The 2017-18 year was a very busy one for BBRV. During the year, we acquired a block of nine apartments in Double Bay. These apartments are undergoing a full refurbishment and the building has had complete new electrics, plumbing, and the addition of a lift.
BBRV borrowed $9million to buy Guilfoyle Gardens, of which $500,000 has been repaid. Occupation of the first residents is expected in early 2019, and once it is fully occupied, it is expected that the loan will be substantially reduced, if not paid in full.
Our financial success is underpinned by:
Maintaining high occupancy rates across our villages
High levels of operational efficiency in the transition of vacated apartments.
As a not-for-profit organisation, BBRV is driven by a mission of service and overseen by a volunteer Board of Directors. The Board is comprised of experts across many business fields who continuously demonstrate the capacity and commitment to position the organisation for ongoing success.
Our accounts are independently audited. We also use the services of volunteer financial experts who oversee the organisation’s continued financial health.