The Ugly Duckling

The property was a run down office building,  the owner applied to council for a development approval for the redevelopment of the building to extend the office use and this was rejected by council.

Raw Property Studio was engaged as the development manager by the owner for the project after council said no.

Raw Property Studio completed the following : 

Creation of  a Property Action Plan which identified, 

Potential alternate uses for the property, 

Childcare was identified as the Highest Best Use of the property due to the unique construction of the building and the roof structure.

Create the Development Concept to take advantage of market conditions,

Secured a Pre Commitment for the proposed building,

Increase the Income of the property by changing the use, 

Engage and manage the project team to lodge a development application on behalf of the owner,

Obtain a valuation to show the uplift in value. 

Manage the agreement for lease and lease preparation with the solicitor, tenant and owner

Manage tenant selection from multiple offers on behalf of the owner.

Preparation of detailed cashflows and project feasibility for the project.

The property was transformed to a high performance investment and created significant uplift in value for the owner.