Example of development incentive (Worked example Sample Clauses

Example of development incentive (Worked example. As an example, a unit in part of Xxxxxxxx Valley may sell for $600,000. Assuming an average size of 90 square metres, the sell rate would be $600,000 divided by 90 square metres, or $6,667 per square metre. While this sell price would normally include a component of land, in the case of the development incentive, the cost of the land has already been recovered in the development allowed without the development incentive. The build rate would be found from a published guide such as Xxxxxxxxx’x Construction Cost Guide. Typical rates for prestige standard construction are around $3,000 per square metre. Given that architecture, engineering and other costs would not increase to any significant extent with an additional dwelling, the estimate of construction cost should be robust. Higher rates may be allowed in high value areas in recognition of a luxury level of fitout. We have assumed $4,000 per square metre to include GST, six months financing, additional Council fees and cost of sales. The lift rate is required if application of the development incentive required an additional story. Typically, any prestige building of two or more stories is likely to include a lift. On this basis, only the cost of extending the lift to the next floor would be considered. Again a typical rate per floor for a lift is $10,000. Again assuming a 90 square metre dwelling, the lift rate would be $10,000 divided by 90 square metres, or $111 per square metre. A case study of a 450 square metre block, with an additional floor area of 90 square metres (achieved through additional height), is assumed. Additional Private Benefit (APB) per m2= Sell Rate (SR) – (Build Rate (BR) + Lift Rate (LR)) = $6,667 – ($4,000 + $111) = $2,556 Dedication Rate (DR) per m2 = APB x 50% = $2,556 x 50% =$1,278 Total Dedication (TD) = Additional floor area (FA) in m2 X Dedication Rate (DR) per m2 for Precinct =90 m2 X $1,278 = $115,020 It is reasonable to assume that sharing a profit of around $230,040 (i.e. with 50% or $115,020 dedicated to affordable housing) would be an attractive proposition for a developer in this housing sub-market. Again, it is noted that a developer will ‘do the sums’ on the potential profit and will make a decisions regarding whether it is economically worthwhile to take up the density incentive.
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