Development of Large Apartment Block

[Josh Hyman]

I am visiting my parents in Sydney, Australia at the moment, and got talking with my dad about the family business. My mum's side owns a factory which sits on 3,300 square metres of land (35,521 square feet).

My dad has told me that back in 2007 he spoke to the architect who helped to design the factory. According to this architect, up to 72 units can be built on this land. My father and I would greatly like to see the dying family business turn to something far more successful, however unfortunately there is a family member who has no interest whatsoever and would rather fight the dying business and attempt to turn it around (next to impossible!)

Mine and my father's idea is to either close the factory completely and start to develop the land, or try to sell the business + equipment (but not the factory/land) and then develop the land. Our intentions are essentially to build 60-70 units with the ground floor area that faces the street to be utilized for retail shops.

Has anyone had to deal with family in such a way that might be able to recommend a method to convince the certain family member that spending 3-5 years battling for council approval will be more profitable than 3-5 years of fighting a dying business?

My wife also tells me all the time that I'm great at thinking ahead, but without being able to correctly place the steps in the right order to get there. What I mean is that I had in mind to go to 5-10 developers, show them what can potentially can be done, and then have them return to me with quotes and architectural sketches of potential apartment blocks that could be built, including parking solution. And then go with whoever provides the best quote and best designs.

Again, this is happening in Sydney, Australia. So I am sure that there are many things that run differently than it does in the US and Canada. if there is anyone with experience in developing and construction in Australia, I'd love to get in contact with you, but all feedback and comments are welcomed with open arms.

Thanks :-)