[ONH] 114 Waymouth Street | 78m | 26lvl | U2 Apartments

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citywatcher
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[ONH] Re: [ONH] Re: [ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#406 Post by citywatcher » Sun Dec 10, 2017 11:39 am

timtam20292 wrote:
citywatcher wrote:
Sun Dec 10, 2017 11:29 am
Smithy85 wrote:Crane is coming down.
What impact will this have on projects now and in the future apartments wise
No doubt it's an extremely significant occurrence
I know there are people in the Adelaide apartment industry that have reservations about other projects including Realm and Adelaidean
Just what I've been told know no more than that

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How would it impact other projects?
Confidence viability etc

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#407 Post by Jaymz » Sun Dec 10, 2017 12:01 pm

Given the advanced nature of this one, you'd like to think every option would be explored to get it up and running again i.e developer finds some more money, or a sale and new developer. Of course that could only happen if the numbers stack up. The problem with this, is the process is guaranteed to be painfully slow and then there's every possibility it will come to the end of the sunset date...... which then people are entitled to get their deposits back. I'm sure it would be difficult to convince them to hang on in hope.

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[ONH] Re: [ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#408 Post by Ben » Sun Dec 10, 2017 12:15 pm

citywatcher wrote:
Sun Dec 10, 2017 11:29 am
Smithy85 wrote:Crane is coming down.
What impact will this have on projects now and in the future apartments wise
No doubt it's an extremely significant occurrence
I know there are people in the Adelaide apartment industry that have reservations about other projects including Realm and Adelaidean
Just what I've been told know no more than that

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Both those projects are by reputable developers with a proven track record. Datong has always had a chequered history on this site.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#409 Post by BennyLangers » Mon Dec 11, 2017 8:54 am

...and the crane is down

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#410 Post by Pikey » Thu Dec 14, 2017 8:09 am

The site has been completely striped now. The only BE infrastructure left is the supports for the prefab walls on the northern site. Even the subfloor supports for level one have been removed.

Pretty convincing that they've completely walked away, this could be a ghost house for a while.
Walking on over....

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#411 Post by [Shuz] » Thu Dec 14, 2017 9:33 am

Fairly likely that whoever buys out the site will end up having to demolish the core box already been built. Back to square one.
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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#412 Post by Algernon » Thu Dec 14, 2017 9:44 am

[Shuz] wrote:
Thu Dec 14, 2017 9:33 am
Fairly likely that whoever buys out the site will end up having to demolish the core box already been built. Back to square one.
Rubbish

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#413 Post by [Shuz] » Thu Dec 14, 2017 9:48 am

Well, do you really expect any new buyer to have to commission architects who've got to work with the structural layout of the previous design? The answer is no. It's too complicated. Easier to have blank template, demolish and start again.
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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#414 Post by Allkai » Thu Dec 14, 2017 10:02 am

Algernon wrote:
Thu Dec 14, 2017 9:44 am
[Shuz] wrote:
Thu Dec 14, 2017 9:33 am
Fairly likely that whoever buys out the site will end up having to demolish the core box already been built. Back to square one.
Rubbish
Not rubbish at all, it has happened previously.

Aside from Shuz comment about the Architects being locked in, there's also the QA issue of the new builder taking ownership of another's work.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#415 Post by timtam20292 » Thu Dec 14, 2017 4:45 pm

Agreed with Shuz.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#416 Post by Ser Noit of Loit » Thu Dec 14, 2017 9:48 pm

If they've pretty much walked away from it, what's the rules with the pedestrian walkway? How soon will it need to be removed?

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#417 Post by SRW » Thu Dec 14, 2017 10:49 pm

Is there still no comment from Datong? How long can that sustain? Surely buyers are demanding answers.
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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#418 Post by Smithy85 » Sat Dec 16, 2017 4:21 pm

Ser Noit of Loit wrote:
Thu Dec 14, 2017 9:48 pm
If they've pretty much walked away from it, what's the rules with the pedestrian walkway? How soon will it need to be removed?
Walked past this morning and there was a colourbond fence up at the front of the site. Reckon the footpath will be back open again fairly soon.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#419 Post by how good is he » Sat Dec 16, 2017 11:05 pm

I also assume the archaeology find and subsequent dig was unforeseen? These delays slowed things down I think over a year.I am wondering if it wasn’t for that event whether the building would have now been completed and if that contributed to the outcome? Who would have paid for the delays? The developer, right? And the actual dig/cataloguing/storage & consultants fees? Could it have been a condition made on the developer and/or development by the heritage dept etc when it was found?

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#420 Post by Smithy85 » Sun Dec 24, 2017 9:49 am

From Saturday's Advertiser:
SIX WEEKS after the chairman of a troubled Adelaide developer flew to China – allegedly leaving millions of dollars in debt in his wake – his number two has followed suit.

Ping Huang, general manager at Datong Australia, boarded a flight to Kunming in China’s southern Yunnan province yesterday to effectively leave the developer behind the faltering 257-apartment U2 block on Waymouth St rudderless.

Construction outfit Built Environs terminated its contract with Datong last week over unpaid bills understood to amount to $3.5 million and has now moved off the Waymouth site.

Mr Huang is set to return on Monday, January 15, and will face a barrage of uncertainty set to test Adelaide’s booming apartment market.
However chairman Jin Liang is adamant his company’s cash flow challenges can be overcome. “Chinese banks are delaying and even blocking some foreign exchange transactions under a decision by the central government to limit capital leaving the country,” he said in a statement.
“I am currently in China working with the Chinese government trying to resolve this issue. The funds from China will thus enable construction on U2 to resume. I hope to be able to provide a positive report in the very near future.”
Rumours Datong faces administration are unfounded, said Mr Liang who claimed he would re-engage Built Environs to resume construction once finance became available.
Daryl Young, managing director at Built Environs, confirmed he was happy to re-engage should Datong resolve its financial difficulties. Mr Liang offered his “personal apologies” to U2 buyers.
“I am doing everything I can to rectify the situation so that construction may resume. Buyers can rest assured that their deposits are held in different sales agencies and lawyer trusts which are administered by independent third parties.,” he said.

Meanwhile, Mr Liang confirmed Datong had entered into a financial borrowing arrangement with high-interest chargers CEG Direct Securities and La Trobe Financial in relation to apartments it owns at Aria on Gouger St. “We would welcome the sale of these apartments as it would aid our ability to service our debts,” he said.
Buyers who purchased apartments at Aria have had the title deeds transferred into their names “except for a few who have made special business arrangements with the company at the time of purchase,” he said.
Datong, which built Aria in 2015, is yet to lease its commercial ground floor space there.

Mr Liang, a known visitor to Adelaide Casino, confirmed “no Datong funds have been used for anything other than Datong business”.
Equally Datong has not assisted non-Australian residents looking to buy an apartment here with securing s457 or other visas, he said.
CFMEU secretary Aaron Cartledge said the union was concerned over the financial impact on Built Environs and its subcontractors. The CFMEU claims the collapse of builder Tagara was in part due to funds owed by Datong.
Building began at U2 in March with completion of the 27-storey tower due in 2019.

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