[SWP] Festival Centre office tower | 108m | 27 Levels | Office

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#46 Post by Llessur2002 » Fri Jul 21, 2017 7:31 pm

Algernon wrote:I wonder if you're the same bloke
I might be a lovely lady...

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#47 Post by Ben » Wed Aug 02, 2017 1:35 pm

from Indaily:
Developer given years to begin Festival Plaza office build

The State Government has revealed developer Walker Corporation will have six years to begin work on the controversial office tower planned for the Festival Plaza precinct, meaning it could be eight years or more before the building is completed.

David Washington

Urban Development Minister Stephen Mullighan revealed the condition in an Estimates Committee hearing last week, and subsequently told InDaily that the condition was included to give Walker time to “market the building and attract a key tenant as part of its agreement with Government”.

Walker is contracted to rebuild the Festival Centre car park as part of a $40 million deal with the Government to revamp the tired Festival Plaza with new landscaping, shops and cafes, and a 24-storey office tower.

While early work has begun on the area, the car park construction won’t begin until February next year, Mullighan revealed. Beginning of the car park work triggers a six-year period during which Walker will be required to “substantially commence” work on the office tower.

“If he does not commence that office building within that period of time, then he is obliged to wear the full cost of the works in kind and the plaza works, and he loses his development approval for the tower,” the minister said.

Under questioning from InDaily, Mullighan said the developer was “obliged to make the area publicly accessible until such time as work starts on the office tower development”.

While the Government insists it hasn’t promised Walker that it will take up a tenancy in the office building, Mullighan did confirm that the Government had two calls for office accommodation in the market, to explore competitive options when two current CBD leases expire in 2019 and 2020.

“… If the building were to progress on the quickest timeframe – and it is indeed a two-year build time – it would be cutting it extremely fine for government office accommodation, through the DPTI tendering process that you referred to, to be able to make it into that building,” Mullighan said.

Opposition frontbencher David Pisoni questioned why the Government would allow the land earmarked for the tower to potentially sit vacant for many years – with echoes of the long-fallow Le Cornu site in North Adelaide.

He said while it was now clear Walker was required to begin substantial works within six years, without seeing the contract there was no way to know whether a completion date was stipulated.

“It could be a new sinkhole in the CBD rather than a vibrant new part of the Riverbank precinct,” Pisoni said.

“I think the six-year timeframe potentially puts this whole project on hold for the best part of 10 years from when it was announced. The fact that the government has locked up prime real estate in the city, which could be empty potentially for six years, requires further investigation.”

However, Mullighan said the Government’s focus was on getting the new carpark, plaza, Festival Theatre upgrade and retail precinct completed “as quickly as possible”.

“The timeframe also reflects a requirement for Walker to attract interstate and global commercial tenants for the economic benefit of the state rather than drawing on the existing local market,” Mullighan told InDaily.

“I’m advised Walker Corporation is already marketing the 40,000sqm of premium office space.”

Last week, Auditor-General Andrew Richardson revealed that his inquiry into the finances of the Festival Plaza deal had been delayed due to questions about the jurisdiction of the ICAC.

Richardson told parliament today he had been unable to continue the investigation last year because negotiations over the plaza contract were still ongoing and “in fact it was possible that there would be no deal”.

“So… we were obliged to stop until the agreement was settled [which] happened in about February of this year [at which point] we recommenced our work,” he said.

“Around about that time, for a range of reasons, I had been going through my statutory obligations and my relationships in particular with the Independent Commissioner Against Corruption, and… we started to be concerned about where the Auditor-General’s powers ended and where the commissioner’s powers begin.”

InDaily revealed last year that the State Government will pay 30 years’ of car park rent to Walker in a lump sum at the beginning of the agreement.

The State Government has always said that it would lease back 400 of the 1460 car parking spaces from Walker Corporation for $30 million (the Adelaide Casino will also lease spaces from Walker). It also stated, as long ago as 2014, that the lease period would be 30 years, but the contract stipulates 70 years.

What it didn’t reveal previously was that the $30 million would be paid in full, upfront. The contract says that “on or before the date of commencement of the Carpark Sublease, the State shall pay Walker Carpark $30 million (GST exclusive)”
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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#48 Post by claybro » Wed Aug 02, 2017 5:16 pm

Ben wrote:
Wed Aug 02, 2017 1:35 pm
from Indaily:
Developer given years to begin Festival Plaza office build

The State Government has revealed developer Walker Corporation will have six years to begin work on the controversial office tower planned for the Festival Plaza precinct, meaning it could be eight years or more before the building is completed.

David Washington

Urban Development Minister Stephen Mullighan revealed the condition in an Estimates Committee hearing last week, and subsequently told InDaily that the condition was included to give Walker time to “market the building and attract a key tenant as part of its agreement with Government”.

Walker is contracted to rebuild the Festival Centre car park as part of a $40 million deal with the Government to revamp the tired Festival Plaza with new landscaping, shops and cafes, and a 24-storey office tower.

