[PRO] 124-126 Franklin Street | 87m | 26 Lvls | Hotel

[phenom]

I really like the look and the location of this one - an area in desperate need of more after hours activity but on the mend with Quest just up the street one direction and the new ones going up in the other direction (Vision, AdelaideCentral, hopefully Palladium, rest of Balfours site).

There's heaps of proposals right now, that's for sure - so many we're forgetting them - like the ~20 storey one on Pulteney street. Even in the best of times a fair % of proposals won't go ahead and it's certain that a hefty proportion of these proposals mentioned above won't eventuate. Not just due to difficult economic circumstances but obviously each proponent is a separate group (well, except where the same group is behind more than one) and they can't know what else is on the drawing board while they work on their own.

Even so, it's good that these proposals are out there to test the demand. And for those that don't go ahead, well - I'm OK with that. As often as failed proposals have been disappointing (the Spire, original proposal for U2 site) several failed proposals have eventually lent themselves to better future outcomes...

Quest South (KWS) - originally proposed at anything from 6 to 11 level, ended up at 15
Vue - originally going to be a 6 storey block, ended up at 28/29
Angas Street - originally going to be an 8 storey office, current proposal 23 storey residential

Also there's still plenty of 60 to 80 storey things going up in Melb, Bris and Sydney... I reckon we can manage a few at a third of the size

[rev]

It adds to the density nicely. Agree about it imitating Art.

Bit concerned though about the flood of apartments on the CBD market. Is there really the demand?

Well how many "dwellings" will all these buildings add?
I'm not sure what the term is, if it's different to regular housing, but I'm talking about apartments.

Is there going to be an extra 500, 1000, 2000...?

[Ben]

If the apartments are priced right they will sell.

The State Government, has significantly reduced the amount of land North and South it was releasing to Housing Estates to densify the city and suburbs so majority of growth will be in these area. Most of the apartment developments are small. e.g. this one only has 30 apartments. So although Adelaide is seeing significantly unprecedented growth in apartments we are actually making up some lost ground in this area and the developments are actually quite small with the exception of Vue.

Keep in mind Melbourne has over 100 apartment buildings eithier under construction or proposed with many having between 300 and 600 apartments and many developers have been building with much less pre sales. In Adelaide developers are more conservative and usually require 70-80% pre sales before construction will even start.

So in context yes for Adelaide this is a lot, compared to our past but in the scheme of things there is plenty of room for even more larger proposals. it will come down to population and job growth.

[SRW]

I wonder how much the stamp duty relaxation for city and city-fringe apartments is helping matters? I'm supportive of whatever we can do spur this densification.

[phenom]

Just to add to what others have said, and it's interesting to think about - Buckland Park (a very large development, but only one all the same) is expected to have 12,000 housing lots.

I haven't looked at all the plans for the apartment proposals around Adelaide CBD right now but including the smaller ones (4 to 5 levels) up to the biggest (20 to 30 levels) there are roughly about 30 current proposals.

I would say the average number of apartments in these proposals is around 100 each, so that's 3,000 apartments - or just a quarter of the 'lot' equivalent of Buckland Park by itself. Not to mention a fair few of these apartments will be taken up as serviced apartments or otherwise not available for traditional 'residential' use. And that's if all of them proceed.

My numbers could easily be out +/-20% but the numbers are surprisingly small in context. Hopefully more and more of the population decide the convenience and hidden savings (ie minimal transport costs in dollars and time) of living in the city outweighs what people perceive as the negative (generally smaller, noise, closer neighbours).

I'd expect the resistance to city living will fade a bit as people (a) get sick of traffic and ever longer commutes (b) realise the growing vibrance of the city [it's actually happening, not just a buzzword] and (c) recognise that there are some great locations available. For example, whilst I imagine lots of people would baulk at living in something like Altitude (due to being part service apartments) I would think the increasing options in the south-west and south-east 'residential' parts of the city would be quite alluring...

[phenom]

I wonder how much the stamp duty relaxation for city and city-fringe apartments is helping matters? I'm supportive of whatever we can do spur this densification.

Good question. I'm not sure whether there's any research into this, and of course it would be interesting to see whether the reduction in CBD stamp duty subsidies on new properties as of very recently impacts in any way...

