ONH: [Port Adelaide] Newport Quays | $1.2b
Absolutely agree. I have not heard of much of the redevelopment relating to the areas around the waterfront and how much retail or tourism will actually play a role in the redevelopment. AFAIK, that was the whole point of redeveloping the Port in the first place, to bring it back to life, not just heaps of apartments. Even the Newport Quays website now looks more like a real estate website.
It seems like there quite a bit of demand for the first stage of this development. The Advertiser reports that since sales began on Monday, about 35 percent of stage one has been sold (as of Friday) with a few of the 1.5mil waterfront jobbies sold. Hopefully this trend will continue and we'll get something decent out of this big development.
Here's a little article from today's Advertiser paper.
Port is our most desired local domain name
By LOUISE TRECCASI
20aug05
IT seems everyone wants a slice of Port Adelaide.
portadelaide.com.au was South's Australia's most sought-after commercial geographic domain name.
During the past two months, a ballot of commercial geographic domain names was conducted by the .au Domain Administration.
Port Adelaide Enfield mayor Fiona Barr said the suburb was being rejuvenated.
"A lot is happening in terms of development, which attracts new residents," she said.
"It was once only known for the Port Adelaide Football Club, but now it is being looked at as an economic centre."
Port Adelaide will be transformed as part of the $1.5 billion Newport Quays project, which will create more than 2000 homes for 4000 residents.
There also is the $6 billion air warfare destroyer contract, awarded to Osborne-based ASC.
perth.com.au received the highest number of applications overall, followed closely by cairns.com.au
this is certianly a very optimistic budding projetc for the future of adelaide and SA, will fit well with the other porjetc ahappening in port adelaide and region. when is its completion date? will this coincide with the bridge opening of the Port River Expressway?
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stumpjumper
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The rush for the first release is understandable. I don't know the details of the financial package behind Newport Quays, but I can descibe a typical situation for such a project:
The consortium's backers require a certain number of presales before they will release any finance to build. The level could be 1/3 to 1/2 of the development presold (ie off plan). This arrangement reduces risk for the financiers.
To get these presales, the developer offers sales off plan at a price it knows is cheap compared to later sales. The gift of instant capital gain to early buyers (ie the discounting of early sales) is part of the price paid by the developers in gaining finance. At Holdfast Shores, as at many other developments, this meant that early buyers were able to sell their contracts before settlement at a good profit.
The same may well happen at Newport Quays.
Personally, I welcome the redevelopment of the Port, and agree that housing should be part of it.
But the govt should be looking for the best result for the whole community into the future, not just what is best for the developer over the next couple of years.
There must be balance, with existing businesses not disadvantaged, and with the housing developers not the only people to benefit from the opportunities offered by the site.
In other words, why weren't other interests, such as tourism, considered more in the grand plan? Where is the public open space? Where's the space for a dinghy sailing club, or a kiosk near the fabled 'public walkway'? Where's the landscaping? Was it a case of just give the developer all the land for housing, someone else can supply the rest?
Check this quote from the Advertiser:
By JILL PENGELLEY
Advertiser, 12aug05
"The first stage of the Port River redevelopment will go on sale on Monday.
"Promoted by the State Government as the best waterfront development in Australia, Newport Quays includes an exclusive gymnasium for residents of the 187 apartments and villas.
"Deputy Premier Kevin Foley and the developers were feted with a water cannon as they cruised the river sipping wine on the way to yesterday's A-list launch party.
"Mr Foley, who is the Member for Port Adelaide, said Newport Quays would "change forever the tired, working-class nature" of the area.
(Nice one Foley, a real compliment for the 'tired, working-class' people around the Port who voted for you!!)
"No longer will the Port be a dead-end backwater where people question why you would ever want to go down to the Port."
(Another champagne, Mr Treasurer?)
"More than 2000 people have registered interest in the 187 residences in Stage 1, to be called Edgewater.
"The development offers apartments and villas with private terraces and balconies exclusive membership of the Edgewater Club and exclusive access to the precincts 100 marina berth area.
"The Government agreed last month signed a $17.4 million contract with the Newport Quays Consortium to build marina berths for each residential precinct in the $1.5 billion Port Adelaide waterfront project.
