Property Group today to get the ball rolling!
Project timelines can vary depending on certain factors such as the type of project, the type of Council, how well you can manage your consultants, how long the builder might take and how well you understand the development process. If you manage the project yourself, the process could potentially drag on for years, depending on your level of experience. In a Co-Development project, the standard working project timeline is between 18-24 months from start to finish. Working with the team at Peak Property Group will fast track you through the development process, offering an established team of professionals. With knowledge and experience already in place the systems which have been developed assist the overall workflow of the project, providing safe and efficient results on schedule.
It’s a pretty important question to ask, right? In the case that the existing house will need to be removed to make way for the new development, you’ll certainly need to make temporary accommodation arrangements. To give you an idea, you’ll need to leave the house at least 30 days before the existing house is demolished and construction begins. This scenario only relates to developments where the existing house is not being retained, so up until then you can continue to live in your house. However when it’s time to move, you could rent or live with family, friends, or even buy another property to live in during the construction stage. Peak Property Group can assist you to find suitable accommodation and assist by exploring options at this time.
With Co-Development you are already a few steps ahead because you own the land. However there are significant costs that come into the process such as; town planning permit, building permit, getting plans and concepts drafted, soil reports, building and construction. These are but a few of the other facets that people don’t factor into a financial decision.