The Client
When PCG Capital Management Ltd, as responsible entity for Nelson Bay Development Trust, successfully secured the development rights to AQUA Apartments, a tourism residential development located in Nelson Bay, NSW, it engaged Project Control Group (PCG) to provide project management and interior design services for the development.
PCG managed the lodgement of two Section 96 development applications which substantially improved the previous Development Approval for the site; repositioned the design elements of each apartment to reflect a more contemporary style and finish; prepared tender documentation suitable for tier 1 contractors, assessed tender applications, negotiated a design and construct contract; and supervised all on site construction activity whilst managing all construction payments. Reaching practical completion in June 2006, PCG’s effective project management resulted in a development that was: delivered on time; exceeded quality expectations; and completed under budget. Variations on the $33 million contract were contained to less than 1% of the construction cost.
The Brief
AQUA Apartments was held within a special purpose unlisted development trust. It was imperative for this managed investment scheme to limit any development or construction cost escalation exposure to the trust and its unit holders. The Trust also needed to operate within very defined time periods for all design and construction activities to ensure that trust investors forecast return on investment could be maintained or improved.
