Sensational-Adelaide.com

Ummmmm...

114 Waymouth Street came down yesterday. Any reason, seems early to me?

It's what happens when you don't pay your builder. They take their infrastructure away. Crane, concrete pump, core jump system...

The thing is for a project like this a commercial builder wont have even started unless the financing was guaranteed for the project and a big down payment of say 10-20 % of the job is made. I would think there was an iron-clad guarantee with the bank/financiers that the money was in place before the project even started. What is perplexing is how then this happened. If a finance/bank withdraw their facility, I would assume they would be liable for a significant lawsuit from the developer. My only thoughts if the actual financier/bank/investors went broke/are in financial trouble. Does anyone know who was financing this?

I have heard that the sales they had said they had were largely um how do you put it... similar to unicorns.

Ben wrote: ↑

Tue Dec 12, 2017 10:30 am

I have heard that the sales they had said they had were largely um how do you put it... similar to unicorns.

So, in other words, non-existent.

What do you mean, of course they're real!

how good is he wrote: ↑

Tue Dec 12, 2017 9:58 am

The thing is for a project like this a commercial builder wont have even started unless the financing was guaranteed for the project and a big down payment of say 10-20 % of the job is made. I would think there was an iron-clad guarantee with the bank/financiers that the money was in place before the project even started. What is perplexing is how then this happened. If a finance/bank withdraw their facility, I would assume they would be liable for a significant lawsuit from the developer. My only thoughts if the actual financier/bank/investors went broke/are in financial trouble. Does anyone know who was financing this?

What generally happens is that the builder would request either a cash deposit from the developer or more likely a bank guarantee which could be redeemed at the bank in cases where the developer does not meet their contractual obligations.

The Bank has no right to refuse the redemption of this guarantee regardless of whether or not they have withdrawn funding to the developer. The developer would then be liable to the Bank who would likely have recourse through mortgage over the land. The bank would simply sell this land to clear the debt created by the guarantee's redemption.

I would say even if this development is mainly privately funded, the developer would have requested a guarantee from an Australian Bank for a nominated % of the contract amount. Likewise, the developer would hold a guarantee from the builder to ensure their performance under the contract which the developer could ofcourse call upon at any moment, leading to a legal shit fight if Built Environs have not actually breached the contract themselves.

There is a Favco type crane base at Gray St.

EBG, What building is this at Gray Street?

How many levels?

17

http://www.sensational-adelaide.com.au/ ... 10#p161248

There was a crane base located very close to the rear of the Ed castle, is that the same one pictured or are there two?

The one in the photo is located towards the southern end of the site. If there is a base adjacent to the wall of the Ed (northern end) that would be 2.

With only 12.5 months to complete the building (that would be maybe 8-9 months for the actual structure then time for the fit out) it will average around a floor every 2 weeks (they are constructing the steelwork at 4 floors at a time) so 2 cranes would help them meet the tight schedule. Great to see this level of project management and fast track in Adelaide, especially as the site is crowded (initially anyway) with foundation work happening on one side of the site as the demolition was still being finished at the other end.

There are 2 crane bases. 1 at the southern end at the back of the site as in the picture and another at the northern end near the street (Gray St).

Picture of the 2 crane bases;
(1) at northern end near street,
(2) at rear near southern end.

There is a crane base at 260 Flinders St ; picture 9/1/18.

Another Crane base - 250 East Terrace.

P.S Anyone notice the tall crane up at Realm? No photos yet!