End of quote. Bracketed comments mine.
The additional $17.5 million of public money will provide the developer with marina berth infrastructure so that the developers can sell marina berths with the apartments. Apparently it was too expensive for the developer to provide the infrastructure itself. Remember that Multiplex is losing heaps at Wembley Stadium in London and will try to screw every last cent out of Newport Quays - expect absolutely no quarter from Multiplex in this respect. I have tried to find out whether the govt (the taxpayer) will be repaid the $17.5 mill out of the additional profits - the answer so far is no.
Yet a few months ago, Foley said that govt expenditure had stopped - to the extent that after spending 'tens of millions' on dealing with contaminated soil (funny, I'm in the Port all the time - I haven't seen much reclamation going on), if there were any more contaminated soil it would simply be covered by half a metre of concrete, reducing landscaping to trees in pots, among other issues. Hardly best practice, but remember who we're dealing with.
Back to the govt as development partner. This is where the govt, as an effective partner in the development, finds itself in a serious conflict of interest as to whether it acts in the short term interest of the developer, or the longer term interest of the local and wider community, which after all owns the 'government land' the govt is putting up as 'its share'.
With this background, the sight of Kevin Foley quaffing champagne as he floats down the river on the developer's barge is pretty unsettling - like something out of 'Animal Farm'.
This is the same Foley who has said at a public gathering 'I have put over $100 million dollars worth of value into this state, what have you done?'
Government functionaries like him do not use their own money and assets, they handle public funds and assets which they hold in trust for the community, and they should remember that at all times.
Thank God Port won last week, or I'd be really p***ed off.
The consortium's backers require a certain number of presales before they will release any finance to build. The level could be 1/3 to 1/2 of the development presold (ie off plan). This arrangement reduces risk for the financiers.
To get these presales, the developer offers sales off plan at a price it knows is cheap compared to later sales. The gift of instant capital gain to early buyers (ie the discounting of early sales) is part of the price paid by the developers in gaining finance. At Holdfast Shores, as at many other developments, this meant that early buyers were able to sell their contracts before settlement at a good profit.
The same may well happen at Newport Quays.
Personally, I welcome the redevelopment of the Port, and agree that housing should be part of it.
But the govt should be looking for the best result for the whole community into the future, not just what is best for the developer over the next couple of years.
There must be balance, with existing businesses not disadvantaged, and with the housing developers not the only people to benefit from the opportunities offered by the site.
In other words, why weren't other interests, such as tourism, considered more in the grand plan? Where is the public open space? Where's the space for a dinghy sailing club, or a kiosk near the fabled 'public walkway'? Where's the landscaping? Was it a case of just give the developer all the land for housing, someone else can supply the rest?
Check this quote from the Advertiser:
By JILL PENGELLEY
Advertiser, 12aug05
"The first stage of the Port River redevelopment will go on sale on Monday.
"Promoted by the State Government as the best waterfront development in Australia, Newport Quays includes an exclusive gymnasium for residents of the 187 apartments and villas.
"Deputy Premier Kevin Foley and the developers were feted with a water cannon as they cruised the river sipping wine on the way to yesterday's A-list launch party.
"Mr Foley, who is the Member for Port Adelaide, said Newport Quays would "change forever the tired, working-class nature" of the area.
(Nice one Foley, a real compliment for the 'tired, working-class' people around the Port who voted for you!!)
"No longer will the Port be a dead-end backwater where people question why you would ever want to go down to the Port."
(Another champagne, Mr Treasurer?)
"More than 2000 people have registered interest in the 187 residences in Stage 1, to be called Edgewater.
"The development offers apartments and villas with private terraces and balconies exclusive membership of the Edgewater Club and exclusive access to the precincts 100 marina berth area.
"The Government agreed last month signed a $17.4 million contract with the Newport Quays Consortium to build marina berths for each residential precinct in the $1.5 billion Port Adelaide waterfront project.
End of quote. Bracketed comments mine.
The additional $17.5 million of public money will provide the developer with marina berth infrastructure so that the developers can sell marina berths with the apartments. Apparently it was too expensive for the developer to provide the infrastructure itself. