PRO : ABC Site at Collinswood to Become Apartments

[PeFe]

From the 'Tiser

Walkerville eyes ABC’s Collinswood home

THE developer behind the $120 million rebirth of the former Transport Department building at Walkerville has signalled its interest in acquiring the home of ABC’s Adelaide studios.

Asian Pacific Group completed work on The Watson in September — its maiden project in Adelaide and the first interstate instalment of its Art Series concept, which has been rolled out across Melbourne.

The project comprises 210 apartments and 40 hotel rooms and is located 1km from ABC’s Collinswood headquarters.

APG chief executive William Deague said the group would be interested in acquiring the ABC site, which spans approximately 18,500sqm of land.

“Given the work we do with conversions of older buildings with asbestos and other issues, and on the back of Walkerville, it seems like it would be perfect,” he said.

“It’s got the height in an area that won’t be built up so it’s a pretty good opportunity.

“It would suit a nice boutique residential development — you’d get 150-to-200 apartments which is big enough to sink your teeth into.”


Swimmer Michael Klim outside the Watson Apartments and Hotel development at Walkerville. He designed the swimming pool.


As part of a comprehensive review of its property holdings — worth more than $700 million — the ABC is expected to offload properties including its Collinswood building, which remains largely vacant.

The building would attract strong competition, according to industry sources, who value the property at $15 million-to-$18 million.

In 2010, Colliers International negotiated the $11.7 million sale of the former Transport Department site, which comprises 18,000sqm of building space.

The ABC building is smaller but its sale is expected to eclipse the Walkerville site given a rise in property values.

APG has succeeded where many other developers have failed in Adelaide, attracting hundreds of buyers to its two projects.

In the week of The Watson launch, it sold 139 apartments worth more than $50 million.

As the company opened the doors of that project, it kicked off construction of Vue — a 28-storey apartment tower on King William St set to become Adelaide’s tallest residential building.


An artist’s impression of Vue on King William. Picture; Supplied.


Another artist impression of Vue on King William, a planned residential building by Asian Pacific Group, designed by Woods Bagot.


Mr Deague said 197 of the project’s 207 apartments — valued at $100 million — had been sold.

“Walkerville was probably a bit of surprise for us,” Mr Deague said.

“In the week we launched the project, the former Channel 7 site plans fell over but Walkerville was priced really well and it’s in a great suburb.

“I’ve never really experienced anything like it — it was a selling frenzy.”

However, despite the developer’s success, Mr Deague said there were challenges making projects stack up in Adelaide.

“We’re always looking for other opportunities but the building costs are too high and the selling rate per square metre is too low so it’s a perfect storm,” he said.

“I don’t think the market’s large enough to have the amount of trades and expertise of trades that we have here in Melbourne.

“But at the same time there’s no other competition so you don’t have the oversupply issues of Melbourne and Brisbane.

“But we very much enjoy working over there and the city’s got a great vibe — it’s a nice little conservative market for us.”

APG is in final planning for a $260 million project in Melbourne’s east and will soon bring to market its first Art Series project in Brisbane, located at a former Transport Department site it acquired from the State Government.

[The Scooter Guy]

Great idea!
Time to give that motorist's eyesore a mass facelift!

[Nathan]

Great idea!
Time to give that motorist's eyesore a mass facelift!

"Eyesore"?

[Patrick_27]

Yeah... I'd hardly call it an eye-sore; it could use some tidying up, but it's a neat style.

I paid a visit last year and from what I noted, it was hardly vacant; in-fact in some parts it was seemingly quite crowded.

I don't agree with the removal of television production to SA, cost savings could be made, yes. But news is hardly an expensive task; if Network Ten can maintain their news here, why can't the ABC?

I do feel the building's location has become quite obsolete in recent years, now with Channel Nine making the move further into the city grid it'd be fresh change for the ABC if they followed suit...

[crawf]

Yeah... I'd hardly call it an eye-sore; it could use some tidying up, but it's a neat style.

I paid a visit last year and from what I noted, it was hardly vacant; in-fact in some parts it was seemingly quite crowded.

I don't agree with the removal of television production to SA, cost savings could be made, yes. But news is hardly an expensive task; if Network Ten can maintain their news here, why can't the ABC?

I do feel the building's location has become quite obsolete in recent years, now with Channel Nine making the move further into the city grid it'd be fresh change for the ABC if they followed suit...

Local News will still be produced in Adelaide. Other TV production won't be however, cheers Abbott