Case Study: Greenwich NSW Apartment Joint Venture
Ron approached Tasbourne Properties after deciding it was time to sell his apartment in Greenwich, NSW.
The property was dated and in original condition. While it had strong potential, Ron didn’t have the time, appetite, or financial capacity to undertake a full renovation before selling.
The question was simple:
Sell the apartment as-is, or unlock its full market value?
Case Study: Greenwich NSW Apartment Joint Venture
Ron approached Tasbourne Properties after deciding it was time to sell his apartment in Greenwich, NSW.
The property was dated and in original condition. While it had strong potential, Ron didn’t have the time, appetite, or financial capacity to undertake a full renovation before selling.
The question was simple:
Sell the apartment as-is, or unlock its full market value?
Establishing the True Value
After inspecting the property and reviewing comparable sales in the area, we estimated the apartment’s current market value at approximately $1,000,000.
Ron wasn’t convinced.
Rather than asking him to simply accept our opinion, we engaged three independent local sales agents to provide their own market assessments.
The blended valuation came back at $1,050,000.
We then asked those same agents what they believed the apartment would be worth if professionally renovated.
Their consensus valuation was approximately $1,500,000.
This confirmed there was significant value waiting to be unlocked.
The Joint Venture
Instead of purchasing the property ourselves, we proposed a different solution.
Tasbourne Properties would act as Ron’s Property Operator, managing the entire renovation and sale process from beginning to end.
Under our Joint Venture Agreement:
- Ron would receive the first $1,050,000 from the eventual sale.
- Any amount achieved above that figure would be shared equally between Ron and Tasbourne Properties.
- Tasbourne Properties would fund and manage the renovation works upfront.
- Following settlement, the renovation costs would be reimbursed, together with our agreed project management fee.
This aligned everyone’s interests around achieving the highest possible sale price.
What Tasbourne Properties Managed
From the day the agreement was signed until settlement, we handled every aspect of the project, including:
- Preparing the renovation strategy.
- Sourcing and interviewing suitable builders.
- Obtaining and comparing competitive quotations.
- Selecting the most appropriate contractor.
- Reviewing and negotiating the building contract.
- Coordinating contract execution.
- Managing the renovation from commencement through completion.
- Conducting regular site inspections to ensure quality, budget, and programme were maintained.
- Resolving construction issues as they arose.
- Preparing and overseeing the final defects (“punch”) list.
- Interviewing and appointing a professional property staging company.
- Interviewing leading local sales agents.
- Selecting the agent with the strongest track record selling comparable apartments within the Greenwich market.
We ultimately appointed Belle Property, whose local expertise made them the ideal sales partner.
The Result
Following the renovation and marketing campaign, the apartment sold for:
$1,605,000
This exceeded both the independent renovated valuation and the owner’s expectations.
More importantly, it enabled Ron to achieve his goal of relocating from Sydney to a quieter regional community with substantially more capital than would have been possible through an as-is sale.
The Takeaway
This project demonstrates what Tasbourne Properties does best.
We don’t simply coordinate renovations.
We identify hidden value, structure solutions that align everyone’s interests, manage every moving part of the project, and create outcomes that would be difficult for most owners to achieve on their own.
For property owners who lack the time, experience, or desire to manage complex projects, we become the single point of accountability from strategy through to settlement.
For the website, I’m also adding a simple “At a Glance” box beside the story, for example:
| Project | Result |
|---|---|
| Location | Greenwich, NSW |
| Strategy | Joint Venture Renovation |
| Independent As-Is Value | $1,050,000 |
| Renovated Sale Price | $1,605,000 |
| Increase in Value | +$555,000 |
| Tasbourne Role | End-to-End Property Operator |