A core strength of the SEMZ team is our ability to manage the complete lifecycle of projects, ensuring seamless execution from concept to completion. This expertise was recently demonstrated in the successful delivery of the Kirra Gardens project in Camberwell, where SEMZ provided a comprehensive range of services, including Property Advisory, Development Management, and Project Management.
Project Overview
The Kirra Gardens development is a $50 million+ residential project, consisting of two four-level buildings with 41 apartments and two levels of car parking accommodating 68 vehicles. The project features a mix of high quality one, two, and three-bedroom apartments, with unique floorplans designed to meet diverse market needs.
SEMZ’s Role: Our involvement began with the creation of the investment opportunity, which included thorough site acquisition due diligence, financial analysis, and the negotiation of a bespoke deal structure. From there, SEMZ oversaw and managed the project, ensuring its smooth progression. Key responsibilities included:
- Project Governance & Stakeholder Engagement: Maintaining effective communication and governance throughout the project.
- Financial Management & Reporting: Overseeing the financial aspects of the project to ensure the budget and financial targets were met.
- Legal Management: Handling all legal elements of the project, including Contracts of Sale (both land and apartments), Planning Legal Advice, Funding Transaction Documents, Construction Contract and Consultant Agreements.
- Product Mix & Design Management: Refining the apartment offerings and managing the overall design to maximize value.
- Planning Amendment: Facilitating a planning amendment through VCAT.
- Securing Funding: Successfully securing debt financing from Westpac and mezzanine/preferred equity from CVS Lane.
- Sales & Marketing Strategy: Developing and executing a comprehensive sales and marketing strategy, including appointing the Project Marketing Agent (Eton) and Creative Consultant (Earl St).
- Project Delivery Management: Administering the construction contract, securing the builder, and ensuring the project was delivered as planned.
- Authority Liaison & Approvals: Identifying and navigating the necessary approvals from local authorities.
- Post-Construction Management: Managing practical completion, registration of the plan of subdivision, titles, and post-construction settlements.
Overcoming Challenges
Throughout the project, SEMZ successfully navigated several critical challenges, ensuring the project’s success:
- Planning Amendment Approval: SEMZ led the process to secure a planning amendment through VCAT, enhancing the project’s viability and maximizing its value.
- Securing Complex Financing: In a challenging funding environment, SEMZ sourced and secured both debt and mezzanine/preferred equity funding.
- Cost Management in a Volatile Market: SEMZ expertly managed the project’s construction delivery in a market with rising costs, ensuring the project was completed on time and within budget.
Team Commitment and Approach
As with all projects undertaken at SEMZ, a highly skilled team, with consistent Director Level involvement, navigated the project through significant project risks.
This team-based approach provided continuity and consistent management throughout the project. Our communicative and collaborative approach, ensured that the project was well-prepared, effectively managed, and delivered in alignment with the client’s objectives.
At SEMZ, we pride ourselves on our ability to navigate complex challenges and deliver great outcomes. The success of Kirra Gardens is a testament to our holistic, hands-on approach to managing the full life cycle of projects, providing our clients with the highest level of service and results.
