This property required extensive repairs due to water damage caused by heavy rain in July 2018. Unfortunately, the property has experienced further water damage necessitating urgent repairs including re-waterproofing and re-tiling of the upstairs balcony and re-instatement of the ceiling, doorframes and flooring in the second bedroom below.
Due to the urgent nature of the required repairs, the Manager has engaged a qualified builder to complete the repair works after seeking multiple quotes.
The Brick Exchange Pty Limited has extended a further loan to the Trust to fund the repair works, the details of which are:
- $37,459.95 to fund the further repairs
- $12,783.24 to fund the operating expenses of the Trust (interest, insurance, land tax etc.)
The repairs have progressed and are expected to be completed by mid-February 2022.
The Brunswick West property will not pay any distributions until all loans have been repaid. Unfortunately, the revised projections given the further works and loan estimate distributions to resume between May and July 2026, assuming no additional unplanned maintenance.
Taking the above information into consideration, the Manager is currently assessing the Trust investment and proposes to provide Brick Holders with an investment recommendation in February 2022.
If you have any questions or concerns about the BRW01 property, feel free to contact us.
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