Purchasing a development site in Brisbane requires a unique set of skills to uncover all layers that must be considered during the site acquisition process for a successful and profitable development project. Things such as flood overlays, character overlays, land zoning and site dimensions … to name a few … all need to be considered BEFORE entering a contract to purchase a potential development site.
Our team are constantly searching for these opportunities. We assess a lot of opportunities off market, or pre-market, but we also review properties that do come to market. In those that are listed on realestate.com.au or domain.com.au, we always look out for these 4 letters …. STCA. When anyone is trolling through real estate listings it so important to BE AWARE of these letters which stand for “Subject To Council Approval.”
In our experience, we have seen many sales agents who suggest, in their listing, that a property that is for sale may have upside development potential. Some agents may even go as far as suggesting how a property may be developed by indicating that a property can be subdivided or may be converted into units or townhouses. But there’s always a disclaimer on their listing …. STCA. So, you must look out for these letters in a listing when purchasing a development site in Brisbane and tread with caution in relation to properties when they exist.
When an agent suggests a property has development potential, but the listing is tagged “STCA”, what this really means is that there is no guarantee of the development potential for the property and it is really up to you, as the purchaser, to do your own due diligence.
At Streamline Property Buyers we have heard of many instances, where a contract for the purchase of a property has gone unconditional or even settled and only after there is no option to withdraw from a purchase the purchaser discovers that there is in fact no development upside. This is usually because there are limitations, or there are constraints impacting the site, that of course were not identified in the real estate listing, but were also not discovered during a comprehensive site due diligence process.
Of course, sales agents are never going to tell you the negative aspects of a property in their listing, so it is up to you to do your own due diligence – especially when purchasing a development site in Brisbane.
Thankfully, we can help you with that process so that you can understand what it is that you are purchasing. We can uncover the true upside potential of a property and evaluate the development limitations that may exist. If you need any assistance with this process, feel free to get in contact. We’re always willing to help.
Melinda Jennison – 0413 907 573