36 - 48 Sylvester Grove, Preston

7 Warehouse-Inspired Townhouses, One Commercial Space. Site acquired by and developed with Misura.

Modern residential building with brick and gray exterior, large windows, and small trees with autumn leaves in front.

Site Acquisition And Feasibility

The Sylvester Grove project began with the identification of a commercial warehouse site in Preston, positioned along the Plenty Road corridor - a location benefiting from strong residential demand, main road exposure and ongoing urban intensification.

Rather than viewing the site solely as an existing commercial asset, the opportunity was assessed through a planning and feasibility lens to determine its highest and best use.

Zoning suitability, development capacity, and local market dynamics were analysed early, enabling the project to proceed with clarity on yield potential and financial viability before the acquisition was finalised.

  • Identify a site within a strong growth corridor with mixed-use potential,

  • Confirm zoning suitability and development capacity,

  • Conduct due diligence, including overlays, easements, title checks and service connections,

  • Undertake feasibility analysis to test development yield and project viability,

  • Secure the site via contract with appropriate conditions.

Aerial view of a city neighborhood at sunset with a downtown skyline in the background, featuring residential houses, commercial buildings, and streets.

Planning Permit And Modelling

With the site secured, the focus shifted to feasibility modelling and concept design to ensure the development responded to both planning controls and market demand.

Early collaboration with planners and architects allowed the project to test a mixed-use configuration comprising seven townhouses and a commercial tenancy with prominent street activation.

This stage was critical in balancing planning compliance with development efficiency - refining setbacks, building heights, parking requirements and open space provisions while maintaining a viable yield and construction profile.

  • Engage a town planner and architect to prepare concept options,

  • Test development yield and mixed-use configuration,

  • Prepare concept design responding to setbacks, height limits and parking requirements,

  • Undertake preliminary cost estimates and financial modelling,

  • Lodge planning application, including architectural drawings and planning reports,

  • Manage public notification, council assessment and planning approval.

Construction And Delivery

Following planning approval, the project progressed into detailed design, construction and delivery. Engineering documentation, construction drawings and builder selection ensured the development could be delivered efficiently while maintaining design integrity.

The completed project delivered seven townhouses alongside a commercial tenancy with main-road frontage, creating a diversified investment asset capable of generating consistent income while benefiting from Preston’s long-term growth trajectory.

  • Prepare detailed construction drawings and engineering documentation,

  • Obtain building permit and finalise construction contracts,

  • Demolish the existing warehouse and commence construction,

  • Build residential townhouses and street-facing commercial space,

  • Complete inspections and obtain occupancy permits,

  • Sell or lease residential dwellings and commercial tenancies.

The finished development produced a rental yield of approximately 4.5%, supported by strong residential demand and low vacancy.

Within four years, the asset recorded around 15% capital growth, allowing the owners to benefit from a balanced outcome of income, depreciation advantages and long-term appreciation.

This demonstrated the value of identifying development potential early and executing with a clear, feasibility-driven strategy.

Modern white bathroom featuring a sink with a cabinet, a mirror, a towel rack with a black towel, a glass shower enclosure with a door, a toilet, and minimal decor like a small plant and soap.
Empty modern kitchen and living room with wooden floors, white cabinets, white walls, and large windows showing trees and buildings outside.
Outdoor balcony with a glass table, four black chairs, a potted plant, and bottled beverages against a brick and concrete wall under a blue sky.
A modern bedroom with white walls, a large window at night, a decorated bed with throw pillows and blankets, framed abstract art on the walls, an air conditioning unit, and a black side table with a lamp.
Indoor staircase with black carpeted steps, wooden handrails, and white walls illuminated by soft yellow lighting.
Modern, minimalist bathroom with a white sink, mirror, and a glass-enclosed shower with a rain showerhead.
Floor plan of a two-story house showing second floor with two bedrooms, bathrooms, and built-in robes; first floor with living area, kitchen, balcony, laundry space, and staircase; separate garage with storage space, entry, and outdoor area.