While early work has begun on the area, the car park construction won’t begin until February next year, Mullighan revealed. Beginning of the car park work triggers a six-year period during which Walker will be required to “substantially commence” work on the office tower.

“If he does not commence that office building within that period of time, then he is obliged to wear the full cost of the works in kind and the plaza works, and he loses his development approval for the tower,” the minister said.

Under questioning from InDaily, Mullighan said the developer was “obliged to make the area publicly accessible until such time as work starts on the office tower development”.

While the Government insists it hasn’t promised Walker that it will take up a tenancy in the office building, Mullighan did confirm that the Government had two calls for office accommodation in the market, to explore competitive options when two current CBD leases expire in 2019 and 2020.

“… If the building were to progress on the quickest timeframe – and it is indeed a two-year build time – it would be cutting it extremely fine for government office accommodation, through the DPTI tendering process that you referred to, to be able to make it into that building,” Mullighan said.

Opposition frontbencher David Pisoni questioned why the Government would allow the land earmarked for the tower to potentially sit vacant for many years – with echoes of the long-fallow Le Cornu site in North Adelaide.

He said while it was now clear Walker was required to begin substantial works within six years, without seeing the contract there was no way to know whether a completion date was stipulated.

“It could be a new sinkhole in the CBD rather than a vibrant new part of the Riverbank precinct,” Pisoni said.

“I think the six-year timeframe potentially puts this whole project on hold for the best part of 10 years from when it was announced. The fact that the government has locked up prime real estate in the city, which could be empty potentially for six years, requires further investigation.”

However, Mullighan said the Government’s focus was on getting the new carpark, plaza, Festival Theatre upgrade and retail precinct completed “as quickly as possible”.

“The timeframe also reflects a requirement for Walker to attract interstate and global commercial tenants for the economic benefit of the state rather than drawing on the existing local market,” Mullighan told InDaily.

“I’m advised Walker Corporation is already marketing the 40,000sqm of premium office space.”

Last week, Auditor-General Andrew Richardson revealed that his inquiry into the finances of the Festival Plaza deal had been delayed due to questions about the jurisdiction of the ICAC.

Richardson told parliament today he had been unable to continue the investigation last year because negotiations over the plaza contract were still ongoing and “in fact it was possible that there would be no deal”.

“So… we were obliged to stop until the agreement was settled [which] happened in about February of this year [at which point] we recommenced our work,” he said.

“Around about that time, for a range of reasons, I had been going through my statutory obligations and my relationships in particular with the Independent Commissioner Against Corruption, and… we started to be concerned about where the Auditor-General’s powers ended and where the commissioner’s powers begin.”

InDaily revealed last year that the State Government will pay 30 years’ of car park rent to Walker in a lump sum at the beginning of the agreement.

The State Government has always said that it would lease back 400 of the 1460 car parking spaces from Walker Corporation for $30 million (the Adelaide Casino will also lease spaces from Walker). It also stated, as long ago as 2014, that the lease period would be 30 years, but the contract stipulates 70 years.

What it didn’t reveal previously was that the $30 million would be paid in full, upfront. The contract says that “on or before the date of commencement of the Carpark Sublease, the State shall pay Walker Carpark $30 million (GST exclusive)”
.
Meanwhile over at the Lecornu site in North Adelaide......oh wait a minute, wrong thread.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#49 Post by timtam20292 » Wed Aug 02, 2017 6:16 pm

Hopefully it won't take 6 years :roll:

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#50 Post by SouthAussie94 » Wed Aug 02, 2017 7:39 pm

It said that the area needs to be publically accessible during the period of time before the tower construction starts. Surely this would mean some form of landscaping would occur, even if only temporary? Doesn't that in itself prevent a Le Cornu situation from occurring?
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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#51 Post by crawf » Wed Aug 02, 2017 11:28 pm

However, Mullighan said the Government’s focus was on getting the new carpark, plaza, Festival Theatre upgrade and retail precinct completed “as quickly as possible”
This is all I care about.

The office tower design is very ordinary and needs to go back to the drawing board.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#52 Post by Patrick_27 » Thu Aug 03, 2017 1:40 am

crawf wrote:
Wed Aug 02, 2017 11:28 pm
However, Mullighan said the Government’s focus was on getting the new carpark, plaza, Festival Theatre upgrade and retail precinct completed “as quickly as possible”
This is all I care about.

The office tower design is very ordinary and needs to go back to the drawing board.
It would actually make a lot of sense to build a podium of sorts now and build the tower above when there are tenants locked in for the office component. That way there isn't a row of restaurants and then just a massive open gap. Surely that much could be done.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#53 Post by ml69 » Thu Aug 03, 2017 6:31 am

Patrick_27 wrote:
Thu Aug 03, 2017 1:40 am
crawf wrote:
Wed Aug 02, 2017 11:28 pm
However, Mullighan said the Government’s focus was on getting the new carpark, plaza, Festival Theatre upgrade and retail precinct completed “as quickly as possible”
This is all I care about.

