Case Study: Exploring a Smarter Approach to Dual Occupancies at Forresters Beach

Recent updates to the Central Coast Council’s Local Environmental Plan (LEP) and Development Control Plan (DCP) have introduced new possibilities for dual occupancy developments in Forresters Beach. By simplifying approval processes for projects that meet specific criteria, this dual occupancy strategy allows developers to maximise land value while minimising risks and costs.

This article outlines a conceptual dual occupancy strategy for Foresters Beach and provides insights into similar opportunities in nearby suburbs like Long Jetty, Ettalong Beach, and Umina Beach.

In this article, you will learn:

• A theoretical dual occupancy approach tailored to Forresters Beach
• Key benefits of this hypothetical model, including flexibility and reduced risk
• Opportunities to replicate this strategy in other promising suburbs

Let’s explore the details of this conceptual project and what it reveals about more innovative property development approaches.

Site Details: Why this Forresters Beach Property is Ideal for Dual Occupancy

Key Site Information:

• Location: Forresters Beach, Central Coast
• Site Size: 727 square meters
• Minimum Block Size Requirement:
  • Attached dwellings: Minimum 550 square meters
  • Detached dwellings: Minimum 700 square meters
• Existing Dwelling: A well-maintained 4-bedroom home with front street access
• Proposed Development: A new detached dwelling at the rear with independent street access

With its coastal charm and consistent market demand, Forresters Beach offers an ideal location for a dual occupancy project. Its generous block size (727 sqm) meets the minimum requirements for detached dwellings under the LEP and DCP, making it a perfect candidate for strategic development.

The Forresters Beach Strategy

Leveraging Location Advantages

Forresters Beach is highly sought-after, particularly among young professionals and families looking for coastal living. Its desirable location ensures strong market demand and premium property values, making it a smart choice for dual occupancy projects for both rental and sales markets.

Development Plan

The approach taken for this project demonstrates how to maximise returns while minimising risks:

1. Retention of the Existing Dwelling:

The 4-bedroom home remains intact, ensuring a steady rental income during development and lowering holding costs.

1. Construction of a New Detached Dwelling:

Utilising the large rear portion of the property, a new detached dwelling is proposed. This is fully compliant with council regulations for dual occupancies, enabling a streamlined approval process.

1. Separate Access:

The new dwelling will have street access, enhancing privacy and market appeal. This setup simplifies compliance with council requirements and ensures both homes can function independently, adding to their market value.

Strategic Benefits of This Dual Occupancy Project

Flexibility in Exit Strategies

The Forresters Beach project allows developers to adapt to market conditions with three flexible options:

• Sell Both Dwellings: Leverage current market demand for immediate, maximum returns.
• Sell One, Retain One: Generate capital from one property while keeping a long-term rental income stream.
• Retain Both: Benefit from dual rental incomes and capital appreciation over time.

Risk Mitigation

This strategy minimises financial and operational risks through:

• Reduced Holding Costs: The rental income from the existing home offsets development expenses.
• Minimised Market Exposure: A faster approval process ensures the project is less affected by market fluctuations.

Profit Maximisation

The combination of location, efficient land use, and separate access points boosts the development’s overall profitability. Forresters Beach’s high-demand market ensures both dwellings are well-positioned for success in sales and rentals.

Expanding the Strategy: Opportunities in Ettalong Beach, Long Jetty and Umina Beach

The success of the Forresters Beach strategy can be replicated in nearby suburbs like Ettalong Beach Long Jetty and Umina Beach. The areas offer strong property markets and development-friendly characteristics, including:

Rear Lane Access: A Key Advantage

Many properties in these areas have rear lane access or corner blocks, which is ideal for dual occupancy projects. Rear lane access provides:

• Independent Access Points: Each dwelling has its own entry, preserving the aesthetic of the primary streetscape.
• Easier Compliance: Developments with separate access align well with council criteria, simplifying approval timelines.
• Enhanced Market Potential: Properties with independent access are desirable to buyers and tenants, increasing their marketability.

Market Demand in Coastal Suburbs

Ettalong Beach, Long Jetty and Umina Beach thrive due to their coastal appeal and excellent transport connections. Their growth makes them prime locations for developers seeking to replicate the Forrester Beach model.

Conclusion

The conceptual dual occupancy strategy at Forresters Beach demonstrates the value of aligning property development with market demand and updated council regulations. By retaining the existing dwelling and constructing a detached second home with separate access, the project maximises land use efficiency, enhances market appeal, and provides multiple revenue streams.

This innovative approach mitigates risks and offers flexible exit strategies, allowing developers to adapt to changing market conditions. Similar opportunities in Ettalong Beach Long Jetty and Umina Beach highlight the scalability of this model, proving its potential across various high-demand coastal suburbs.