Vesi were asked to review an existing Development Approval for a potential development site close to the University of Queensland at St Lucia.   The clients had previously obtained a Development Approval for townhouses, and were considering selling the site.   After an initial discussion, Vesi were commissioned to carry out a feasibility review of the existing scheme and the potential of the site.

Vesi subsequently reviewed the current planning constraints for the site, and after consideration of the existing approval and obtaining additional planning advice, prepared an alternative development proposal suitable for a feasibility review and Council prelodgement meeting.   A detailed preliminary feasibility review of the alternative apartment proposal was prepared, including obtaining an opinion of construction cost from a Contractor and projected sales prices from an experienced Project Marketer. A detailed preliminary feasibility report was then prepared, including sensitivity analysis of a number of factors.   Vesi’s alternative recommended design concept resulted in a projected improvement from a loss to a seven-figure profit, resulting in the project being feasible to develop.   The proposal was supported by a favourable Council prelodgement meeting response.

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