What is a triplex unit development?
A triplex development is the creation of three residences on a single block. Often, it involves demolishing the pre-existing home and building three new residences, or adding two additional homes to the block with the aim to maximise the potential of the land.
Triplex plans and designs can be single or two storey, with 4x2 and 3x2 configurations generally having the highest appeal for Perth renters and buyers.
Why should I consider triplex developments?
Investors like triplex developments as they offer the developer the option of selling, retaining or renting the units once they are completed. It can offer the developer a blend of short term or long term strategies, which can evolve with their wealth creations strategy plans.
What site would be suitable for triplex unit floor plans?
Many investors choose to either rent out or sell at least two dwellings within the triplex development. So when site searching, remember to analyse prospects like your future tenant or buyer in the area would.
Things to consider are:
- Location: Look for a lot that’s close to amenities such as schools, shops, universities, transport links and medical facilities. Ask neighbours about crime rates, and make sure there aren’t any noisy workshops nearby. This is an investment, so never buy emotionally. Even if you love a block, if the location does not stack up, draw a line through it.
- Wide frontage and depth: Remember that your triplex plans will be influenced by the driveway installation that’s required to access the rear dwellings. Generally, the wider the block, the better. However, you also need to consider what is the optimal depth range. Too shallow and your triplex homes may not fit on the site, too long and you will need to account for a longer driveway and run services such as sewer, water, gas and electricity.
- Zoning: R-Codes are complicated and vary from council to council. Generally speaking though, you can likely undertake a triplex unit development with R20 to R40 zoning if the size of your block is suitable. As a rough guide, R20 zoning requires a land area of 1350sqm, R25 requires 1050sqm, R30 (900sqm) and R40 (660sqm).