This property is a quintessential three-storey walk up in a coastal environment with a brick and concrete construction. Due to its close proximity to the ocean the property suffered concrete spalling to some elevations. Fortunately, the Owners Corporation and Strata Republic identified the problem early and arranged for prompt reporting and tendering of the works.
As the spalling works required significant access costs alone, the parties in connection with the project identified an opportunity to use economies of scale and create value at the same time. The project scope was expanded to include the rendering and painting of external areas and replacement of the balconies with a modern and lightweight construction that was BCA compliant. To accommodate the costs a financial budget and 5-year projection analysis was prepared to provide owners a clear financial picture.
The Owners Corporation is extremely satisfied with the end result which has led to significantly better market values for the apartments, along with increased rental value for investors.