[U/C] 316-320 South Terrace | 51m | 14lvls | August Towers

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Pikey
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#226 Post by Pikey » Tue Jul 10, 2018 3:54 pm

The state this development has been left in is disgusting. What a complete and utter shambles.
Walking on over....

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#227 Post by Waewick » Tue Jul 17, 2018 10:21 pm

Such a shame, i honestly thought the development was for both buildings.

I wonder if the sale is due to the licence issues? Seems very odd to have allowed this to occur.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#228 Post by TomE » Wed Jul 18, 2018 11:48 am

Being sold by the financiers to recover debt.

https://www.adelaidenow.com.au/messenge ... 85e5d0fa65

A HISTORIC city mansion is being sold to recoup money owed by an embattled property developer who is facing multiple criminal charges.

Finance company CEG Direct Securities is asking $2 million for 172-year-old Davaar House, which was being restored as part of the $35 million August Towers apartment project on the corner of South Tce and Hutt St.

The two-storey mansion is among a suite of properties, including a development site at Wright Street in the city and Colley Tce, Glenelg, being sold in a bid to recoup some of the $29 million in debts owed by developer Salvatore ‘Sam’ Sgherza.

The Advertiser revealed in May that CEG Direct Securities had taken control of the August Towers apartment building from Mr Sgherza’s company South 2015 Pty Ltd, triggering the former bankrupt businessman to wind-up the company.

Mr Sgherza is separately facing criminal charges for allegedly stealing $1.22 million from investors and defrauding creditors

Davaar House was built for wine and spirit merchant William Johnston in 1876 for £4000 and features 14 rooms, pantries, cellars, larder and bathrooms

CEG director Jim Ventrice said the local heritage-listed Davaar House has generated interest from the neighbouring St Andrews Medical centre and a restaurateur, who he would not name.

He said completed restoration work included new windows, new fencing and internal woodwork.

“A lot of the, I suppose, foundation work has been done,” he said.

The non-heritage addition to the front of the building has also been removed.

He said the heritage listing prevented any new owners from knocking down the building, which had most recently served as headquarters of the TPI Association.

Mr Ventrice said all floors except the penthouse of the August Towers apartment development have been completed.

He said 70 per cent of properties were still for sale.

“There is a lot of interest in the site, it’s really a unique position,” he said of the August Towers property.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#229 Post by Waewick » Wed Jul 18, 2018 1:26 pm

I am stunned that Sam was back so quickly.

But that explains the sale, thanks for the link.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#230 Post by wilkiebarkid » Tue Sep 18, 2018 10:58 am

From The Advertiser today. Building to be finished finally.

http://www.adelaidenow.com.au/business/ ... 870957a8a4

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#231 Post by Jaymz » Tue Sep 18, 2018 5:24 pm

wilkiebarkid wrote:
Tue Sep 18, 2018 10:58 am
From The Advertiser today. Building to be finished finally.

http://www.adelaidenow.com.au/business/ ... 870957a8a4

That would make it the most expensive apartment ever sold in S.A wouldn't it? It'd want to be something extra special for $6 million.......
when you could have the penthouse in Rowlands place for a paltry $4 million 8)

https://www.realestate.com.au/property- ... -129245398

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#232 Post by Algernon » Tue Sep 18, 2018 5:30 pm

Jaymz wrote:
Tue Sep 18, 2018 5:24 pm
wilkiebarkid wrote:
Tue Sep 18, 2018 10:58 am
From The Advertiser today. Building to be finished finally.

http://www.adelaidenow.com.au/business/ ... 870957a8a4

That would make it the most expensive apartment ever sold in S.A wouldn't it? It'd want to be something extra special for $6 million.......
when you could have the penthouse in Rowlands place for a paltry $4 million 8)

https://www.realestate.com.au/property- ... -129245398
Penthouse in Realm went for 5.2 million and they were expecting more for the penthouse in the new development at Glenelg.

It would need to be significantly larger to warrant such a price, because it certainly wouldn't be worth it on a per sqm comparison.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#233 Post by Jaymz » Tue Sep 18, 2018 5:37 pm

The penthouse in the"Wave" building on Gilles Street was for sale a couple years ago. I recall the asking price was around $5.5 million, but
I don't know how much it sold for, or if it sold at all.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#234 Post by Jaymz » Tue Nov 27, 2018 3:51 pm

I've seen a couple of these apartments for sale online, they look to be fitted out very nicely. The prices seem to be very reasonable for what you get, but that may be partly due to the building's dubious history.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#235 Post by how good is he » Tue Nov 27, 2018 7:03 pm

I would want to see the fees & minutes of the meetings.

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

#236 Post by d3v310per » Mon Jun 03, 2019 1:06 pm

Developer Salvatore ‘Sam’ Sgherza has pleaded guilty in the Adelaide Magistrates Court to four criminal charges of breaching bankruptcy laws.

Sgherza, 56, was facing 46 criminal charges of breaching the Bankruptcy Act, following an investigation by the Australian Financial Services Authority.

He admitted last month, through his lawyers, to four revised charges of concealing or removing property after becoming a bankrupt, taking out loans knowing he could not repay the debt, signing a false declaration and failing to disclose information about his conduct and affairs.

The charges related to his conduct before and after he was declared bankrupt on August 30, 2012.

The offences carry a maximum $120,000 fine or up to two year’s jail.

Sentencing submissions will be heard on June 17.

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