Built Development's Anthony Andreatta
As a director at construction and development company Built Developments, Anthony Andreatta relies on a bank that is flexible, understanding and knows the market.
Westpac Property is a finance partner for The Post Apartments, the $17.1 million redevelopment of the former Maroubra Post Office into a mixed-use building. Family-run business Built Developments has just commenced construction for the 100 per cent pre-sold development, which is scheduled for completion in mid-2015. Westpac Property has been working with Built Developments in the last three years, firstly helping to secure the site through the provision of finance.
“Since this time, we have worked to understand the client’s aim to best meet the demands of the buyers in this market,” says Heath Cowden, Senior RelationshipManager at Westpac Property. “To this end, the client successfully achieved 28 residential unit pre-sales in a single Saturday morning.”
Anthony, tell us more about Built Developments?
Built Developments is a construction company as well as a developer. We specialise in luxury homes in Sydney’s eastern suburbs and we’re moving into our own residential developments.
Is it a family-run business?
Yes, mum and dad started it in 1972, and my brother, Mark, and myself came in about 20 years ago. I’m a director, but Mark and myself tend to run the business in tandem. We both share the responsibilities and it’s still mum and dad in the back steering the ship. We pride ourselves on quality, good service and [being] very personal because we’re on the deals ourselves.
How many work in the business?
There are only six of us. We try to [do most things], but we use a lot of reliable subcontractors who know what work we expect and we know what they can give to us. That’s how we manage our quality control.
What are your biggest challenges?
The challenge really is to purchase the right land in the right position at the right price.
Tell us about The Post Apartments development?
It was originally, for many years, the GPO for Maroubra Junction, and that’s why we’ve adopted The Post Apartments, just to maintain that little bit of nostalgia and heritage. We’re putting some retail outlets on the street level, then we’ve got a level of commercial, and then there are 31 apartments comprising one-bedrooms with study, two-bedrooms, two-bedrooms with study, and some three-bedroom penthouses.
Is mixed-use new for Built Developments?
In the past we’ve done mainly single dwelling or the odd four townhouses or six units. We’ve also done industrial units and a bit of commercial. But this is a bigger step for us in terms of quantity.
In terms of funding, how key is Westpac?
Westpac has been an intricate part of the project in Maroubra and they’ve really accommodated our needs. We’ve been loyal customers for over 25 years and we’ve been pleased with the way Westpac has approached this with us.
How do you find working with your Relationship Manager, Heath Cowden?
I’ve known Heath 18 months now. I think he’s been very helpful, very obliging. Westpac’s been very flexible in the way the development and our requirements change. We have been used to working with relationship managers, but the service, if anything, has definitely improved with us stepping up a notch and Westpac accommodating us in turn.
What are the extra things Westpac does for you beyond basic banking?
They give me some insights into what they believe the market may do. They also talk to us about personal issues in relation to life insurance, income protection and that type of business as well. They’ve tried to offer a full package—not just in banking, but in security for yourself and your family, which has been good.