Elysian – 385 Rokeby Road, Subiaco – May 2022
Our team has been extremely busy with Elysian over the past month.
Sales
The sales team has relaunched the development with a revised price list as a result of a review of the market and the build tender price received in April. We are pleased to advise that we have made 3 sales at the revised price with apartment 401 being sold for $2,500,000 and penthouses 501 and 502 both reserved pending contract signing at $2,500,000 each. We are in the final stages of completing deeds of variation for the 2021 sales with this to be concluded by 1 June. Unfortunately some of our earlier Buyers have decided not to proceed with their purchase and we wish them well in their search for a new home.
Builder
Good progress has been made this month negotiating contract terms with our preferred Builder – BGC Constructions. Celsius Developments has been working closely with BGC and their subcontractors to finalise contract terms and establish the building program which has a target commencement date in July 2022. While construction conditions remain challenging, we are pleased with the progress that has been made working collaboratively with BGC and their subcontractors. Discussions with subcontractors have highlighted a common theme that they generally see some pressure coming out of the construction market in the latter half of this year and into 2023 as the housing stimulus works its way through the market and a significant number of projects get shelved due to cost escalations. We are therefore optimistic that this should enable our project to have a better run through construction without the severe labour and material shortages we have experienced in the last 18 months.
Forward Works Program & Building Permit
Based on our review of the construction program, we have determined there is an opportunity for cost and time savings by way of a forward works program. To this end, our demolition licence has now been submitted with the City of Subiaco and works will begin clearing the site in late June 2022. Dilapidation reports for all neighbouring properties have also been completed and submitted to the Council with the demolition licence application. Our architects have been preparing the drawings for building permit issue, which has included the amalgamation of apartments on level one and two to create two larger 3 bedroom apartments fronting Rokeby Road. Whilst the outcome of our continued sales campaign will principally determine our ability to commence onsite, we are progressing the necessary preparations to give use the best chance possible.
We look forward to updating you with further progress next month, but if you have any questions in the meantime, please don’t hesitate to call on (08) 6144 0700 or 0401 009 617.
Regards,