Case Study: Sunbird Resort - Main Beach, Gold Coast QLD

Unit owners of the Sunbird Resort have had a long term commitment to their high rise building which has enormous location, climate and lifestyle appeal.

"As with many local high rise buildings built in the early 1980s, the Body Corporate was faced with a number of long term restoration issues to ensure Sunbird's structural integrity, safety and security," says Kel Card, Chairman.  "We wanted to continue its appeal as a holiday destination - so minimum construction times were very important for ensuring healthy capital value and rental returns."

Harry Pistol, Windowline's Queensland Manager, explains "Windowline was invited to do a proposal for the replacement of windows and doors at the Sunbird Apartments which totaled 440 windows and 180 sliding doors."  "Work of this nature is hugely invasive, he continues, "and has a major impact on the residents and the life of the Resort."

After much deliberation the Body Corporate realised that it made sense to do the other much needed work (such as the replacement of hand rails and repainting) at the same time. This would avoid the negative impact of further interruptions to the resort in future years.

"MINC Services was brought onto the Sunbird project to supply services associated with the refurbishment of the Sunbird building, including all structural and remedial repairs, facade coatings and associated works to both the main tower and podium deck areas," explains Mark Anttilla, Manager of MINC's Gold Coast branch.

But how were these works to be funded?

"After extensive market assessment of all major financial institutions, we found Lannock Strata Finance was the only organisation able to provide a product which offered the flexibility that Sunbird needed," says Kel Card.  "We chose Lannock because they could help us immediately; assist us to tailor drawings to our specific needs, and because of the expertise and reliability of their service."

"The Lannock loan not only allowed all the other work to be done simultaneously," says Harry Pistol, "but it also provided the necessary cash flow critical for the progress payments to Windowline."

Mark Anttilla adds, "Knowing the works were fully funded also meant MINC's staff could focus on providing quality work in the allotted time."

"The Body Corporate at Sunbird," concludes Harry Pistol, "was very smart to have created a manageable sinking fund that they could couple with the Lannock finance to make this major renovation possible."