The Easton

Services:
Capital Solutions Project Management
Asset Class:
Residential
Project Size:
126 Apartments
Project Overview:
Following the award of a planning permit for the construction of student accommodation, Client’s name approached Point Polaris to evolve the project into a residential development. The Client was new to the Melbourne property industry, appointing us based on our experience in the residential sector, and proven results in the re-configuration of developments. The client was seeking an experienced team to improve the value proposition of the property, assist in obtaining finance, project manage the construction and oversee the sales and project marketing process.
From Our Client:
Capital solutions: Point Polaris created an information memorandum to satisfy all conditions for obtaining financial close for a senior debt finance. Worked closely with the client’s offshore accounting and legal teams to obtain financial acquisition for the project. Development advisory: Managed the sales process with overseas and local agents. Project management: Appointed the design team, running regular meetings with all stakeholders to ensure the project was running to schedule. Procured the head works contractors and took on the superintendent role during the construction phase.
Results:
By reviewing the best use of the site and recommending a remix of its useage, we improved the sales revenue for the project significantly. By developing a robust scope and consultant brief, ensuring tendering for works were accurately priced, only 0.6% of the 5% construction contingency was used. The Easton has successfully sold over 95% of its apartments prior to the commencement of construction.
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