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OK it is official. I have received a Notice of Termination via a Legal representative called Chalmers Legal Studio. I have honestly never seen anything more unprofessional. The letter was not put on any letterhead, was not signed by any person (only Chalmers Legal Studio), and had no explanation only a list of clauses.
1. SGC Securities – Your reputation as a developer is ruined (but I suspect you are broke and don’t exist anymore)
2, MLG Perth – You are disgraceful and unprofessional agency. Your communication was poor and your actions are the reason real-estate agents get a bad name.
3. Chalmers Legal Studio – By sending out such a pathetic letter of termination has made your business look completely unprofessional.Congratulations the above businesses – for being the bottom of your profession.
…Thankfully I dont have to entrust my hard earned money in these people…
Good luck fellow Tambrey investors with your next venture.
Write to the Office of State Revenue in WA and ask for a 12 month extension based on the property not yet being built and uncertainty as to whether it will go ahead. They will charge interest on the amount owed to them but at least you wont be putting down tens of thousands of dollars. You at least then buy yourself a further 12 months which should allow you to make an informed decision as to whether this property will go ahead or not.
My gut is telling me that the new developer will cancel our contracts and re-package. (Hope I am wrong … but it all doesn’t feel right .. too much secrecy)
Anyway ..good luck.
My understanding is that MLG is the realestate agent and SGC Securities is the developer of Tambrey.
Last I heard was that SGC Securities (the developer), have been attempting to source construction finance however securing this finance has been unsuccessful. SGC have apparently engaged in negotiations with another Western Australian developer to purchase the site and commence construction. Apparently there will be an outcome in the next few weeks … humm – heard that before!
The water treatment issue has apparently been resolved with the Water Corporation.
What have you fellow investors heard? What is your gut telling you about this investment?
Hi Renoah04,
I am paying 8.5% management fee. $5.00 postage plus GST for my property in Gladstone. Being an investor from Sydney I was also shocked at the high levels of commission but when I asked around it seemed to be the going rate. My agent is REMAX Gold and I have found them to be very efficient. I get a condition report every 6 months and the staff are all helpful. I have been using them now for 4 years. However in 2009 when it was tough to get a tenant and I had an empty property I approached LJ Hooker Gladstone who at the time were prepared to undercut REMAX Gold by half a percentage point. As it turned out REMAX found me a tenant and I stayed with them. I am not sure what you are referring to when you mention commission.Would be interested for you to post more information so that we can all be warned to what is happening out there.
I have a lot of faith in Gladstone being an great performing investment. Long term I think the capital growth and high rental returns will outweigh the cost of higher agents fees. But living so far away from the property it is especially important to get an agent you can trust and will inspect your property regularly.
Good Luck and keep us posted as to what rate you can secure. Always good to hear what people can negotiate.
My property Manager in Gladstone is Remax Gold. Talk to Cyndi Ward – She is professional, efficient and friendly. Good luck.
I also bought an apartment off the plan earlier this year and have had little or no luck seeking progress information. Last I heard (about 1 month ago), the assigned builder went into liquidation. The developer is now seeking a new builder for the project. I spoke to my solicitor who then spoke with the developers solicitor and was advised that they had not been provided with any information and as far as they were concerned the project was still anticipated for completion late 2011.
I have also been chatting with a local agent who has told me that because the development is multiple stories getting a builder was difficult due to construction costs. (ie cost of bringing up a crane to Karratha etc)
Additionally, I believe that the main building (the one with the pool and reception area) was being sought by a consortium of overseas investors and the developer was hoping to sell it off as an entire block. This I was lead to believe would free up any pre-sale/finance concerns for the developer. I suspect that this has not happened or still in negotiations.
I, like you are hopeful that it will all work out. Of course if it doesn’t the developer will be required to return your deposit. But naturally that is no consolation as it would mean loosing two years of opportunity.
If I hear any more I will post again. Good luck with your investment … hopefully we will both see great rewards in the end!
