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Well including me thats 3 out of 3 actual customers who have contributed this thread who appear to be less than statisfied with the results. We all appear to have learnt some "great" lessons!!! I hope the members of somersoft can learn from ours!

Yes, this is ABSOLUTELY RULE, I believe it was mention by me and other more experienced developers, the MARGIN is your insurance policy. To be honest if this development had a 20% rather than 12~14% margin, I would have been say "well it didnt work out as expected, I got out of a difficult...

Of course the units at the end would be strata titled but at the start of a development we are talking about a cr*p house on a big block of land. Mrs AL has not gone easy on me....I just had to sell another IP to pay for "my loss" (it was "my precious" ...that I purchase prior to...

No so complicated. Let's take an example You and your mate want to by 123 Main St for $500K and for the sake of simplicity you will go 50/50. The purchase is made and the title is registered as 50% owned by Noddy and 50% owned by BigEars, Noddy contributes 250K (plus $10costs) and BigEars...

Well the development is now completely over: all but the accounting and GST (BAS). To my great relief, the sale of the unit I sold was settled 2 hours before the rescission notice took effect. The solicitors are not going to give me my money until the legal bill is settled, but of course...

Dont worry, if you want someone to rub my nose in it...Mrs AL is doing a extraordinary job at it. I suppose there are three key areas Things I knew about and expected/accepted the risk. For example if end value of the development dropped due to market conditions. Things that didnt...

This is true, as I said MrsAL was very uncertain going into the development, but I wanted to do it. So at the start there I was positive to the development and wanted to buy, build and hold (Plan-A). Mrs AL was uncertain so I promised her at the end if she was not happy that I would sell...

There was approximately a 0.4% contingency on the entire development, and in hindsight this was certainly not enough and certainly one of the lessons I learnt.

I must disagree with the firesale prices; the unit I sold sat on the market for serveral months, before selling at the "realistic market" price for a unit that was undersized for average. If it was a fire sale then the price if sold today would higher, it is not. In fact the the information I...

Yes a valid point, I paid a premium price for the land (more than if it was sold for today) with DA/permits in Jan 2003 believing based on the feasiblity study that this would be a "quick" nine month project. If all had gone to plan, I could have marketed the properties in the Oct/Nov 2003 and...

Calm down, I havent been "warned off" or otherwise threatened. However I just feel it is reasonable to seek Metropole's approval before posting details.

After a several month long legal nightmare with the title split (another l.o.n.g. story, and not directly related to Metropole) settlement for one unit should take place this week (I hope). My friend (development partner) has sold his unit which will settle soon. The one unit remaining sat...

I know of a couple of members of this forum who are using Metropole project management services, unlike mine I certainly hope that their outcome is favourable. I certainly hope these members have a profitable outcome, not just a expensive "learning experience". The project is in it's final...

I have given my approval for MY to post his version of the project. I feel troubled to comment further in public about this project until the outcome is decided.

Quite simply the staff Metropole's dont deserve to be rubbished. For example the property management team have really done a really good job trying to find a tenant since handover and keeping me informed of progress.

It is true the market is slow, the development popped out of the pipeline at a bad time. As for the accuracy and expections contained in the feasibility study, I should leave that for Micheal to respond.

Well, it's in the end game now with the development, construction is completed and handed over from the developer I should be geting the keys any day now. I think Micheal would agree with me that that in regard to the projects full cost, length and final values I could only report bad and...

Mr Bird please see my comments below

I have been in Japan too long! if you order a basic house or 50 story office building (I have a friend in the big development business) and the construction company says it will be finished 29-Sep, they mean it, you can order a year in advance for the delivery trucks to arrive on the 30-Sep 9am...

Once the project is complete I plan to write a full account. Negatives Completion Time: The project was commissioned in Jan 2003, at the time the feasibility study at the time estimated Nov 2003 completion. Now we are in Jan 2004 and the project is tracking towards Mar/Apr 2004 completion...