South-east Queensland builder-developer Graya knows how crucial good design is in the current construction landscape.
“Other than site acquisition, the design is a close second on what’s most important on a project,” co-founder Rob Gray says.
“If you nail it and get it right the buyers come to you, the funders come to you, it is absolutely key to what we do.”
In the second episode of From Blueprint to Build: GRAYA’s Growth Story with STAC Capital the Gray brothers unpack the key to high-end design principles and cost management.
Increasingly buyers are demanding more design for their dollar and GRAYA is using this to their advantage to create beautiful and visually appealing projects, while keeping a close eye on the costs.
“There’s a limited supply of builders, and a limited supply of subcontractors, it’s very important before you start that construction process that the design process is getting absolutely nailed,” Gray says.
“When it’s not buildable or too expensive to build it can quickly self-destruct a project.”
But it’s also about knowing where to spend the money.
The vertically integrated builder-developer has focused on blue-chip suburbs that are “insulated from external factors”.
“Our goal is to make every project a landmark and a standout project, and everyone knows exactly where it is, the name of it, even your parents are talking about it at a barbecue,” Gray says.
STAC Capital co-founder Mark Trayner says it’s difficult to balance the good design with the commercial feasibilities of a project.
“Often architecture gets pulled back because people are trying to fit the numbers into a feasibility based on what they think it can be sold for, design often suffers,” Trayner says.
“It’s about being able to deliver quality in the market no matter where you are.”
GRAYA’s ethos is driven towards over-delivering on developments and they like to find project financing that matches their aspirations.
“We’re finding that we like some sort of funding deals where we can put minimal pre-sales on the table. We personally want some pre -sales for our piece of mind, but we do like to spread our sales,” Rob Gray says.
“So sort of selling them all out on some of our projects like Canvas, we sold it all out in like three days.”
Gray says working with financiers that understand the market and spreading the sales out to capture greater return is beneficial.
“If we held it a little bit longer, at the back end, some would have been $200,000 more, some of them $500,000 more, and over 21 apartments, that really helps your feasibility a lot.”
For more insights on the GRAYA phenomenon and the deals underpinning its success watch the next episode of From Blueprint to Build: GRAYA’s Growth Story with STAC Capital.