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

[mgb]

Not sure if this means that the development is dead, but the building is now up for auction.


http://www.realcommercial.com.au/proper ... -501684497

[ghs]

Still advertised on realestate.com.au :

http://www.realestate.com.au/property-a ... -119799499

[Smithy85]

Very, very odd...

[Ben]

Very odd. I did walk past on Monday during the time the sales centre was meant to be open and it was closed. May be they ran into financial trouble. I thought this was a bit skinny anyway. Hopefully the site next door buys it and proposes something more significant.

[ghs]

It's dead - the office has closed.

The apartments were expensive, that top end of the market is not an easy area break into. For
$550,000 to 600,000 you could buy a fairly good house which would be more comfortable then a shoebox on
Franklin Street. That location is not that great either - Franklin street doesn't provide much of a view.

Adelaide doesn't have a good track record with premium apartment developments, from
memory the original 45 Park development in Gilberton had fairly expensive apartments and it never
went anywhere. Also, Palladium on Light is obviously struggling to finalise enough sales
for development to begin.

[Dvious]

I guess it depends, to me it is all about location and design. Looking over an empty bus depot to me is rather unappealing, and the design of the building was first year Architecture school stuff.

Losing a project like this does not worry me at all. I am surprised though how quickly they pulled the pin. Marketing would not have been much more than 6 months surely?

[mgb]

I think there is more to it than just lack of sales. It's not been really long enough since they had the plans approved & the display area open.

Looking at the for sale photo's it appears there is a basement in the existing building. I wonder if the costs associated with filling that in along with separating from the joining building next door made the project not financially viable? i.e. if they had to start underpinning the building next door so it didn't collapse.

[Ben]

I've been in the market for an apartment for a little while and checked this one out. the reality is they were charging prices that others are that have views of the parklands or the square. This has a view of the bus station which will eventually be built out by another apartment building or too. Certainly not worth the top dollar they were asking.

[crawf]

No big loss

Would rather this be dropped then many of the other current proposals.

[ghs]

This is going to be relaunched with a few variations, I spoke to the agent today.

[Will]

This one is back on realestate.com:

http://www.realestate.com.au/property-a ... -121439226

[phenom]

This one appears to have a significant increase in height if the advertising copy is anything to go by... adverts on realestate.com.au clearly referring to the penthouse being on the 24th floor and other adverts for same building referring to apartment numbers like '20.1' implying 20th floor. Unable to find anything on DAC archive to confirm this though.

[Ben]

This one is now for sale again, signage on site and a new website which has a picture of melbournes CBD... www.altoadelaide.com.au

[Norman]

This one is now for sale again, signage on site and a new website which has a picture of melbournes CBD... http://www.altoadelaide.com.au

And old photos of Victoria Square and Riverbank lol

[Blimp]

Hopefully they've reconfigured the design to eliminate one or preferably both of the blank concrete walls. If the whispers of a 10 floor increase are indeed true, a building of this height with two blank walls will be an eyesore. IMO the original renders were very unimpressive. Im not saying every apartment building that comes in has to be a Picasso-esque masterpiece, but something has to be done to deter developers from including blank walls.

That being said, judging by their attempted website (a mix of dated pictures and Melbourne ), I cant see this one progressing.