[U/C] WEST (Football Park) | Developments & News

All high-rise, low-rise and street developments in areas other than the CBD and North Adelaide. Includes Port Adelaide and Glenelg.
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[U/C] Re: Plans for AAMI Stadium land released today

#16 Post by pushbutton » Mon Apr 01, 2013 1:40 pm

I think there'll be enough football venues in Adelaide. How about something for those who couldn't care less about sports?

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[U/C] Re: Plans for AAMI Stadium land released today

#17 Post by PeFe » Fri Nov 28, 2014 5:08 pm

From The 'Tiser
SANFL sells AAMI Stadium at West Lakes for $71m for residential housing development

THE SANFL has sold AAMI Stadium at West Lakes precinct for $71 million for new housing.

The SA Football Commission struck a deal with developer Commercial and General for the sale of the precinct today at 3pm.

Commercial and General paid $10 million upfront to the SANFL and will continuing paying an extra $61 million in instalments over 11 years from 2016.

Under the deal, the Adelaide Crows will remain at West Lakes and continue to use the stadium as its base away from Adelaide Oval.

The rest of the 23.5ha site, between West Lakes Blvd and Turner and Brebner drives, will be open for redevelopment.

The redeveloped site will boast about 1600 homes along with cafes, restaurants and a “boutique shopping strip”.

An SANFL statement yesterday said Commercial and General will launch the project next year.

The SANFL’s chairman, John Olsen, said the deal was “the final part of the transition process” to Adelaide Oval.

“By securing an up-front payment of $10 million we have been able to extinguish our debt with the AFL, money we borrowed as part of the $16.25m we gave to Port Adelaide to keep the club viable ahead of the move to Adelaide Oval,” Mr Olsen said in a statement.

“The rest of the money is critical to our future, not only in terms of further lowering our debt profile — which now stands at $45m including SANFL club debt — but also as a future fund for football in South Australia.”

Commercial and General managing director Jamie McClurg is also behind a $180 million entertainment complex at Salisbury which is awaiting ministerial rezoning approval.

The SANFL built AAMI Stadium in 1973. The first football game was played on May 4, 1974 between Central District and North Adelaide.

http://www.adelaidenow.com.au/messenger ... 7138640067

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[U/C] Re: Plans for AAMI Stadium land released today

#18 Post by rev » Fri Nov 28, 2014 7:18 pm

Who wants to put money down that the "boutique shopping strip" will end up being an extension of the Westfield? :wink:

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[U/C] Re: Plans for AAMI Stadium land released today

#19 Post by [Shuz] » Sat Nov 29, 2014 7:29 am

Only $71m ?

They let it go cheap. The land's worth way more than that!
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[U/C] Re: Plans for AAMI Stadium land released today

#20 Post by serca » Sat Nov 29, 2014 12:16 pm

[Shuz] wrote:Only $71m ?

They let it go cheap. The land's worth way more than that!
It goes to show what profit big developers make. Commercial and General payed about $300m2 for the site and for residential in that area a home owner will be paying about $700m2 for land, even more for commercial/retail sites.

Would hate to think what Lend Lease profited from Mawson Lakes

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[U/C] Re: Plans for AAMI Stadium land released today

#21 Post by metro » Sat Nov 29, 2014 12:17 pm

[Shuz] wrote:Only $71m ?

They let it go cheap. The land's worth way more than that!
Agreed. Thank Goodness John Olsen isn't SA premier anymore. Also, average house price in 10 years is expected to be $1m, so then 1600 homes = $1.6bn? :?

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[U/C] Re: Plans for AAMI Stadium land released today

#22 Post by how good is he » Sat Nov 29, 2014 1:06 pm

We'll considering it went out to tender for a long time anybody prepared to pay more had ample opportunity. Therefore I think you can safely assume this was the best/highest offer. I highlight that not included (as the SANFL continues to have a lease until 2048) is Max Basheer reserve and the actual Footy Park oval which I expect to remain as open space and to be built around. The Checkside tavern and hotel/pokies license -I would be interested to know who retains that.
Some have also mentioned soil contamination and what may lie beneath and the unknown cost to remediate the soil.
Also when you compare the cost of land at say $700 Sqm in the area that is for land that is fully serviced. The developer still has to spend big bucks on contributing to roads, sewerage, storm water, phone, electricity, internet etc etc plus interest and holding costs (big council & water rates, ESL and land tax) to get to that point.

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[U/C] Re: Plans for AAMI Stadium land released today

#23 Post by Nathan » Sat Nov 29, 2014 7:15 pm

Does anyone know if there are strings attached to the sale, such as some strict development guidelines (min and max heights, density, architectural styles, etc)? Might explain the sale price.

