What is Project Management ?
Why Should we use Bonnici & Associates?
Is My Property suitable for redevelopment?
BONNICI & ASSOCIATES
CONSTRUCTION CONSULTANTCY DEVELOPMENT
Project management
What is Project Management?
Project Management incorporates all responsibilities for the design and construct process. The Project Manager is engaged to manage all the affairs and obligations for the client.
Why should we use Bonnici & Associates as Project Managers?
Early appointment will ensure that important building issues are factored into the design development, such as:
Buildability issues are considered into the design.
Alternate construction techniques are considered into the design.
Time and cost assessments are considered and implemented.
Cost plans are established for alternative materials and finishes.
Services are co-ordinated.
Life cycle costs have been considered.
Is my property suitable for redevelopment?
If you have a property that is zoned for a use which is considered to be a 'higher and better use' than the current development, the site is suitable for redevelopment.
Just one call to our projects team and we can let you know what your property is zoned.
What does the term 'highest and best use' mean?
The most profitable likely use to which a property can be put. The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand in the reasonably near future having taken into consideration zoning regulations.
However, elements affecting value which depend upon events or a combination of occurrences which, while within the realm of possibility are not fairly shown to be reasonably probable, should be excluded form consideration.
Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered.
That use of land which may reasonably be expected to produce the greatest net return to land over a given period of time. That legal use which will yield to land the highest present value.
Sometimes called optimum use.
The use of, or programme of utilisation of, a site which will produce the maximum net land returns in the future, although such returns need not be in dollar amounts."
Definition taken from "Glossary of Terms" prepared by the Real Estate Institute of Australia We can assist you is determining the highest and best use for your property.
What is 'zoning'?
Zoning is a local Government or Planning Authority control on the use for which land may be used, such as residential commercial or industrial.
The Zoning also determines the density of development within each zone.
What is my land worth as a development site?
The value of your site is directly linked to the type of development that can be built on the site and the number of units that may be achieved. The number of units is then multiplied by the sales price to estimate a total Realisation from the sales, that is, total income from the sales.
From the Gross Realisations all costs and expected profits are deducted from the sale prices, which leaves you with the price you are able to pay for the land, at that expected yield and profit.
As different builders and developers have different cost and expected profit margins the land price can vary.
A lengthy valuation process is used to
determine the value of property for development purposes for which we have established a computer analysis spreadsheet. If you would like us to look at your property give us a call.
What is an option -v- a conditional contract? An option is exactly that. An option taken out by a prospective purchaser that they may elect to purchase your property on the agreed terms at any time within the period for which the option is taken out. A contract is an actual sale. That is, a contract is the document exchanged when the property is purchased and cannot be rescinded by either party.
A developer may elect to take out an option on a property for a period to enable him the flexibility to try and sign options on all the properties needed for a development site with time to lodge and have a 'Development Application' assessed. If the application is not approved the developer will not execute the option to purchase.
What is the process that a development goes through to get it built?
Once the site is identified as a potential development site a development application outlining the proposed development is lodged with the local authority. Once this is approved the plans are modified if necessary to redraft the approval and then lodged with a private certifier who will issue a construction certificate. Simultaneously tenders are requested for the construction contract.
Once the contract is signed, all fees are paid and finance is in place, construction can commence. Upon completion the project needs to be signed off by the Private Certifier and then lodged with the Land and Property Information NSW offices.
Marketing of the development will take place throughout the construction period and settlements will take place once registration has occurred. Our office can assist developers with any or all of these stages.
What are my options if I have a site but no $ and no expertise?
We can assist you to package your site to a developer or discuss your options in relation to joint venture partners or financing the development for yourself.
PH: 0411320160 MAIL: PO BOX 360 CRONULLA 2230 FAX: 95231076
EMAIL: martin@bonnici.com.au
LIC# 37423 / BC 1111
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