Village residents reduce the operating budget by 40% prior to Chun and Leskie assuming ownership

A celebration party was stage last Saturday at The Woniora in Sydney with Matthew Chun and Steve Leskie officially taking ownership of the village.
For the past 18 months the residents have been managing the village themselves while its sale has been negotiated by receivers. With just 51 apartments in the development there have been grave concerns that the village is not viable. However the residents tell us they attacked every line item in the budget with the result that they drove down operating costs by 40%.
At the same time the residents continued to present the village as a viable accommodation option with the result of a sought after three bedroom apartment turning over with a significant capital gain thanks to 4 bidding parties. Now that secure owners are in place they expect strong demand to continue.
Chun was CEO and Leskie was CFO of Becton, the parent company of the village’s developer. Chun stated they had worked hard with the residents over 18 months to get a trade sale to another village operator. When that failed he and Leskie decided to take the village on themselves, a move greatly supported by the residents. They now are open to helping other villages in distress, wishing to build a new retirement portfolio.
(Photo: Matthew Chun and Steve Leskie with Resident Committee member Tom Gait).