Australia's Largest Strata Asset Renewal Project
5th March 2020
Glenview Court - Australia's largest Strata Asset Renewal project
The fantastic outcomes being achieved by Glenview Court in Tamarama highlight how funding solutions can assist strata owners affected by building defects.
Glenview Towers was a tired property with two fire orders and concrete cancer but that didn't deter the owners who are turning the property into a showcase of Strata Asset Renewal. Rather than going for the cheaper option of fixing the cancer and addressing the fire orders, they took the value option of a complete refurbishment with two new penthouses expected to fund a large portion of the investment. To fund this investment they will borrow more than $20 million from Lannock, a decision that showcases the merits of strata finance over special levies.
How did they make it happen?
It took a dedicated committee and a determined, resilient chairman. The owners had a vision, not just to fix, but to improve. All 78 units had ocean views - a balcony would go well with that. The 8 storey property had just one old lift - let's replace that and add another. There were only 50 car spaces - let's dig a hole and put in a 2 level underground car park with spaces for everyone. We have narrow corridors to access our units - let's build terraces instead.
They obtained Development Approval from the NSW Joint Regional Planning Panel and Waverley Council.
These works will increase the floor space of each unit by 25 per cent and the owners expect the rectification and increased amenities will increase the value of every unit by a minimum 75 per cent. In the process, the concrete cancer, fire orders and other building defects will be rectified. The DA also provides for building two new penthouses, sales of which will fund a significant portion of the enhancement.
Glenview Chair, Christine Smetsers says: "It wasn't easy, there were more problems than we thought, but look at the outcome, it's just wonderful and immensely satisfying". So satisfying that Christine has set up Strata Owners Asset Renewal, a company dedicated to helping other owners corporations realise their dreams.
So, why did the owner corporation choose Lannock's strata finance?
Lannock's CEO, Paul Morton says: "There are the obvious benefits: availability of funds, cash flow, potential tax benefits, cost, etc but the real thing is that a strata loan is an enabler. Just like a mortgage enables you to get that dream house, a strata loan enables to you transform your property and increase your return on investment".The following links to other news articles provide more information and photographs of the project: