HOW CAN I BUY AND BUILD MY OWN? The prospect of building your own commercial property is daunting. However, the benefits and efficiencies for your business that come from having the perfect building designed that meets all of your function requirements and future growth prospects cannot be over stated. A custom designed building can help reduce staffing requirements, improve safety, reduce production time and costs, improve access for customers and deliveries, and present your business the way you want it. All of these factors contribute to improving your bottom line, and increasing the value of your business and asset. Record low interest rates have made this more accessible than ever so, with this in mind, we have prepared the following overview of this build process, and some frequently asked questions, to help you navigate the process and see if purpose building is the right option for you. There is a clear roadmap to this process:
1. 2. 3. 4. 5. 6.
Initial Design Meeting Choose the right block of land Funding (if required) Select the right builder Build, and move in Risks
“What do you want to achieve? How to make it happen?” “Secure the block that ticks the boxes” “Making sure the right building can meet your budget” “The right builder will help remove the unknown risks and costs” “You are involved every step until you move in” “What do I need to look out for?”
TIMELINES The following is a breakdown of the general timelines required for each step through to completion: TASK
WEEK START
WEEK FINISH
Agent meeting
1
1
Finance discussions
1
2
Builder meeting, design & quote
2
5
Finance approval
5
8
Build Contract sign
8
8
Council Building Approval
8
26
Construction
26
44
Handover
44
44
BUILDING PROCESS ROADMAP
1
Initial Design Meeting
Our first meeting will quickly help you determine if the process is right for you. We will talk through your design wish list of inclusions and function requirements and use broad-brush industry standards to discuss: • Building size and layout • Land component required • Approximate construction budgets
• Indicative funding requirements • Timelines and milestones
We always try to provide you with real world examples of similar properties that you can inspect and gauge function and suitability.
2
Pick your block
If you are comfortable that building is the right process for you, we then help you choose the right block to accommodate your specific needs. Key considerations for this include, exposure, budget, vehicle access, dimensions and even prevailing winds for ventilation purposes.
3
Finance Approval
The outcomes of our initial design meeting will provide you with the details necessary to begin conversations with your bank or broker about how they can help you achieve the best funding structure.
4
Sit with a builder
Once your block is selected, we arrange for you to meet one of our specialist commercial builders who can project manage the whole process from design, through Council approval, all the way to completion. Their initial step will be to fine tune your requirement into a design that maximises function, compliance and building cost efficiency, then provide detailed cost quotes based on the agreed design. We believe this is the most important step in the process to ensure you get the exact building you want, without the need for expensive design changes through construction. Now that true costs are established, you will be able to secure funding for the build, either through your current bank or via our network of commercial brokers.
5
Build
Once the funding is secured and the building contract is signed then the dirt can start turning! Funding drawdowns at key milestones will have been established between your builder and financier prior to commencement, so your involvement in the construction phase should be relatively minor. It is inevitable that decisions and changes will be necessary. Maintaining clear communication with the builder through construction will allow them to be made quickly and efficiently.
6
Enjoy
Once the concrete sets and the paint dries, it is time to enjoy the functional efficiencies that only come from a purpose-built facility. There is no doubt that the building process will involve some stress and surprises, but the short and long term value that comes from having the perfect workplace is impossible to quantify!