My little Mona Vale development update - Phase 3
- Thread starter MichaelW
- Start date
Thanks Lizzie,
They've got an excavator there today digging out the turntable pit so fingers crossed...
Cheers,
Michael
Hi Michael, Have you found out the info on the Margin Scheme?
How are things moving along with the project?
Unfortunately that post of yours Lizzie was way too close to being on the money. We finally got the basement down but it was a month and half of them pumping out the foundations through this current La Nina weather pattern. I got a weather claim from my builder for 7weeks of delays with this invoice for the basement milestone payment. Thankfully I read recently that this should be largely behind us and that La Nina is finished for now so fingers crossed.
Such is life, basement is finally down and we're on with the rest of the build.
Here's some happy snaps, if you ever want to see the full size images they're all in my gallery:
It bucketed down again just after that last photo was taken. The crew hung around until 10:30pm waiting for the rain to clear so they could finish the surface but it just kept raining. So they came back the next morning and thankfully it was still wet so they could work the surface to a nice finish. If it had set overnight then it would have been an expensive surface refinishing process that my builder would have had to do.
Its great to be moving forward again but let me just be clear that this development gig is not for the weak hearted! It is mentally draining. Every day is another issue, another setback or another challenge. There's the odd day of sun between the rain (forgive the pun) but they're quite rare. I got another expensive quote today for $18,000 to do section 73 works to connect sewer and water to the site. The original quote was $8,000 but that lapsed and those guys requoted at $12,000 with no change in scope. They also excluded a lot of things like inspections, road opening fees, traffic control etc which should have been included so it ended up being $18,000 when fully quoted up appropriately. Now, that's a cost I have to bear, but you can understand the disappointment when the original tender came back at $8,000 and I end up having to pay $18,000.
If you don't have a crapload of spare cash or spare servicability then developing is not for you. There's still a nice big margin in this for me when I keep all three and rent them out at completion, but its a tough journey to get to that point.
Cheers everyone,
Michael
Michael, not many beginners would take on a project to the scale of yours.
I agree that it is mentally very consuming and developers deserve all of the profits they get although it does get easier with experience. Beginners need to keep the projects realistic and don't go in too deep with regard to project complexity and financial committment.
Sorry Gools, I've been a bit tardy but its progressing along nicely now! We had the ground floor slab poured a few weeks back and they're now doing the brickwork to the first floor slab. Here's some update photos of the ground floor slab pour. Check out how much formwork they needed to support the slab and all that reo...
Its progressed along very nicely since we struggled in the dirt and rain to get the basement slab down. Since then its been pretty smooth sailing. I've been told by my builder that they expect the brickwork (walls) on the ground floor to be completed next week so I'll post another update then.
I've also had some interesting times trying to have that large tree overhanging power lines removed. I posted earlier that I managed to get Energy Australia, now AusGrid, to agree to remove it at their cost saving me about $4,000. It took a lot longer than expected and they only just started removing it last week. They got half way down then stopped working when they discovered a large beehive in the hollow trunk at the base. I had to source a bee remover at my cost, which I've now done, before they could come back and remove it to ground level. They also mentioned that the stump grind will also be at my expense but that's all OK as its much cheaper than $4,000 to have it completely removed at my expense.
I'm loving this project and enjoying watching it go up. I've been on holidays in Borneo and Phuket for the last three weeks and a lot happened while I was away. Will keep the updates coming. As always, any questions or observations, fire them my way.
Cheers,
Michael
I'm still reeling form the amount of steel needed for conc on the east coast.
Do you guys get energy efficiency exemptions for slab on ground too?
Do you guys get energy efficiency exemptions for slab on ground too?
Yeah, we find over here, that if you use reo in your concrete, you avoid potential issues in the future.
Attachments
G'day Aaron,
Yeah, there's a lot isn't there, and that's after my builder worked with the engineer to minimise the amount of reo he used. The initial design was "over-engineered" in my builders view and this is the revised engineering...
