Selling the Lord’s Place Cinema
We have recently accepted an offer to buy the cinema from a new party and should sign a contract in the coming days. Praise God! The terms for the sale give the buyer a two-month due diligence period, during which they can walk away from purchasing without penalty. A further two-month option period after this allows for them to walk away from purchasing and forfeit a $15,000 fee. After these four months they are committed to the purchase. Settlement would be a total seven months from the initial exchange of contracts – which we hope to do this week.
Building at Ploughman’s Lane
Prior to our Annual General Meeting the Building Committee received a Quantity Surveyor’s cost estimate based on our building plans that was considerably over our budget. Since then a number of alterations have been made to the design of the building, construction method and materials, without altering the floorplan of the building. These changes have resulted in substantial cost savings.
We are now much closer to our building budget. We are confident further changes can be made to the building (which may involve a reduction in floorplan size or some staging of the build) to bring the project costs back under budget.
Further meetings over the next few weeks should see altered drawings displayed to all OEC congregations. We will then ask the partners to meet and vote on the plans prior to a DA being submitted to Orange City Council.
- That the Cinema buyers due diligence is positive and enables them to complete the purchase of the cinema.
- Altered building plans for Ploughman’s lane to be completed on budget.
- The DA to be submitted and approved by Orange City Council.
- Good timing for all of the above.
For further information about the building project visit the B4F homepage.