Case Study
Dated apartment block morphs into chic living
Owners of apartments in a tired 70s brick building were facing more than $1 million worth of remedial and compliance works to bring the building and its premises up to code; with engineers reporting concrete cancer among other defects.
With time being of the essence, the strata committee chairperson contacted Development Exchange seeking an alternative to repairing the existing building. The team at Development Exchange partnered with the diverse group of owners — each at different life stages, investment positions and with varying perspectives — and guided them to see the true value of their assets without having to reinvest into the property.
A market and product assessment was completed to find the best redevelopment solution for the area to ensure maximum returns. Development Exchange engaged a prominent local architect and proceeded with the project, including lodging and securing a compliant Development Application to proceed with the redevelopment. Upon securing the approval, the value of each unit was increased by 30%, even before construction commenced.
Upon conclusion of the project, the chic 12 new luxury apartments raised the profile of the popular beach-side street and reached the target sale price, achieving a total 59% increase in market value.
The owners were delighted with their individual returns. Some were surprised how easy the process was considering all the personalities involved in the project.
Enquiries.
contact@developmentexchange.com.au
(02) 8006 8202
Level 4, 333 George Street
Sydney, NSW 2000
Mon - Fri
9am - 5:30pm