Top 7 Mistakes To Avoid When Buying A Development Site

Tuesday 28 February 2017

Author: Christian Cirillo

 

1. Easements, Encumbrances and Interests

When carrying due diligence on a property, thoroughly check all interests, caveats, easements registered and unregistered on the land. Obtaining legal advice is essential to assure yourself of any future issues involved in developing the site.

 

2. Environmental or Contaminated Land Register

You’ll need to confirm that the property is not listed on any environmental or contaminated land registers. Contamination reports are necessary for finance purposes of properties impacted by contamination. 

 

3. Potential Road Resumptions

Across Sydney metropolitan, the impact of a road resumption is significant today, the result is that you may lose a small (or even significant) portion of your property, therefore seriously impacting what can be built/developed.

 

4. Heritage and Preservation Protection

There are various levels of heritage orders and protection, all of which are detailed on local, state and federal government websites.   

 

5. Vegetation Protection or Overlays

You will need to ensure that you are aware of any vegetation, environmental or biodiversity protection that exist over your property. Having property which is affected by environmental protection can seriously impact on the viability of the overall development. 

 

6. Compliance Certificates

Is the property zoned or approved for the use you intend to develop, always get town planning or legal advice to confirm the existing use or zoning guidelines. 

 

7. Flooding

What was once flood prone industrial or commercial land, is now a great urban activated mixed use site or similar! Solving flood issues can mean extensive delays and in some cases also make the land unviable for development. We recommend you seek Town planning and legal advice prior to commencing any negotiations.

For confidential advice or recommendations on your specific requirement, call Christian Cirillo on 0434 537 009.

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