[200William-EC SP67851] (no subject)

[Edward Sainsbury]

Dear EC,

I would like to let you know that I have sold my property at Marquis, and will therefore resign from the EC.

I wanted to take this opportunity to thank Matt Perkins for all his hard work over the last 9 years that I have either lived in or owned within the building. Matt has saved the building thousands of dollars over the years due to his consistency of effort on the EC and knowledge of the building and being the Residential Rep when dealing with the Commercial owners. Thank you.

I also wanted to leave a potential plan to build up capital for the sinking fund.

I was the banker on a project in Point Piper that successfully completed works to build an additional apartment in their building, which they sold, with the profit going to the sinking fund. I thought this could work for the Marquis too. I leave it for you to discuss.
The idea:

  *   To utilise the new height precedent from the no birds building.
  *   Build a new 4-5 bedroom + study penthouse apartment on the roof, predominantly on the eastern side of the rooftop, utilising the north-western area as a private balcony.
  *   Reclaim the sauna and gym area for the new apartment.
  *   Retain a smaller area on the north-eastern corner for the general apartments to use and view the city.
  *   The rooftop has no real amenities and has been underutilised for the last 9 years. This would unlock the value that sits vacant for most of the year.

Pros:

  *   It could be potentially earning the building $2m-$4m in profits for the sinking fund, allowing for a full building makeover.
  *   It would retain general access to the roof, but on a smaller scale. Residents could still hold a picnic up there for small groups.
  *   Takes advantage of the capital worth of the underutilised rooftop area.

Cons:

  *   Building works would be disruptive in the short to medium term. Cranes would be used to lift large materials to the roof area.
  *   Building on the roof may require further structural work for the added weight.
  *   The apartments lose the use of the larger rooftop area.

Thank you to all and best wishes.

Regards,
Ed
Private & sent in commercial confidence
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