To understand a unit development you need to understand the definition of a Unit. A unit is smaller home typically 3 bed 2 bathrooms that is designed and built for a smaller block of land. The major differences of a unit to a residential home is -
1) The requirement for a 4m2 store room. This is stipulated in the residential R-Codes.
2) Have a minimum sized courtyard. The courtyard sizes will vary from, 20m2 to 30m2 respectively that is set out in the R-Codes. The other defining factor is the setbacks and site coverage. A unit typically sits on 55% to sometimes 70% of the total land available. A residential home sits on a max of 50%.
A true unit development hence is a series of units (let's use an example of a Triplex) we have a street facing unit design at the front, a middle design, and a design at the rear. A unit development hence is series of houses built within the same original lot usually sharing a common driveway. This common driveway is known as "common property" (C/P) or "access leg". The common property is divided up by the number of units and each unit owns a percentage or portion plus has responsibility of that driveway.
The difference between a Unit Development and a Property Development!
A unit development should not be confused with a property development. A unit development is the subdivision of land whilst building physical houses (referred to as "Units"). This offers the ability to sell a finished established product.
Property development is the subdivision of land only. There is only a vacant block to sell... Subdivision of land is referred to as a survey strata development while a unit development is referred to as a Built Strata development (at the technical level by a licensed surveyor). A Built Strata development is dependant on houses physically being built to obtain titles where-as a survey-strata development, is dependant on a survey delineating the lot sizes and shape. 90% of Unit developments are processed as "Built Strata" due to its better time frames.
Built strata versus a Survey Strata
A Built Strata development is dependant on houses physically being built to obtain titles where-as a survey-strata development, is dependant on a survey delineating the lot sizes and shape. 90% of Unit developments are processed as "Built Strata" due to its better time frames. The major advantage of a built strata development is you can have plans drawn up and submit them to the council for planning approval with out the creation of titles! It allows the major civil works costs to be included in builders contract as to having to find the funds upfront.
A built strata application starts with council planning submission. Once planning is approved, you have the right to build all 3 homes on the existing one title (a triplex example). The remainder of the title process is done during the building process. The average time from submitting to the council to hand over of houses + keys and titles is approximately 12 to 13 months (based on a single storey development). A survey strata development will take 6 to 10 months to create titles, but you only have vacant lots only. Your construction start will be delayed awaiting titles.
The biggest secret in the industry is if you want to make a proper profit you need to sell established property. Vacant land, particularly survey strata lots are very hard to sell on their own. We receive dozens of enquiries from people each year saying their real estate agent has told them they need to build a home on their lot if they want their block moved on. If sold as a house and land package the purchasers are weary of costs as they now have to build and develop the home themselves and will expect the lot to be sold for a price that is comparative to the neighboring established homes (typically a lower price which is unfavourable to the seller).
Working on the facts that 90% of people buy established and only 10% build in the marketplace, it makes perfect sense that if you want to appeal to the greatest amount of purchasers you need to "Build and Sell". More buyers means greater chance of better profits.
Triplex Designs
Triplex plans are considered the most unique style of of housing design that can be put together by a building company or designer. No other development has multiple requirements that affect each unit. Our understanding of council regulations helps us oversee our design team to ensure we achieve the best triplex designs created for our customers.
