A family company in every sense
With over 30 years of experience in the industry, Lazzcorp Property Group has established itself as a company that cares. Founded by Jim Lazzarotto and later joined by sons, Paul and Michael, their company encompasses the same family values that you would find in their homes. Based primarily on quality and client loyalty, they have created a respected brand within the industry. “There’s a real sense of the family connection within the company. It’s a father and two sons and we’re all actively involved in the company. People are comfortable knowing that there are people behind the company who care. With our name behind our company comes a lot of responsibility. We’re always looking to develop quality architectural projects. We want to create something our friends and family would be proud of,” says MichaelLazzarotto, one of the directors at Lazzcorp Property Group.Lazzcorp works across all industry sectors and specialises in medium density or high rise residential projects, land development, large scale restoration or reconstruction, and refurbishments.
Jim, Paul, and Michael all bring something unique to the company and together are devoted to Lazzcorp’s success. “My background prior to Lazzcorp was in large scale construction. The job that I left to join the family businesshad a build value in the order of 120 million dollars,” says Michael. “Paul is alsowell accomplished in the development and construction of large scale multi residential apartments and townhouses of around 2 to 15 million dollars. Our father Jim has been the industry for over forty years and has an enviable depth of experience.”Jim Lazzarotto has been a member of the Housing Industry Association (HIA) for 34 years and his sons takes great pride in all he has accomplished. Paul Lazzarotto joined the company ten years ago and has completed many projects with his father. Paul works on high quality, high end townhouse developments and oversees them from a construction point of view. Both sons bring their specified areas of interest and knowledge however Jim oversees all projects and developments.Together, Paul and Jim source and assess the land for each new prospective development.
They know what they’re looking for – quality
Lazzcorp currently has two projects on their plate, both varying in size. One of their current projects they have tendered to a builder, and the other has remained under their control. “The benefit for us is when we get someone to build for us we are able to control the process because of our knowledge of construction. I’d definitely say that’s a point of difference for us from other companies who have to rely on the builder to tell them what quality is and what the right and wrong way is of doing things, whereas we as builders already know,” says Michael. With over 65 years of combined experience in the industry, Lazzcorp is in a very good position within the market.
Lazzcorp tends to target their subcontractors, looking for specific requirements which they need to meet. “We have a group of subcontractors that we know can perform for us. We tend to use them because they are the ones we know are capable of producing the quality we expect,” says Michael. Lazzcorp is not in the market tendering for jobs as a builder and they do not do work for other people. They only build their own developments which ensure that they can be more selective in the quality of the subcontractors which they appoint on their jobs. Lazzcorp tries their best not to limit themselves in terms of project sizes, which is why they take on a variety of different size projects across all industry sectors. However, they never want to take on more than they can handle. “We can either work on one very large project or two or three smaller ones; it really just depends on the size of it. We have in excess of 30 million dollars of construction work being undertaken at the moment,”says Michael.
Trends and Challenges
While Lazzcorp always emphasises quality, they have noticed a particular trend in the Victorian industry as well as nationally, towards smaller quality accommodation. “There is a push for quality accommodation that is affordable,” says Michael. Prices for homes are on the rise and people are looking for homes close to the city and close to their places of work. Homebuyers want to live closer to those areas and aredriving the demand for smaller homes or apartments. “It’s an intrinsic move for housing,” says Michael.
No business is without their challenges and Lazzcorp understands this which is why they are always more than prepared to deal with theirs. Lazzcorp identifies the cost of construction as a key challenge for them, both as developers and as well as when they have other builders tender for them. “There are certainly drivers pushing up the cost of construction in Victoria. That has made putting a lot of these developments together a lot harder,” says Michael. In addition to construction costs, Michael identifies interest rates as a challenge for Lazzcorp. “Interest rates are one of the key determinants of how the housing market travels in this country. We saw the RBA’s mostrecent upward moves on interest rates certainly flatten the property market from our perspective,” says Michael. “Interest rates are one of the key drivers for the demand of housing in Australia and we certainly see that as being an important influence on the market.”
Bad for some, good for others
Unlike many of their direct competitors in the industry, Lazzcorp embraced the GFC as an opportunity for themselves. “We weren’t building at the time but what we did was take the opportunities that were presented. For us the GFC actually presented us the opportunity to be purchasing in the market. A lot of people who got into the market before, when the market was at its peak, tended to watch it go down. What we managed to do was purchase a couple of really good properties and put a few developments together at this time,” explains Michael. During a time like the GFC, Jim’s experience was a sure asset for the company. His ability to see and pick out opportunities to purchase properties served to Lazzcorp’s advantage. Throughout the many challenges they have faced over the years, Lazzcorp has always kept an optimistic approach in everything they do.
The next generation of Lazzcorp
Jim Lazzarotto has built Lazzcorp Property Group to what it is today and he definitely serves as a great asset to the company. However, as the company continues to grow, both Paul and Michael have become more actively involved, taking what they have learned from their father and his experience, and then putting it to good use within their own respective areas of expertise. “We want to take the company along the same lines that it is at, at the moment. The company is built on very good foundations. There is a great depthof experience at Lazzcorpand we want to take that experience and turn it into something unique itself,” says Michael. Lazzcorp has definite plans for steady growth and Michael says they want to continue the company’semphasison providing quality architectural developments, incorporating both his and Paul’s ideas and personalities. “We’re younger and we have different ideas but we take a lot from the experience that Jim has. It is a very successful formula and that formula is: producing good quality products whether it’s residential, industrial, or commercial – seeing that the opportunities are out there and making the most of the opportunities that are presented to us,” says Michael.