Property and construction

At BRI Ferrier, we understand the challenges of the property industry, such as falling asset values, limited funding options, diminishing confidence, lack of working capital, rising costs and intense competition.

Our property experience includes work with financiers, investors, developers and builders to develop tailored, commercial and equitable solutions to their financial challenges.

Our team of dedicated property professionals has an extensive network of town planners, architects, engineers, builders, developers, project managers and agents to deliver optimum outcomes for our clients.

We can help guide you through industry challenges by:

  • negotiating with key stakeholders to stabilize your business and deliver commercial outcomes
  • financially reconstructing businesses, streamlining operations, reducing costs and enhancing the value of existing assets
  • initiating legal proceedings to recover monies owed
  • providing access to funding through our network of relevant financiers
  • helping businesses to divest surplus assets through our network of relevant contacts

 

KEY PEOPLE

CASE STUDIES

Three real estate assets

BRI Ferrier was appointed as agent for the mortgagee in possession to three real estate assets in northern New South Wales. The assets included an abandoned hotel, a 20-percent-completed multi-storey residential development and a number of units in a residential complex. We were instructed to take control of and work out these assets to extract their highest possible value in the short to medium term. We sold the hotel, re-activated an existing development application (DA) that improved sale valuations, and amended the existing DA to reduce construction costs and increase returns. We also undertook significant rectification works, which enabled the units to be sold above valuation.

Property finance group

The board of one of New Zealand’s largest property finance groups appointed BRI Ferrier to prepare a special forensic report. This was in response to an investigation initiated by the New Zealand Securities Commission regarding alleged representations and disclosures made by the board to its investors. Following our investigation, the Commission decided not to proceed with criminal proceedings against the directors.

$75 million debenture fund

BRI Ferrier was appointed as receiver and manager of a debenture fund with assets totalling $75 million. Of those assets, $13 million were owed to an external financier. The fund’s trustee instructed us to take control of and work out all assets under management to ensure maximum value in the medium term. We are currently pre-selling lots, with a view to either develop (subject to fund liquidity) or sell the site with DA and pre-sale contracts. BRI Ferrier achieved a 100 per cent recovery on the property loan portfolio and has sold two retirement villages above valuation. Strata is subsequently sub-dividing two retirement villages for individual sale.

Soho Rockdale

BRI Ferrier was appointed as receiver and manager for Soho Rockdale, a mixed-use development of 103 apartments and retail shops at Rockdale NSW. Due to a dispute with the joint venture parties and with construction only 65 per cent complete, the builder ceased work. The project was at risk of compromising $25 million in presales. By negotiating with the mezzanine financier to compromise debt, BRI Ferrier facilitated the project out of receivership. The financier was subsequently repaid in full, including penalty interest and fees.

Highly geared developer and investor

BRI Ferrier was advisor to a highly geared developer and investor with a substantial property portfolio. We prepared a detailed analysis of options to lower their gearing and negotiated an extension of their loan facilities, providing time to complete a restructure.

×