It is just over 1 meter in height not including the pot (photo 1). I'm told it is around 15-20 years old but hasn't really been well cared for and there is an old branch/trunk that died and has broken off (photo 2).
My initial plan is to repot and fertilise with some minor work on the roots and also possibly try to trim back the wound and seal it. I am hoping this will maximise the health of the plant for the next step.
Once it gets warmer I was then contemplating chopping the trunk just below the level of the current wound so I can significantly reduce the height. There are tiny nodes on the trunk below this level (photo 3) that I am hoping will bud. A cut at this level will have a large diameter so alternatively I might carve the wound back so it tapers and keep the lowest branch.
Any advice would be greatly appreciated, particularly the chances of it budding and if I should keep the lowest branch even temporarily as insurance. Happy to take alternative suggestions.
I am located in Brisbane.
Cheers
JK