The client owned a large block in the northern suburbs with an old house located in the centre of the lot.
The zoning showed the land would allow for a triplex development with 2 new townhouses to be constructed on the site (Front and rear) with the existing home to be retained and renovated in the middle.
The client had purchased the land 2 years prior when land values were higher meaning he was facing a major struggle to make the development work from a financial point of view.
He didn’t want to just sell the land now at a loss but also didn’t want to sit and hold the land long term until prices recovered due to ongoing holding costs.
His goal was to push forward with developing the site but needed a builder who would work closely with him on design to ensure construction costs would be kept as low as possible.
Orbic’s ‘turn-key’ fixed price building contract meant no hidden surprises for the client on construction costs for the 2 new townhouses.
Orbic also had tradesmen it could allocate to the site to do renovation works on the middle home to ensure that the works were done within the tight Budget.
The client was able to move forward to develop the site and receive a reasonable profit on the overall project when it looked like he would have to take a loss.
Orbic’s low ‘turn-key’ construction cost and fast construction timeframe means that the client knows he can now actively look for future development projects knowing he has the right Builder on board.