In the heart of Sydney’s Eastern Suburbs lies La Vie en Rose, a boutique development in Bellevue Hill that tells a story far richer than bricks and mortar.
It was my very first project—launched in 1998—and while today it stands as a success, the journey to get there was anything but straightforward.
This blog is a reflection on that journey. A raw, honest look at the trials of development, the lessons learned the hard way, and the resilience it took to see it through.
How It All Began
The vision was simple: to build something meaningful in one of Sydney’s most desirable suburbs.
I had a builder on board, a clear plan, and optimism driving every step.
Then, just three months into construction, the builder went under.
It hit hard. We were suddenly left without a builder, without funds, and with a bank that started losing confidence. The project was on the verge of collapse, and the question was no longer how will we build it? — it was can we even survive this?
The Challenges That Followed
When a builder falls through mid-project, everything else starts to unravel.
The bank threatened to pull its funding. We were given a narrow window to restructure things, but ultimately, they withdrew support.
With no finance, there was no project. And without a project, there was no path forward.
To keep it alive, I had to refinance. And not just any refinance—I had to secure more expensive, private finance at a time when the market was lukewarm and the clock was ticking.
For over 12 months, we sat on a stalled site, paying high interest and trying to find a way forward — without any presales to show for it.
Turning the Tide
Despite the odds, we found a way.
One apartment was sold during construction — a key move that allowed us to revalue the project. That revaluation helped us secure a new bank loan to pay out the expensive interim debt and get the project back on track.
Funding, as I often teach in my courses, is one of the most critical aspects of development—and this project was a prime example of how fragile it can be when things go wrong.
But it also showed how creativity, persistence, and deep knowledge of finance structures can turn a project around.
Lessons in Exit Strategy
We eventually sold all the apartments—except one.
The Penthouse wasn’t sold, not because I planned to live there (although I did, for six years), but because of tax complexities like GST and capital gains. Selling it at that time would have made the numbers far less favourable.
Instead, I held onto it. That decision proved to be strategic, as I later used the equity from that property to fund future projects—including one just up the road, between Birriga Road and Benelong Crescent.
Looking Back
La Vie en Rose was more than a property development—it was a crash course in real-world resilience.
It taught me that success in development isn’t about avoiding problems; it’s about knowing how to handle them when they inevitably arise.
There’s so much that can go wrong in property development: failed builders, pulled finance, stalled timelines, tax hurdles, and more.
But with the right planning, mindset, and willingness to adapt, it’s possible to come out the other side stronger—and even better prepared for the next project.
La Vie En Rose, Sydney
What’s Next
Thanks for following along.
In the next post, I’ll be sharing the story of the Benelong Crescent development, and the new lessons that came with it.
Until then—keep building, keep learning.