Property development, otherwise known as real estate development, is the process in which buildings and/or land is developed to raise its value. It’s a business comprised of numerous different elements, including building a property from the ground up, renovating an existing property, and converting properties to serve a different function to that it originally held.
TEM have been involved in the successful delivery of many projects in Townsville and North Queensland since our commencement.
Simply put, a subdivision is an act of splitting one parcel of land into multiple lots. It’s a common practice in property development that allows you to convert a plot of land to two or more. When you subdivide the land, each new lot has its own property record entries. The local authorities dictate if and how this can happen.
Depending on where you’re developing, you’ll have different regulations related to subdivisions.
A dual occupancy subdivision is when you build two or more dwellings on an existing single title and then subdivide the lot to create two separate titles.
A perfect example of this is an apartment block. These are often twenty or more apartments in a multi-story block built on older commercial buildings or large residential blocks. These high-density residential developments might even have hundreds of apartments in each tower. Sometimes rezoning is involved in building these. Which means working closely with local governments to get the right approvals and plans sorted.
These types of development are occasionally mixed-use as well. This means that there are commercially zoned properties at the bottom of the complex. These might be retail stores and eateries, for example. While above are the residential dwellings.
Often these homes are sold off-the-plan as well and are attractive to investors who are looking for rental returns.
Yet another type of property development are spaces constructed purely for commercial use. Like a high rise or a shopping centre, for example. The tenants are usually offices or retail outlet.
These are heavyweights, playing with large amounts of capital, and there are some serious returns on investment happening at this level.
The space we predominately deal in. This is where vast areas of land, for example, old farming land, is subdivided and developed to build a brand-new housing estate.
We are talking whole new suburbs of major cities here, as urban sprawl spreads.These projects are undertaken with the approval of and direction from state governments.