Purpose of Report: Capital Works Fund Forecast
Date of Report: March 2023
Address: Cronulla
Yearly Expenditure: $25,000 to $30,000 per year over 10 years
Yearly Levy Contributions: $3,000 to $6,000 per Lot per year
Asset Strata Valuers had the privilege of being appointed to provide a Capital Works Fund Report for the Owners Corporation to allow for sufficient monetary reserves for the building. This is important to ensure the long-term maintenance and repair of the building as well as the replacement of any common property items.
The property is a heritage-listed 1920’s-built-church that has been transformed into a boutique residential community. It’s local heritage listing related to its simple gabled form, roof lines and finishes.
Our comprehensive and detailed report was to ensure that the capital works fund levies will provide the Owners Corporation sufficient information to better plan their finances to minimise future risk of insufficient funds on expensive repairs to the property.
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