Exercising vigilance, every step of the way
The financier of this mixed-use project – which included 29 apartments and three retail premises – on Sydney’s famous Bondi Road wanted to ensure their loan and the viability of the assets were in good hands. The financier requested that the developer bring Impact Group on board as Lenders Agent to assist them in managing risk.
An unwavering focus on reporting and timing
Impact Group played a key role in risk reporting, particularly with regard to service applications, cashflow, and progression of design throughout the construction-certification phase. All boxes needed to be ticked so the developer/builder did not have to stop work at any time.
The project included a chamber substation on site. Although common in some parts of Sydney, a chamber substation is not typical of residential developments in Bondi. To consistently hit progress targets, it was imperative that all approval applications were submitted on time.
People skills are at the heart of our success
Good communication is essential to the role of Lenders Agent. To ensure this happened, Impact conducted regular meetings with the developer and other relevant stakeholders, and a monthly meeting with the financier and developer. Detailed monthly reports were then submitted to the financier.
Going above and beyond to add value
Outside of advising on risk, we guided the developer to implement a more robust and regimented framework for Quality, WHS and Environmental Management.
We also leveraged off our considerable experience with NSW Land Registry Services to help the developer with its strata and stratum arrangements. This took the form of assisting with the timing of strata approvals, and advising the developer to modify certain conditions that would allow the stratum management to be administered more effectively.