The Cumberland at Lorne is a landmark property on Victoria’s Surf Coast that was converted from a freehold hotel and conference business to a residential strata subdivision and management letting business. Existing leased freehold retail shops and restaurants were also sold as strata investments. The new Cumberland continues to enjoy strong room rates and high occupancy levels with strata owners benefitting from good investment returns.
DPS, as Project Partner with Consolidated Properties Group, was responsible for the management of the multitude of tasks involved in this challenging transformation project including:
- Planning permit management for strata subdivision, conversion works, penthouse alterations
- Negotiation with Council and State Government on rates and levies
- Establishment of Owners Corporation and the setting of Operational Budgets
- Management of Minor Building Works
- Management of Sales and Project Marketing Strategies
- Lease Negotiation on Conference Centre and F&B business
- Structuring/Management of Letting Business for ultimate sale
The primary challenge was meeting deadlines to ensure the project was market ready for the seasonal unit sales opportunity during the summer months. This challenge became more intensive due to the flow through impact of the GFC on discretionary investment spend on residential units. Acceleration of the retail strata sales was necessary to meet project revenue requirements.