I think we did get some allowance in our BASIX for using suspended slabs instead of bearers and joists. Its also my builders preferred construction method so I was happy to run with it.
All very exciting now.
Cheers,
Michael
PS Propertunity, nice pic. Gees the Chinese do cut some corners don't they...
Hi Guys,
Another Milestone stage reached! My builder just finished the brickwork on the ground floor which was the final element of the ground floor slab milestone payment stage. We're halfway through now with $600K odd spent and about the same left to go.
Its looking really really good. I'm really happy with how its going up now. I've spoken to my builder and I'll be flying to Sydney for milestone payment inspections towards the end of the project. At present its all pretty much just structural to the BCA but soon it gets complicated when they start the fitout. At that stage I want to ensure they are building to the specification and scope of works so will go down with the contract and check all the specified elements are in place such as double glazed windows or colorbond privacy screens etc.
I'm not sure if you can start to get an appreciation of what it might be like to live here, but I think the last photo gives a bit of an idea. There's two ground floor yards along that Pittwater Rd boundary with a fence to the wall midway along. The yards will be quite small but very comfortable and landscaped.
Anyway, here's the ground floor brickwork photos:
As always, any questions fire away. I hope you enjoy these as much as I enjoy posting the updates.
Cheers,
Michael
Another Milestone stage reached! My builder just finished the brickwork on the ground floor which was the final element of the ground floor slab milestone payment stage. We're halfway through now with $600K odd spent and about the same left to go.
Its looking really really good. I'm really happy with how its going up now. I've spoken to my builder and I'll be flying to Sydney for milestone payment inspections towards the end of the project. At present its all pretty much just structural to the BCA but soon it gets complicated when they start the fitout. At that stage I want to ensure they are building to the specification and scope of works so will go down with the contract and check all the specified elements are in place such as double glazed windows or colorbond privacy screens etc.
I'm not sure if you can start to get an appreciation of what it might be like to live here, but I think the last photo gives a bit of an idea. There's two ground floor yards along that Pittwater Rd boundary with a fence to the wall midway along. The yards will be quite small but very comfortable and landscaped.
Anyway, here's the ground floor brickwork photos:
As always, any questions fire away. I hope you enjoy these as much as I enjoy posting the updates.
Cheers,
Michael
Hi Michael,
Wow the job is really coming along! Congratulations on finally making it a reality! I'd love to pick your brain a bit about the build costs involved.
You say you've spent around $600k to date to get it to this stage, are you able to provide us with a rough breakdown of where the money has been spent? I'm beginning to cost up a pretty big job in melbourne (big for me!) and would love to have a comparison on each area of the build.
I'm still waiting on final plans so exact numbers are hard for me to pin down so it would be great to see for example what your basement came in at and how big it was. How much excavation cost etc? or do you just pay stage payments to your builder and that is as close as you get to exact breakdowns?
Anyway mate, any info you can provide is very helpful.
Keep up the good work
Morty
Wow the job is really coming along! Congratulations on finally making it a reality! I'd love to pick your brain a bit about the build costs involved.
You say you've spent around $600k to date to get it to this stage, are you able to provide us with a rough breakdown of where the money has been spent? I'm beginning to cost up a pretty big job in melbourne (big for me!) and would love to have a comparison on each area of the build.
I'm still waiting on final plans so exact numbers are hard for me to pin down so it would be great to see for example what your basement came in at and how big it was. How much excavation cost etc? or do you just pay stage payments to your builder and that is as close as you get to exact breakdowns?
Anyway mate, any info you can provide is very helpful.
Keep up the good work
Morty
Thanks Jo, great to hear from you!
And thanks Morty. Unfortunately, its a fixed price contract with milestone payments to my builder so I don't know the actual vs budget breakdown. That's their business. The total contract is $1.265M before the $50K addition for contamination so is now $1.315M. Hence my call saying we're about half way.
