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The Beacon Updates

Project Summary

Our largest Development to date in terms of land size, The Beacon will convert a 12,261m² vacant lot into ten house subdivisions as well as an additional 28 townhouses for a total of 38 properties. Please note, while our fundraising for this project had three stages, there are only two stages of construction. Updates for both Stage 1 (Subdivision) and Stage 2 (Townhouses) are relevant to Stage 3 investors, as Stage 3 investors have invested in the entire project.

Project Updates

March 27th, 2020

Stage 1 (Subdivision):
Construction continues, mainly in the form of earthmoving. Preparation for the formation level of the internal road and footpaths is in progress. Work on sewerage infrastructure began last week.

Stage 2 (Townhouses):
After a lot of back-and-forth with the Council, we are *this* close to obtaining planning permits for the townhouses. Hopefully we’ll have some excellent news in next month’s update.

February 26th, 2020

Stage 1 (Subdivision):
Work on site began last month. The primary work being conducted is ‘topsoil cutting’, where excavators are used to dig and move soil to adjust the topography of the site to match what it specified in the approved plans.

We have also made our first sale in this project, with a Contract of Sale for Lot 109.

Stage 2 (Townhouses):
We are still awaiting the Council’s response, and are chasing as hard as we can to expedite their response.

January 28th, 2020

Stage 1 (Subdivision):
Subdivision drawings have been approved. Naming the road turned out to be more complex than we initially thought, as the appointed Council officer we received was quite strict. Ultimately, we opted for one of the names which the Council officer suggested: Bragg Rd. This road is named after an ANZAC soldier and the street sign will be specially marked with an ANZAC symbol to denote this.

We had a kick-off meeting with Montdami (the building contractor) last week and we have agreed that work will commence this week.

Montdami have also confirmed that the Construction Management and Traffic Management plans have been approved by the Council.

Stage 2 (Townhouses):
We are still awaiting Council’s response, and are chasing as hard as we can to expedite their response.

December 20th, 2019

Stage 1 (Subdivision):
Council has verbally confirmed that the subdivision drawings are approved. However, the name of the proposed street must be finalised before Council can issue the permits. Council’s requirements around street names are quite specific, so we are working with them to find a suitable name. Once a name is identified, permits will be issued.

Stage 2 (Townhouses):
We are still awaiting Council’s response, and are chasing as hard as we can to expedite their response.

November 25th, 2019

Stage 1 (Subdivision):

We are awaiting the Council to issue the approved subdivision drawings. We have received verbal confirmation multiple times, in-person and over the phone, but unfortunately cannot proceed until the formalities are completed. In a meeting last week, Council told us the approval should be issued this week or next.

Parallel to this, the builder has prepared the documents which are required to commence site work, including traffic management plans and environmental management plans. These plans have been submitted to Council for their review and should also be approved this week.

Once these two approvals are issued, construction work on the subdivision (Stage 1) will begin.

A sales campaign to begin selling the subdivided lots has started.

Stage 2 (Townhouses):

We met with the Council to discuss our latest submission for the Townhouses and clarify the design. We are still awaiting their decision. We expect to hear more in the next 2 -3 weeks.

September 24th, 2019

Stage 1 (Subdivision):
We received final figures from the builder, but we realised we could minimise some construction costs related to Melbourne Water requirements and so we went back to reduce the subdivision price even further. The builder’s latest price incorporating these changes has resulted in us saving $174,000 – a great win for this project.

A letter of intent has been issued to the builder (Mondami Construction Pty Ltd) and we are aiming to have the subdivision contract completed within the next two weeks.

By issuing a letter of intent, Mondami are to begin preliminary work (such as traffic management plans, environmental management plans, and pre-start meetings with Council) before the contract is completed.

Some extra comments on the detailed design drawings have been issued by Council, but after a meeting on the 10th of September we reached an agreement with Council on all points and submitted an updated design on the 18th of September. As highlighted in the last update a part of these minor comments are the trees’ routes from the neighbour’s side. A solution has been agreed upon with Council and we will await to get the formal approval along with our submission.

We are discussions with one of the best local land agents to sell the land lots. Awaiting the final submission of sales campaign to kick off next month.

Stage 2 (Townhouses):
Some comments for the townhouses submission have been issued by the Council which were responded to last week. We are organising a follow up meeting with the Council to try to speed up the approval.

August 23rd, 2019

We are finalising the tender process with our nominated builder to undertake the subdivision works (Stage 1). We expect to finalise the building price by the end of the month (August).

FLP (Functional Layout Plan) has been approved in July 2019. We are also awaiting the detailed design drawings of the services for the subdivision to be approved by Council. After speaking with Council, we were advised it will take approx 2-3 weeks, unless there are complications or further requests from Council which could extend the approval tim to 4-6 weeks.

We are also working on the removal approval of an existing trees on site with Council. (The reason why we need to remove the trees is not the actual tree itself but the root system as it will impact the construction of the new services) We expect the approval to take approx 2-4 weeks.

Once these drawings and tree removal approval are complete, the builder can commence the subdivision site work.

For the townhouses (Stage 2), we are still working with the Council to incorporate their requirements. These requirements will be communicated with the council end of the August 2019.

July 19th, 2019

We have received tender offers from contractors to undertake the subdivision works. We are reviewing the submitted offers and will nominate a contractor to proceed with and sign the contract.

We are also awaiting the detailed design drawings for Building Approval to be approved by Council.

June 19th, 2019

Tender has begun for Stage 1. The closing date is the 28th of June. After that date, we will begin reviewing the tender applications and negotiating with contractors.

We are expecting the RFI from Council for Stage 2 within the next month.

May 21st, 2019

We are on schedule to obtain construction drawings for Stage 1 (storm water, sewerage, telecommunications, etc.) in June. Once we have these drawings, we will proceed to the tender stage and negotiate with builders and contractors for Stage 1 construction.

All documents for Stage 2 townhouses have been submitted to the Council and we are awaiting their RFI (Request for Further Information).

April 18th, 2019

Stage 1: We submitted the adjusted drawings for the land subdivisions for Council’s endorsement , and are still awaiting their endorsement.

Tender documents will be ready at the beginning  of June 2019. We are planning to start negotiating with the subdivision contractors in June 2019 , with construction works planned to start in July 2019.

Stage 2: All documents and drawings for Superlot A townhouses’ development application are ready and will be submitted to the Council this week, we will be waiting till the council RFI issued to proceed further . RFI is expected within 3-4 weeks from the submission date.

March 20th, 2019

When our subdivision application was approved by Council, their approval was conditional upon  some amendments to the plans. We have submitted the amended plans back to Council for their endorsement for the subdivision.

For the townhouses, we have submitted plans for Superlot A to Council. Superlot B submission will follow within two weeks.

Plans have been submitted to council and we are awaiting their decision. We are expecting to receive the decision in early May.

February 20th, 2019

Our submitted application has been approved by the council. However, their approval had some comments so we are required to incorporate their feedback and send these updated plans back to council to confirm.

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