SITUATION
To set- up initial budgets for the new office building as part of an integrated development with the hotel and residential tower. At the time the building was still under construction the developer was unsure if it would be strata owned, or a multi-tenanted traditional ownership structure. The residential tower was completed one year later than the office tower.
SOLUTION
- Participated in meetings hosted by the Developer and their General Contractor, Building Engineers and Consultants in order to gain an understanding of the building systems that were in place.
- Consulted with listing agents and building appraisers for comparable market information.
- Worked together with Hotel management and Chief Building Engineers, to develop a management plan and assess what the expenses would be.
- When the construction of the tower was completed we provided the residential managers with a budget for the shared areas in which we were responsible to oversee.
- Ensure that properties are managed in accordance with approved business plans, as set out and approved by the owners.
OUTCOME
The office building is 100% occupied. Operating costs over the past three years are within budget and in line with market rates. We have developed successful relationships with the hotel, and the residential tower office managers.