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

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

#196 Post by Tek Screw » Mon Mar 26, 2018 1:36 pm

Really interested in how this project is going to pan out for the apartment buyers.

Will the building certifier be reluctant to issue the Certificate of Occupancy - knowing the builder didn't have a builders licence?
Without the certificate the apartment buyers wont be able to move in.

I can only assume their will need to be a full review of the building process to ensure it was supervised correctly and constructed in accordance with the current acts / regs.

Lets hope the builder had an up to date Inspection and Test Plan (ITP) showing all the hold points and engineers inspections.

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

#197 Post by Pikey » Mon Mar 26, 2018 3:35 pm

Unfortunately it appears that the whole situation is somewhat messy. The site has been sitting vacant, with the tower component unfinished for nearly four months.

Hopefully it is sorted out for the buyers soon.
Walking on over....

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

#198 Post by Algernon » Mon Mar 26, 2018 3:37 pm

Getting a certificate of occupancy will be hard but it's not impossible. Even if the builder was unlicensed the overriding measure is whether the development meets the code. Insurance on the other hand, gonesky.

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

#199 Post by how good is he » Mon Mar 26, 2018 4:52 pm

Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.

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

#200 Post by Ben » Mon Mar 26, 2018 4:57 pm

how good is he wrote:
Mon Mar 26, 2018 4:52 pm
Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
I guess its not a big deal when you can declare bankruptcy again .... :/

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

#201 Post by SBD » Mon Mar 26, 2018 8:29 pm

Ben wrote:
Mon Mar 26, 2018 4:57 pm
how good is he wrote:
Mon Mar 26, 2018 4:52 pm
Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
I guess its not a big deal when you can declare bankruptcy again .... :/
The lenders might have insisted on Mortgage Loss Insurance to cover that contingency. Normal home buyers are expected to pay for their banks' insurance.

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

#202 Post by Waewick » Mon Mar 26, 2018 9:34 pm

SBD wrote:
Ben wrote:
Mon Mar 26, 2018 4:57 pm
how good is he wrote:
Mon Mar 26, 2018 4:52 pm
Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
I guess its not a big deal when you can declare bankruptcy again .... :/
The lenders might have insisted on Mortgage Loss Insurance to cover that contingency. Normal home buyers are expected to pay for their banks' insurance.
That doesn't happen in the construction world. Its sell or be sold.

Interestingly, if this was financed by a Bank it would have engaged a QS. A QS has a responsibility to check these things, normally at every claim.

Which makes me think there was no financier or there is one worried QS out there too.

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

#203 Post by how good is he » Tue Apr 03, 2018 10:08 am

Think this is same developer proposing to do 399 KW, Soul - 126 Wright St, SerenityOnColley - Glenelg.

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

#204 Post by Pikey » Tue Apr 03, 2018 12:03 pm

how good is he wrote:
Tue Apr 03, 2018 10:08 am
Think this is same developer proposing to do 399 KW, Soul - 126 Wright St, SerenityOnColley - Glenelg.
If that's the case you'd effectively put a line through them too, unfortunately
Walking on over....

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

#205 Post by Brando » Tue Apr 03, 2018 1:24 pm

how good is he wrote:
Tue Apr 03, 2018 10:08 am
Think this is same developer proposing to do 399 KW, Soul - 126 Wright St, SerenityOnColley - Glenelg.
If you are referring to 'Refined', then no. They are the selling agent for these developments.

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

#206 Post by how good is he » Tue Apr 03, 2018 1:55 pm

No the agent is irrelevant I was referring to the developer being the same. Also see the architects website www.anthonydonatoarchitects.com.au for renders.
Last edited by how good is he on Tue Apr 03, 2018 4:22 pm, edited 1 time in total.

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

#207 Post by wilkiebarkid » Tue Apr 03, 2018 3:27 pm

The financier is COMMERCIAL EQUITY GROUP. They have a mortgage over 318 South Terrace.

Interestingly, ADABCO, which is a boutique hotel operator has registered a caveat over this property.

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

#208 Post by how good is he » Tue Apr 03, 2018 4:21 pm

Same financier that has taken over as mortgagee in possession/ selling Datong’s U2 in Waymouth St and Aria in Gouger St.

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

#209 Post by Waewick » Tue Apr 03, 2018 8:34 pm

wilkiebarkid wrote:The financier is COMMERCIAL EQUITY GROUP. They have a mortgage over 318 South Terrace.

Interestingly, ADABCO, which is a boutique hotel operator has registered a caveat over this property.
ADABCO is also the developer.

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

#210 Post by floplo » Wed May 16, 2018 7:39 am

This seems to be semi-completed now. The apartments (in the 'tower') are now inhabited, while scaffolding is still on the historic mansion out front.

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