[PRO] 54-58 Elizabeth Street | 55m | 17 Levels |Student Accom
Posted: Wed Jun 26, 2019 12:36 pm
Well this is disappointing. West Franklin next stage seems to be another cookie cutter 17 level student accom building.
Adelaide's Premier Development and Construction Site
https://sensational-adelaide.com/forum/
That was Stage 2 on Franklin Street, which is on hold because the community didn't approve the land-use change. Hence, this Stage 3 building has leapfrogged it to move ahead.
High-profile developer Nicho Teng backs out of student accomodation building project
The developer who made headlines for wanting to demolish a $3.2 million Mitcham mansion has sold part of his West Franklin site.
The developer who made headlines last month for wanting to demolish his Mitcham mansion to build a French chateau has backed out of the third stage of a $300 million CBD complex.
Greaton managing director Nicho Teng is “in the process of selling” 54-58 Elizabeth St, which is earmarked for a 17-storey student accommodation tower, expected to cost $26 million.
That plan, which would have 300 beds and include a lobby, gym, cinema and games room, will go before the State Commission Assessment Panel on Thursday.
A Greaton spokesman said the sale was at the settlement stage with a company which could not be named for confidentiality reasons.
He said Greaton would provide project and development management services to the new owner if required.
The accommodation tower is the third stage of the $300 million West Franklin development, on the corner of Franklin, Elizabeth and Morphett streets in Adelaide’s West End.
More than 500 residents moved into the development’s first stage which opened in February and comprises two residential towers – one 19 storeys and the other 17.
The second stage of the project – one of the largest urban regeneration projects undertaken in the city – remains under a cloud.
The Advertiser reported in January that Greaton wanted to change the site’s community plan to be allowed to build above the historic Balfours brick facade on Morphett St.
The spokesman said options for stage two were still being reviewed to ensure future development best matched the use of the site.
Mr Teng said the West Franklin development, overall, had been embraced by the Adelaide market.
“We are extremely happy with the way the project has met the needs of locals and we have some further exciting announcements to make in the near future,” Mr Teng said.
The Advertiser reported last month that Mr Teng had planned to knock down his $3.2 million Carrick Hill Drive mansion and spend millions building his dream home, but is now looking to sell the property because it no longer suited his lifestyle.
He will move in to an executive apartment in the West Franklin complex.