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[U/C] Re: Plans for AAMI Stadium land released today

#24 Post by rev » Sat Nov 29, 2014 9:43 pm

Nathan wrote:Does anyone know if there are strings attached to the sale, such as some strict development guidelines (min and max heights, density, architectural styles, etc)? Might explain the sale price.
With John Olsen's involvement, I'm sure everything was above board and there's nothing being kept secret. :lol:

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[U/C] Re: Plans for AAMI Stadium land released today

#25 Post by serca » Sun Nov 30, 2014 11:08 am

When you see the arial view gives you an appreciation of the surrounding Golf clubs and how much money they are worth with land value alone.

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[U/C] Re: Plans for AAMI Stadium land released today

#26 Post by ChillyPhilly » Sun Nov 30, 2014 10:50 pm

Nathan wrote:Does anyone know if there are strings attached to the sale, such as some strict development guidelines (min and max heights, density, architectural styles, etc)? Might explain the sale price.
Well that would depend on edits to the Development Plan.

Regarding market value, the land is undoubtedly valuable and I agree that it was sold for cheap. The only way Olsen knows how to do business. However, on the other side of Frederick Road (east of), it's not as nice. There is significant old SAHT housing stock remaining and most of it still inhabited by lower-income residents. This stretches until a few blocks north of Trimmer Parade and east to Tapleys Hill Road. This will keep parts of the land value down until a redevelopment is announced.
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[U/C] Re: Plans for AAMI Stadium land released today

#27 Post by Will » Mon Apr 27, 2015 11:14 pm

From The Advertiser:
First look at West Lakes Football Park makeover

RICHARD EVANS
The Advertiser
April 27, 2015 9:30AM


Image

Artist impression of the Football Park redevelopment at West Lakes, South Australia.


Proof that there can be life after footy has arrived with a first glimpse of the proposed redevelopment of the Football Park precinct at West Lakes.

South Australian property developer Commercial & General has revealed its first illustrations of its project which looks out towards the Grange Golf Club and shows significant areas of open space, an ornamental lake and bike paths. There is also a planned landscaping upgrade to the existing link to the lake network for new and existing residents.

Commercial & General’s project director, Chris Menz said the first vision of Stage One offers up to 5000 square metres of open space that will create a mix of living options, retail and community space.

The development, which has now advanced past the second community consultation, is being designed with a vision of offering world-class living he said.

“It’s all about creating a true lifestyle destination which incorporates inviting meeting places and a mix of homes and retail opportunities to further enhance the enviable life in the western suburbs,” he said.

“The sporting history of this site has a significant emotional connection for many South Australians which is why we have engaged in extensive round table and focus group consultation.

“We’re are currently in detailed discussions with the Charles Sturt Council, Adelaide Football Club, SANFL, Grange Golf Club, Westfield and of course, the local residents as we recognise and respect the significance of the site.

“We recognise the need to be sensitive to issues such as the timing of the demolition of the stadium, as we retain the playing surface for the Adelaide Football Club and the community,” he said.

Commercial & General is also currently seeking council endorsement for the realignment of Brebner Drive in an effort to ensure overarching quality development outcomes for both community and adjoining residents.

The scale of the Football Park project will redefine Commercial & General’s capacity to achieve great outcomes for great partners said Mr Menz.

“We’re delighted to be part of transforming South Australia,” he said.

Commercial & General undertaken more than $700 million of projects to date, including the award-winning SA Police Headquarters and the new headquarters of People’s Choice Credit Union, currently under construction on Flinders St

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[U/C] Re: Plans for AAMI Stadium land released today

#28 Post by Patrick_27 » Tue Apr 28, 2015 12:20 am

I was under the impression that the SANFL weren't going to release their chunk of land until 2019 on the grounds that if the AO agreement doesn't work out they could move back to West Lakes. So, why are they steaming ahead with all the planning if 2019 is four years away?

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[U/C] Re: Plans for AAMI Stadium land released today

#29 Post by how good is he » Tue Apr 28, 2015 1:14 am

The sale I thought was finalised with the deposit of $10m paid by the developer to the SANFL (who paid off their debt to the AFL). There will be future staged payments of the remaining $61m to the SANFL over the next 5 years.
I think the actual football park oval, Westpac centre, offices, tavern etc the SANFL and/or Crows have a lease to 2048.

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[U/C] Re: Plans for AAMI Stadium land released today

#30 Post by Allkai » Tue Apr 28, 2015 8:32 am

Commercial & General is also currently seeking council endorsement for the realignment of Brebner Drive
That will be an interesting exercise.

Brebner Drive is actually private land belonging to Westfield I believe.

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