The office tower design is very ordinary and needs to go back to the drawing board.
It would actually make a lot of sense to build a podium of sorts now and build the tower above when there are tenants locked in for the office component. That way there isn't a row of restaurants and then just a massive open gap. Surely that much could be done.
Nice in theory, wouldn't work in real life. How would tenants in the retail tenancies continue to trade when the site is surrounded by construction/safety hoardings when the tower is built?

It would be more practical for the tower site to be left as plaza space (paved to the same standard as the upgraded plaza) until construction starts.

Also agree with Crawf about the office tower design. It's too boxy and bulky, especially viewed from the plaza. I would prefer an elongated diamond-shaped floor plan which minimises the bulkiness from the plaza side. Make it several levels taller so that it's still 40,000 sqm in total floor space. And put in a restaurant, bar and public observation deck on the roof!

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#54 Post by Mpol03 » Thu Aug 03, 2017 8:08 am

I agree. The design needs to be sleek. We currently have the awful pink geometric mess. They need to re-clad this with glass and make this tower a much better design. Then we're on the money.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#55 Post by Nort » Thu Aug 03, 2017 9:48 am

Between the plaza, carpark, casino and this we could be looking at the precinct being a construction zone for the better part of a decade.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#56 Post by crawf » Fri Oct 27, 2017 11:02 pm

Looks like an announcement on future tenants is imminent. *highlighted in black*
Property tycoon Lang Walker about to reveal tenants for $500m Festival Plaza in Adelaide
Paul Starick, Chief Reporter, The Advertiser

PROPERTY tycoon Lang Walker has declared that work is about to get fully underway on his $500 million Festival Plaza project after five years of planning and negotiation.

Moving to defuse speculation the landmark development might not start for another six years, Mr Walker told The Advertiser talks were being held with potential tenants for a 23-storey office tower behind Parliament House.

These included state and federal government departments and private sector firms including financial services, telecommunications, legal, accounting and resources companies.

A formal announcement is expected within weeks.

Mr Walker’s assertion comes just before the expected release of an Auditor-General’s inquiry into the Festival Plaza deal, the report of which The Advertiser yesterday was told was in the final stages.


Mr Walker, the chairman of Walker Corporation, said Festival Plaza would create a dynamic arts and entertainment centre linking Adelaide Oval, the railway station, casino, Festival Centre and Riverbank.

“We are delighted to get fully under way with this project after five years of hard work, consisting of international research, the creation of project concepts and plans, preparatory works and the negotiation of complex agreements between all involved parties,” he said, in a written statement to The Advertiser.

“The concept is based on our successful and proven mixed-use approach to revitalise the city centre, which will become a major drawcard for Adelaide and attract major national and international businesses, tourists and locals.”

Auditor-General Andrew Richardson is set to deliver a report on the Festival Plaza deal after a year of delay due to factors including discussions with the Independent Commission Against Corruption about how to handle the probe.

Walker Corp in late 2012 won exclusive rights to develop the Festival Centre car park and plaza and in November last year secured Development Assessment Commission approval for the office tower.

The tower was pitched as 27 storeys but the company is now describing a 23-storey building, delivering about 40,000 sqm of office space and a 4000 sqm premium retail and entertainment precinct — the latter within a three-level complex fronting the plaza.

Walker Corp says construction of a five-level underground carpark, now under way, is expected to be finished by 2019 and the tower/retail then will take two years.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#57 Post by Nathan » Fri Oct 27, 2017 11:17 pm

Nothing says "dynamic arts and entertainment centre" like government departments, financial services, telecommunications, legal, accounting and resources companies.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#58 Post by Norman » Fri Oct 27, 2017 11:34 pm

It'll be interesting to see which companies they will be, and out of which buildings they will be moving. Isn't CBA's lease up for renewal soon?

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#59 Post by ml69 » Fri Oct 27, 2017 11:44 pm

I'm glad an announcement is imminent which brings the project closer to construction stage.

But I'm also disappointed that the tower design is (in my opinion) our biggest wasted opportunity in the CBD. The proposed design would be absolutely fine (even good) on any other site in the square mile of the CBD ....

... But this site, facing onto our showpiece public plaza, really required an absolutely outstanding tower design. Unfortunately the current design does not do this site the justice it deserves.

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[SWP] Re: Festival Centre office tower | 108m | 27 levels | office

#60 Post by crawf » Sat Oct 28, 2017 12:07 am

According to the article, it's also been downgraded to 23 levels from 27.
The tower was pitched as 27 storeys but the company is now describing a 23-storey building, delivering about 40,000 sqm of office space and a 4000 sqm premium retail and entertainment precinct — the latter within a three-level complex fronting the plaza.
---
Norman wrote:It'll be interesting to see which companies they will be, and out of which buildings they will be moving. Isn't CBA's lease up for renewal soon?
Maybe Santos?

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