Project Description

About The Foundry project

The Foundry, a project by Megara Developments, provides a multi-use structure with commercial, residential, and on-site parking.

Located a few steps from the centre of Leederville, the apartments provide a blend of urban living and city views with a vibrant night life. There are two floors of commercial tenancies, one level for a childcare centre, and 31 apartments on an additional four levels above the childcare centre.

Challenges & solutions

CDI continues a long-standing relationship with Megara, having provided support for several of their developments during the construction phase. Our good standing with financiers gives them the flexibility to engage us on any project to provide due diligence and monthly progress reports.

Our due diligence report for the Foundry included a detailed verification estimate, which gave comfort to the financier in the current market. We also explored the possibility of adjusting frequency of progress reporting or amending contract conditions, so they were better positioned to balance cashflow to the contractor and risk to Megara and the Financier.

The Megara team recognised CDI Experts’ approachability and responsiveness to adjusting the proposed methodologies, also noting our efficiency in communicating the risks and potential benefits of the adjustments being proposed.

Building on our workmanship, we are now partnering with Megara in a cost planning role as well on their upcoming developments.

The project by Megara Developments is due for completion in mid-2022.

Project Location Perth, Western Australia, Australia
Client Name NAB Bank & Megara Group
Project Name Foundary Leederville Apartments
Project Value $20,000,000
Project Start Date January 2021
Project End Date Ongoing
Sector Property