Case Study: Banyandah Towers — Maroochydore

Banyandah Towers is a popular holiday apartment complex on the river at Maroochydore on Queensland's Sunshine Coast.  It comprises 15 storeys with116 two-bedroom apartments, and a three- bedroom penthouse.

"I see my apartment at Banyandah as a pretty smart investment," says Shaen Egan, Chairperson of the Body Corporate.  "The complex has a pool, private jetty, games room and sauna, discount deals with all local golf courses and all the apartments have views.  It's wonderfully peaceful but only a short walk to Maroochydore's amenities."

When the building's lifts needed a major upgrade in 2007, the owners came to Lannock.  "Obviously, in a building of this type and size, it is absolutely critical to have safe and reliable lifts," says Catherine Samra, Unit Owner and Building Manager.  "In fact it's a really big deal as a property owner.  Once the Body Corporate weighed up our funding choices, it wasn't a difficult decision to use Lannock so we could ensure we had a functioning resort."

Paul Hanson, a Community Manager with Stewart Silver King and Burns (SSKB) confirms, "The option of borrowing to fund the lift upgrade works allowed the Body Corporate the flexibility to select the right mix of loan and other monies."

At the same time, he says, the owners were able to plan for and accommodate the resort's long term maintenance needs with additional funds beyond what was needed for the lift upgrade. "This provided even better cash flow outcomes and consequently a lessening of the financial burden on lot owners."

"Lannock has given us access to enough money to maintain our block continuously - which means our apartments continue to look good and therefore feel good for visitors," says Body Corporate Secretary Maree Thurley.  "As an owner, I need the assurance of profitable rental and capital returns in an incredibly competitive market. We couldn't have that certainty without Lannock's assistance."