Concept To Completion
A comprehensive due diligence is conducted by the I-Smart Property development team. This ensures that the whole development process is done in a smart, smooth and efficient manner. The following 5 steps give an outline of the development process.
1. DUE DILIGENCE AND FEASIBILITY
- Secure a potential development (Infill) site under Option and check the higher and better use
- Market value, comparables from agents and RP Data
- Depth of the market and demand in the area
- Code assessable - proposed development is within the zoning of the town plan
- Overlays (flooding, bushfire, environmental, etc) and easements (title search, caveats, etc)
- Proximity to infrastructure and amenities
- Demographics
- Services nearby (Sewer, Stormwater,Water, Electricity, Communication)
- Site contour - relatively flat
- Initial feasibility analysis showing minimum 20% profit on cost (acquisition,development cost, profit)
- Concept plan
- Pre-lodgement meeting with council
2. LEGALS AND FINANCE
- Appropriate structure is set up legally to carry out the development
- Investors / Shareholders are allocated a property each
- Investors Input (Cash, SMSF)
- Construction finance pre-approval
3. COUNCIL APPROVALS
- Engage consultants to get development approval (DA), operational works approval (OW) and building approval (BA)
- Professionals include town planner, surveyor, engineer, architect, etc
4. CONSTRUCTION
- Tender sent to builders and a reputable and cost effective builder is selected
- Approximately 12 months from sourcing a site to settlement
5. SETTLEMENT
- Each Investor settles on their completed property/townhouse
- Body Corp and Landlord Insurance arranged
- Property tenanted and managed