Now we're out of the dirt it seems to be coming up much quicker. Next stage is the 1st floor slab and brickwork then roofing and then we're pretty much at lock-up. It will get sexy when we get inside and the photos will really start to get interesting.
Oh, and got a quote for the stump grinding on that tree for only $180. The bee remover was $160 so for $340 I had the whole tree removed by AusGrid instead of having to fork out $4,000 to have it removed myself. Happy with that.
Thanks for all the support guys. I ran my servicability model at completion again the other day and its still all looking really good. I'll have full interest cover out of my rent and a little bit of surplus to cover some of my other expenses such as council rates and land tax etc. I think after NG deductions (with a lot of depreciation) I'll still be marginally CF+ at completion holding all three of these and still holding my former PPOR in North Narrabeen. About $3.6M in total properties then and marginally CF+. Happy days but still a fair bit of work between now and then to see me to that outcome.
PS Did I mention my wife is "seriously" shopping for our new home in Bardon QLD now too. Might be some more interesting posts to follow in short order. Wish us luck. Now, 5 properties worth a touch under a million each would be a nice little portfolio...
Cheers,
Michael
And thanks Morty. Unfortunately, its a fixed price contract with milestone payments to my builder so I don't know the actual vs budget breakdown. That's their business. The total contract is $1.265M before the $50K addition for contamination so is now $1.315M. Hence my call saying we're about half way.
Now we're out of the dirt it seems to be coming up much quicker. Next stage is the 1st floor slab and brickwork then roofing and then we're pretty much at lock-up. It will get sexy when we get inside and the photos will really start to get interesting.
Oh, and got a quote for the stump grinding on that tree for only $180. The bee remover was $160 so for $340 I had the whole tree removed by AusGrid instead of having to fork out $4,000 to have it removed myself. Happy with that.
Thanks for all the support guys. I ran my servicability model at completion again the other day and its still all looking really good. I'll have full interest cover out of my rent and a little bit of surplus to cover some of my other expenses such as council rates and land tax etc. I think after NG deductions (with a lot of depreciation) I'll still be marginally CF+ at completion holding all three of these and still holding my former PPOR in North Narrabeen. About $3.6M in total properties then and marginally CF+. Happy days but still a fair bit of work between now and then to see me to that outcome.
PS Did I mention my wife is "seriously" shopping for our new home in Bardon QLD now too. Might be some more interesting posts to follow in short order. Wish us luck. Now, 5 properties worth a touch under a million each would be a nice little portfolio...
Cheers,
Michael
Nice, coming along nicely. Those timber fences will need to go.
Brendio,
Hahaha, right you are. We're flat out now doing this development down in Sydney remotely and simultaneously pushing through our Owner Builder new development in Brisbane. Life's never boring!!
UltraProperty, absolutely! I've attached the architects design for the new fences that I had him do up. What do you think? Pretty nice huh...
We just paid the next milestone payment for having the top floor all framed up ready for the brick cladding and the roof to go on. Here's some photos:
I know they're not great shots but you get the idea. I'm down there again next weekend so will take some shots from across the road so you can see the roofline and how its all going to look when done.
We spoke to the builder a month ago when we were down there for a site meeting and the timeline looks like a March 2012 type completion date. Can't wait. They'll rent really well based on an assessment we just did on our last trip. Rentals in this area have gone up strongly in price.
We still have the usual builder/developer argie bargie. Dispute around definitions of Provisional Sum items and whether they're supply only or supply and install and what's included/excluded. But that's all par for the course. I've learnt a great deal out of the process though and my next contract of this nature will have a lot more specific clarity in the area of Provisional Sums. They're an avenue for far too much contract cost leakage if not locked down tight.
And I just placed the order on my overseas supplier for the basement car turntable. Will cost me US$6,000 up from the US$5,000 I was quoted six months ago but still way less than the AU$25,000 local suppliers quoted.
