Prestige 10 Storey, 39 unit primarily 3 bed, 2 bath with double Ocean Views

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This development was completed in 2005, though its site amalgamation and original approval were obtained by another, and as a one-man band I pursued him to sell the site to us to undertake the development and he eventually agreed. Sited on the peak of a ridge between Caloundra’s Kings and Shelly beach precinct, the 39 unit, 10-storey tower had four units per floor – most of which were three bedrooms with both North and South views thanks to a unique twin core and elevators, and high-quality fittings that matched the location. The views were a wide-open panorama; south views across Kings Beach and Pumicestone Passage over to Bribie Island, and north views over Shelly & Moffatt beaches right up to Pt Cartwright. For me, there were views from where I’d finished my schooling to where I lived at the time.

As also covered in other projects (See Project Pivot) I learned early on that selling most but holding onto a part of your project can be a great long-term growth strategy, and so I decided that I would always try and keep a piece of each project I completed. It simply made mathematical sense that saving the transaction fees on the home held, such as sales commission, marketing costs, legal (sometimes) stamp duty could be combined with the retained profits as more than enough equity for a bank loan. Now, I would be lying if I didn’t admit to the property equivalent of hoarding as I loved creating these properties and keeping a part of something I conceived and believed in; however, I had also watched successful developers build large complex’s and hold a portion for wealth accumulation and ultimately cash flow. Other benefits were that I got pick of the litter, paid ‘the project’ the initial list price less the cost above, secured an early pre-sale, which over time helped as others heard that the ‘developer’ was buying them himself, but I also had a vested interest in the final product outcome. I did this on most projects through the ‘90s and ‘00s, but there were downsides that I came to see consistently over time. 

In larger multi-unit (home) complexes a Body Corporate is required to run the day-to-day of the common areas of the complex, effectively this means everything outside of the home or unit you own, and these are what I like to call the fourth level of government in this country. This consists of two parts. One: a professional external administrative arm, a Body Corporate manager they collect the Body Corporates fees from the home owners but also administers the required legal documentation, pays the insurance and maintenance bills etc. And two: The Committee, which is an elected body of unit owners in the complex that in my experience attract two kinds of people. The first is an owner who just wants to help, but the second and most common is an authoritarian, typically not so emotionally intelligent person with ample spare time on their hands. In my experience these people create turmoil, and are destructive to peace and quiet and cost efficiency. 
It’s both these types of people but to be balanced the whole Body Corporate system itself that sees annual Body Corporate fees increase and erode the cash flow of property owners. As such, after years of seeing a repeated pattern I do my absolute best to stay away from Body Corporate ownership with any more than two owners as small lot schemes >3 units have different rules.