[nzporsche944s2]

Bill, my brother is a property developer in Auckland and I've done a couple with him (multi dwelling developments - one was 5 houses, one was 3 houses, and a single house). A few things to consider from a NZ perspective (assuming your property is in NZ);

- build costs are through the roof right now. You are lucky to be able to finish a dwelling for $2500 per square metre. This is driven by a shortage of materials and tradespeople and of course greed.

- The local council will want a development contribution that is based on the rateable value of the land. For one development in Greenlane, Auckland we had to pay $122,000 to the council just to subdivide our own land (approx $1,000 per square metre)

Depending on the footprint and spec of the houses I would highly doubt they could build 6 townhouses for $3m - my estimate would be a build cost of double that after consents, contribution, and infrastructure.

Just my 2 cents