Elysian – 385 Rokeby Road, Subiaco – June 2022
We are very pleased to report that demolition of the existing building will commence next week as we prepare to commence construction in late July. Great progress has been made with our preferred builder BGC to get the project to a point where we are able to commence construction. A collaborative approach has been taken with BGC’s subcontractors to ensure trade pricing can be locked materials can be procured earlier in the contract than would normally be the case. We have now completed the piling design for the basement and the piling contractor has confirmed the availability of the rig at the end of July. Our current focus is therefore to finalise the head contract with BGC over the next two weeks while the demolition is completed. Preparations to lodge our building permit for the main works are also now complete, so once the head contract is executed, we will look to lodge the building permit.
Commencement of construction on site will be the cut-off point for buyers having access to the 50% stamp duty rebate scheme which gives a stamp duty rebate of up to $50,000 for properties above $600,000 in value. This is a significant saving so we hope it may provide a good incentive for buyers to act now, particularly as they see work now commencing on site.
The market has thrown up some significant headwinds in bringing this development to the point of construction commencement. In an environment where many projects are being shelved, we are very happy to be in a position where the project can proceed, and we are looking forward to delivering an outstanding apartment building for our existing and future buyers.
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,