St Kilda Road, Melbourne
This 210 Lot development on St Kilda Road developed serious defects with balconies and balustrades throughout the building with remedial works estimated to be worth
over $10 million.
The Knight walked the Committee and Building Management through the defects process and liaised with the builders and the Owners Corporation’s legal representatives to successfully reach an agreement with the builder who returned to complete all remedial works at no expense to the Owners Corporation.
Victoria Street, Brunswick
The Knight took over the management of this property where there were ongoing issues with numerous roof leaks. The Knight engaged a building assessor/expert on behalf of the Owners Corporation to report on the cause of the defects and identified the matter as faulty workmanship from the original construction.
The Knight then approached the original plumber for funds to rectify the defective work and made a successful claim against the plumber’s insurance, recovering $350,000 for the Owners Corporation.
The Owners Corporation has since completed the required works to repair the original leaks.
Inkerman Street, St Kilda
The Knight was awarded the management contract for this 262 Lot development and upon receipt of the books and records from the previous manager it quickly became apparent why the owners had decided to transition to a new management company.
As part of The Knight’s transition process, we undertook a complete audit of the finances and discovered they were in such a poor state that we had to completely rebuild the Owners Corporation’s accounts. It was discovered that the Owners Corporation was paying for accounts that they were not responsible for and they were also paying approximately $150,000 more than what they should have for the services they were receiving.
The Knight re-tendered all service contracts for the property and in all cases found alternative suppliers at lower costs, such as for the inspection and testing of Essential Safety Measures where we saved the Owners over $25,000 alone.
In addition, through effective debt control processes, The Knight has reduced the arrears for the property by over $200,000.
Utility costs savings.
Queensbridge Square, Southbank
The Knight recommends Owners Corporations regularly review their utility contracts to ensure they are getting the best deal in times of fluctuating market conditions.
The Knight facilitated a review of electricity contracts at a 65 level Owners Corporation in Southbank, where they negotiated a new agreement saving the Owners Corporation $250,000 over 3 years, which equates to an annual saving of 20%.