7 Steps to Planning a Successful Multiple Dwelling Building Project

What does it take to plan, build and manage a successful multi-unit development? 

Whether you are an investor looking to break into the real estate world and embark on a multifamily modern multiple dwelling building project, a landowner looking to maximise the returns from your investment or a real estate agent hoping to bring new properties onto the market, there are several key factors in ensuring an multiple dwelling building project runs smoothly. 

Find out how planning processes should be organised and which questions need answering before sourcing permits and licences to guarantee a residential building plan approval – plus, who should regularly review worksites. Read on for seven key tips that will help ensure your multiple dwelling building project is successful from start to finish. 

Step 1: Conduct Thorough Research

Conducting thorough market research is the first step towards a successful multifamily development project. This research should include understanding the current market conditions, the types of property that are likely to be successful, and the potential return on investment. It is essential to understand the local market and geographic area where the development will take place and gauge the potential demand for the property. 

Step 2: Create a Comprehensive Business Plan

Creating a business plan for the project is the next step. The multiple dwelling building plans should be comprehensive, detailing the investment amount and sources, the timeline, the construction budget, and the marketing and leasing strategies that will be used to market and rent the property. A detailed budget should be created, including the cost of materials, permit fees, and labour. 

Step 3: Find the Right Team of Professionals

Finding the right team of professionals is essential for successfully building a multiple dwelling building. The team should include a town planner who will recommend architects, engineers, and construction and subcontractors experienced in multifamily development projects. This team should be able to work with the investor to provide a comprehensive plan for the project and should be able to handle any issues that arise during the construction process.

Step 4: Secure Financing

Once the business plan has been created, and the right team of professionals has been assembled, the next step is to secure financing for the development project. Financing can be done through private lenders, banks, or government agencies. It is essential to clearly understand the financing terms and ensure that the return on investment is sufficient to cover the costs associated with the project.

Step 5: Obtain Permits

The next step is to obtain the necessary permits for the development project. This process will involve submitting applications to local governments, which must be approved before work can begin. The development approval process in Queensland can be complex and time-consuming. Engaging with a town planner who will coordinate with Council and private certifiers early in the process is crucial to ensure that the proposal meets all the relevant requirements and is likely to be approved.

Step 6: Develop a Construction Plan

The next step is to develop a detailed construction plan for the project. This plan should include the multiple dwelling complex designs, timeline, materials needed, and estimated costs for the construction process. The plan should also include safety measures to minimise any potential risks or hazards associated with the construction project.

Step 7: Monitor and Manage the Project

Finally, monitoring and managing the project throughout the entire process is important. This includes ensuring the timeline is met, and the project stays on budget. Proper project management is essential for a successful development project.

Planning a successful multiple dwelling building project requires careful consideration and expertise to ensure that the project is feasible, financially viable, and meets all relevant planning and development regulations. By partnering with professionals knowledgeable about the industry and with a proven track record of obtaining approvals, developers can save time and money while achieving their development goals. Tactica, your trusted Gold Coast town planners, can help you navigate the complex approval process and ensure that your project meets all the criteria.