Harbour Gardens was a planned redevelopment of a semi-derelict hotel property. Butterworth Associates and Design Limited produced for the development team a design concept that could be accurately assessed for cost considerations. Design Limited then produced a projected cost spreadsheet for the entire development, encompassing all the aspects of cost (land, construction, fees, legal costs, financing, etc.) and helped the developer evolve a sound pre-construction sales strategy.
A project brochure was printed, illustrating nine town house apartments, which varied in size from 1,750 sq. ft. to 2,300 sq. ft. A specification for the buildings was produced and a fixed quotation for construction was obtained from the contractor. The developer was then able to pre-sell all nine units before the land itself was purchased as the cost of providing the funding was to be provided by the owners and became, effectively, a cooperative.
Harbour Gardens became self-funding. A programmed release of funds from the nine owners secured a steady cash flow to cover expenses. Construction overruns were anticipated and became part of the programmed costing. Each owner secured specific financing for an individual unit and consequently the overhead of project financing charges was avoided. Design Limited additionally produced all project documentation and performed all construction administration on behalf of the owners.
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