Cheers,
Michael
Hahaha, right you are. We're flat out now doing this development down in Sydney remotely and simultaneously pushing through our Owner Builder new development in Brisbane. Life's never boring!!
UltraProperty, absolutely! I've attached the architects design for the new fences that I had him do up. What do you think? Pretty nice huh...
We just paid the next milestone payment for having the top floor all framed up ready for the brick cladding and the roof to go on. Here's some photos:
I know they're not great shots but you get the idea. I'm down there again next weekend so will take some shots from across the road so you can see the roofline and how its all going to look when done.
We spoke to the builder a month ago when we were down there for a site meeting and the timeline looks like a March 2012 type completion date. Can't wait. They'll rent really well based on an assessment we just did on our last trip. Rentals in this area have gone up strongly in price.
We still have the usual builder/developer argie bargie. Dispute around definitions of Provisional Sum items and whether they're supply only or supply and install and what's included/excluded. But that's all par for the course. I've learnt a great deal out of the process though and my next contract of this nature will have a lot more specific clarity in the area of Provisional Sums. They're an avenue for far too much contract cost leakage if not locked down tight.
And I just placed the order on my overseas supplier for the basement car turntable. Will cost me US$6,000 up from the US$5,000 I was quoted six months ago but still way less than the AU$25,000 local suppliers quoted.
Cheers,
Michael
Hi Michael,
Great to see it all coming together! You must be really excited now watching it all take shape!
It's interesting you mentioned an overseas supplier for your car turntable. I am currently costing up car stacker systems for my development and was wondering if maybe they could be sourced cheaper from overseas. Is there any chance you could PM me through your contact so i could get them to do me up a quote please? They are coming in pretty expensive if bought from this end but one supplier told me they all come from china anyway so maybe i can cut out the middle man.
Another thing was the lift supplier. Who did you end up going through as i know you would've shopped around?
Thanks for your help
Morty
Great to see it all coming together! You must be really excited now watching it all take shape!
It's interesting you mentioned an overseas supplier for your car turntable. I am currently costing up car stacker systems for my development and was wondering if maybe they could be sourced cheaper from overseas. Is there any chance you could PM me through your contact so i could get them to do me up a quote please? They are coming in pretty expensive if bought from this end but one supplier told me they all come from china anyway so maybe i can cut out the middle man.
Another thing was the lift supplier. Who did you end up going through as i know you would've shopped around?
Thanks for your help
Morty
Hi Morty,
Now see, THIS is why these sorts of forums are great!
OK, here's some info for you based on all my running around and deal cutting...
1. The turntable (same mob supply lifts as well):
Arch Auto Equipment in Shanghai. My contact is Mr Arkin Lee, but just send them an enquiry and one of the reps will get in contact with you. Very easy to do business with and a fraction of the locally supplied prices.
This might be what you are looking for which they supply too...
2. The lift
Lift Shop Supermec
Cheaper than a hydraulic lift and faster and more economic too. I did need to negotiate hard on this one though with a competitor in the mix to get the price right down to where it ended up.
Hope that helps.
PM me if you need any more really meaty details...
Cheers,
Michael
Now see, THIS is why these sorts of forums are great!
OK, here's some info for you based on all my running around and deal cutting...
1. The turntable (same mob supply lifts as well):
Arch Auto Equipment in Shanghai. My contact is Mr Arkin Lee, but just send them an enquiry and one of the reps will get in contact with you. Very easy to do business with and a fraction of the locally supplied prices.
This might be what you are looking for which they supply too...
2. The lift
Lift Shop Supermec
Cheaper than a hydraulic lift and faster and more economic too. I did need to negotiate hard on this one though with a competitor in the mix to get the price right down to where it ended up.
Hope that helps.
PM me if you need any more really meaty details...
Cheers,
Michael
The new proposed fence will look good and block out any unwanted noise. This car turntable should be interesting to see, never seen it used in a development before.
