The foundation of a successful commercial property development often hinges on the selection of an optimal site. While many properties make good general build sites, fewer are investment-grade, and even fewer are potentially highly profitable sites. This begs the question: how do you find a property with good development potential? At PDG, we are leading commercial property developers in Melbourne with a proven track record of successful projects. Our expertise encompasses all the critical skills necessary to identify the most promising development sites. In this article, we’ll take a closer look at various ways to pinpoint development sites with high potential.
Real estate portals offer direct access to properties on the market, however, the key lies in knowing how to maximise them. For instance, with sites such as realestate.com.au and domain.com.au, it helps avoid limiting searches to just “land for sale.” Expanding the search to houses for sale can highlight vast expanses of land with significant development potential.
Another valuable site worth inspecting is the National Mortgagee and Deceased Estate Data website. Here, you can find a list of properties marked as mortgagee and deceased estate from all across the country.
The public trustee is an Australian state government body responsible for the safe and productive handling of deceased estates , including the sale of properties owned by individuals who have passed without a will. While a majority of properties available would most likely be residential, there are also occasions where commercial properties are also listed.
Auctions are rich with new land ready for development, however, they present distinct challenges compared to conventional channels for finding profitable sites.
Auctions tend to move rather quickly, necessitating a clear understanding of desired property attributes and thorough research on listed sites. Only commit when the site 100% meets your project needs or goals.
Moreover, it’s crucial to establish a clear budget, and stand by its limitations. Theoretically, buying at an auction should be a more cost-effective route – however, it’s easy to get pressured into going over budget when you find a site that perfectly meets your needs. This is especially true when a bidding war occurs. Early bidding is considered good practice in auctions, however, make sure to leave some room in the budget to accommodate competitive bids.
For properties already under consideration, the local planning department’s Planning Register provides valuable insights into the status of planning applications of the sites in question. This information will allow you to be one step ahead of the market as properties meant for sale won’t be officially listed on the market until their planning application has been approved.
Specialised development agencies such as PDG possess an extensive network and expertise in finding suitable development sites. At PDG, we combine our network with our holistic approach allowing us to have complete control over the quality of the entire project from finding the best land to designing the development. With our people-first approach, our clients can expect us to provide location options that offer the greatest potential.
Choosing the right location for your next build is a significant decision that requires considerable thought. At PDG, we understand the gravity of this matter and are equipped with the resources and expertise to help you realise your goals.
If you’re considering investing in a new commercial property development, contact us to learn more about how we can help find the right property for you.
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