RSM worked with a large property developer on a land development joint venture between Mirvac (listed) and VIP (private) which will develop 7,000 lots in Rockbank over a 15-20 year project lifespan.
 

It is the No.1 selling land development project in Australia currently.

RSM was appointed to provide external CFO services to property development projectThe project differs from typical projects in that it has an independent Project Team (typically one of the Joint Venturers will take control for the running of the development).
RSM was appointed to provide external CFO services to the project team, partly so as to assist in overarching independence to the project.

RSM’s duties on a month to month basis include:

  • Attendance at Feasibility Meetings with the Project Management Team to review cashflow performance and forecasts.
  • Attendance to Payroll Services (via use of an external payroll provider),
  • Preparation of a monthly Financial Report highlighting cashflow performance, forecast adjustments, debt covenant adherence, other as required
  • Review and lodgement of BAS
  • Attendance to forecasting and subsequent payment of quarterly Equity Distributions

In addition, RSM assists with the following:

  • Liasing with current Financier in relation to upcoming Debt Extension
  • Liasing with Mirvac Accounting Function and external auditors in relation to the audit process and the preparation of the Financial Statements
  • Preparation of Income Tax Return and Fringe Benefits Tax Return
  • Provision of labour resources as and when required by the Project Management Team

 

RSM has experienced professionals who understand the different sectors within the Property & Construction industry, to help you reach your goals.
Learn more >>