Bluebird’s Feasibility Calculator FAQs
How do I find the area of my site?
There are many websites that will help you to find the area of your site. You can use a free website such as ww.onthehouse.com.au.
We use paid subscription services such as www.corelogic.com.au and www.pricefinder.com.au
You can also order a digital Survey Plan through the Qld Government website. Access the Plan Search here.
How do I find what the zoning of my site is?
We find the best way to check the zoning of your site is to use the Brisbane City Council City Plan website.
Simply type in your address and view the property details on the left-hand side of the screen. This data also shows if the property is impacted by any overlays or Neighbourhood plans.
How do I know how many storeys I can build on my site?
The zoning of your site determines how many storeys you can build. Once again, refer to the City Plan to find this information.
Where can I find the constraints of my site?
The City Plan will explain the allowances of your site depending on the zoning. We encourage you to use the ‘map tools’ in the City Plan to look at the overlays that might affect your site, such as heritage or flooding.
What is the difference between “standard” and “premium” apartments?
The difference between standard and premium apartments comes down to the quality of finishes, views and location of the development. For example, if your site is on the river then it’s “premium”. If your site is in the back streets of a suburb, then it would be considered “standard”.
Can I choose an ‘in-between’ standard and premium apartments?
For the purpose of this high-level feasibility, we have entered average sale rates per square metre for standard and premium apartments. If you choose to progress with your site investigations, then a more detailed feasibility will be undertaken. This will include more accurate pricing depending on the product type and its positioning within the building.
What do I enter if I want to do a mix of different apartment sizes?
In reality, you are likely to have a mix of different apartment types and sizes on each level. However, for the purpose of the high-level feasibility, we have used an average apartment type on each level. Once we get into the next level of detail, we will refine the apartment yield matrix with an Architect.
How do I determine the value of my land?
The easiest way to determine the value of your land is to look at comparable sales in the area. Check what rate per square metre the land is selling for, look at its aspect, topography (sloping/flat) and compare your site to it. Once you find the square metre rate you think is comparable, simply multiply it by the land area of your site.
Why is my revenue based on the square metre of the internal apartment area and not the gross apartment area?
The internal area is of a much higher value than the balcony/external area, so in the high-level initial feasibility, the external area is not included in the revenues.
How did you determine how many carparks are needed?
Brisbane City Council imposes the number of car parks required. There are various factors to consider, such as whether it is inside or outside the City Frame, number of bedrooms in each apartment, and visitor parking.
For the feasibility, we have assumed an average of 2 car parks per apartment, however in reality there may be more or less.
What do the acquisition costs consist of?
The allowance of 5% of the purchase price for acquisitions is a standard assumption and covers things such as stamp duty and legal fees. To calculate your stamp duty, you can use the State Government’s Transfer Duty Calculator.
How do I know how much demolition of the existing building will cost?
Depending on the size/mass, age and material the building is built from, the demolition could be as low as $20,000 or up to $200,000. We have allowed $50,000 as an average of what demolition might cost.
What are the statutory fees?
The statutory fees include things like council assessment fees, pre-lodgement fees, compliance fees and any other applications and inspections required throughout the project life. These fees are dependant on the size and number of apartments. You will note plan sealing and titles fees are separate allowances.
What are infrastructure charges and how are they calculated?
Infrastructure charges are paid for every new apartment or lot developed on site. You will receive a discount for any existing lots. The fees inflate with CPI and are paid before the Plan Sealing Application is lodged.
You can view BCC’s current charges here.
What is QLeave?
QLeave is portable long-service leave, which is a Government requirement in any development. The money is used to pay building and construction employees long-service leave. You can find more details here.
What amount of profit makes a project feasible?
In a high level feasibility calculator like this, a profit of 10-15% is worth pursuing further. Note: the profit is calculated by dividing the net profit by the project costs.
In the next phase of the feasibility, we will prepare a more detailed assessment, using more accurate assumptions, to determine how feasible the project really is. For an apartment project, the ultimate goal is to achieve a profit of 18-20%, which is what the banks will require to obtain project funding.
What is the margin scheme?
The margin scheme is a formula applied so that you only pay tax on the value added to the property.
The margin is equal to “the end sale price (GST inclusive)” less “the original purchase price of the land”.
GST is then calculated as 1/11th of the margin.
This amount is deducted from your “Gross Revenue” to create “Net Revenue”.
What is deep planting and why do I need it?
Council requires a minimum of 10% of the site cover to consist of deep planting. Deep planting is must be planted purely in-ground and is not covered (open to the sky).
What does ‘efficiency’ in the feasibility mean?
The efficiency of the building is essentially the net saleable area, so it excludes the percentage of the floor area that the lift core, fire stairs and services take up.
What consultants need to be engaged?
The consultant team generally consists of your development/project manager, architect, landscape architect, town planner, surveyor, structural & civil engineers, service engineers (mechanical, hydraulic, and electrical), and quantity surveyor. This is not an exhaustive list and could include many other disciplines, depending on the project attributes.
Can I use this calculator for a townhouse site too?
No – this feasibility is designed for apartments only in South East Queensland.