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On the 6th October 2017 Sovereign Building Company were contacted by a developer in relation to a modern, cosmopolitan townhouse development in Duncraig. Excited about the possibility of being involved in such a fantastic project, we quickly established a plotting/subdivision on the site and provided a full feasibility study to the developer by the 13th of October. The Developers provided an offer on the property the following week, and then after the 6 week due diligence period we began work on designing a fantastic series of townhouses with the following mix of designs:
The designs were presented to the City of Joondalup planners and accepted by the council, however there was an issue to overcome. Town planning policy dictated that townhouses needed to be 10 metres wide, whereas our designs came in at 6 meters wide.
To overcome this hurdle and deliver the stunning, compact development we had envisioned we applied to the Western Australian Planning Commission (WAPC) to have 5 x 6m wide frontage townhouses lots on the block approved and we submitted this on 24th of November 2017. This was approved at the WAPC meeting in March 2018.
The development also achieved planning approval and Sovereign Building Company is now preparing for commencement of construction in July 2018. The initial feasibility study indicated a range of 15-20% return, and this was backed up by a final feasibility study that indicated a return 16-18% after all build costs, finance approval, real estate sales reports and proposal and fully engineered working drawings and interior pre-sign sections have been finalized. The team is looking forward to breaking ground on the project and delivering some stylish high density living to Duncraig.
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The thing that made us feel really comfortable was that we were dealing with a family business. The owners of Sovereign were always on hand if needed to advise us.
We have enjoyed our experience with Sovereign Building Company from the beginning where Greg Barndon showed us the display home, arranged a “Concept Design” and Estimate to suit our requirements.
We are so happy with our home and would not hesitate for a moment in recommending Sovereign Building Company to anyone who is looking to build a beautiful home without the headaches.
We definitely would recommend other investors (both local and foreign) to build their projects with Sovereign Building Company.
Being able to deal directly with the owners of the company was an added bonus.