Thankfully the new reduced stamp duty subsidy schedule still heavily encourages new off-the-plan committment which no doubt assists in the viability of quite a few of these current proposals.

[Ben]

This was deferred at Thursdays DAC meeting.

[ghs]

This one is being assessed again by the DAC this coming thursday. With only 30 apartments in the
whole building, sales should not be much of a problem and we could see demolition / construction on this later
in the year.

[mgb]

From AdelaideNow http://www.news.com.au/finance/real-est ... 7243765101

765075-1ce93b56-be50-11e4-9d92-97de7eaded95.jpg (120.93 KiB) Viewed 9393 times

A $20 million apartment project in the CBD has been given the green light by the Development Assessment Commission, including plans for the first car-stacking system of its kind in Adelaide.
The project, opposite the former bus depot on Franklin St, includes 30 apartments across 16 levels and a car-stacking cube for 34 cars.
The cube includes five “lift and slide” stackers — each four cars high and two cars deep — and will be installed behind the main tower by Sydney-based Hercules Carparking Systems.
Residents will be able to enter the code for their parking position into the machine’s control panel, which will then shuffle the cars sideways, up and down, depending on where the vehicle is located.
It will take up to a little less than two minutes to retrieve the car depending on its position in the cube.
Joint venture partner Jon Haynes said the system would become the first of its kind in Adelaide.
“The site is only around 15 metres wide so to build an undercroft car park you couldn’t get the turning circle that you need,” he said.

“You can drive your car on to a tray and then the machine posts it if you like — it’s four cars high and two cars deep and uses hydraulics to move the trays up and down.”
The 53-metre tower reaches the height limit for the site, and will include a mix of two and three-bedroom apartments ranging in price from $499,000 to close to $900,000 for one of two penthouses.
Mr Haynes expects construction to start within six months, and completion is expected 15 months later.
“We’ve already got at least ten registrations of interest and I think we’ll have ten to 14 sales in the next three weeks — we’re only looking to sell 20 and the balance will be retained,” he said.
“The big thing with this as opposed to most other apartments completed in Adelaide is that there’s only two apartments per floor.”
“The majority of the apartment projects in Adelaide are designed to be sold to the investor market which means they are getting smaller and smaller and there’s not a lot of supply of the owner-occupier product — our apartments have lots of room and huge balconies.”
The tower has been designed by Anthony Donato Architects and includes leaf-patterned screening which residents can slide.
“At night with the back light of the bedroom the whole look of the building will change every night — it’s called moving architecture and it’s inspired by projects in Dubai,” Mr Haynes said.

[Smithy85]

Only 20 sales required... You'd think this one will get done

[Will]

Now on sale on realestate.com:

124 Franklin Street Adelaide

These will be terrific apartments, as you can tell from the plans.

Cross flow ventilation North/South views and energy efficiency, only 2 apartments per floor, (unless you buy in the very top levels!) exclusive and boutique.

The 2 bedroom plus study is an option for the 2 bedroom design and can be done on any level, and they give a good kitchen together with a laundry and glass walled study/3rd bedroom. The design works well with plenty of living space remaining.

Great location in a locale that is getting more and more current with the progress of North Terrace, Adelaide Oval, the new Riverbank plans, the Central Market, China Town, and the new food places planned for diagonally opposite, to cater for all the residential happening now.

These apartments are different in that they are designed for owner occupiers.

Larger, more luxurious, smaller footprint, lower strata fees. No expensive gym or pool. (User pays theory).

All good reasons to buy one!

[mshagg]

I like the concept - shared facilities arent usually all the developers make them out to be and end up being money pits for the body corp. That said it'll be a pain when the car stacking cube malfunctions lol. Given the amount of off street parking nearby im not sure why they dont utilise a permanent parking space in one, rather than building expensive facilities onsite.

Perfect location for it, franklin/morphett/light square area going to look great in a few years.

[[Shuz]]

Thread title ought to be changed to APP given that the DAC approved it.

[Ben]

Signage is up all over this building. Commencing late 2015.

[ghs]

I drove past this building today and I never saw anything saying that construction
is commenincing late 2015 ?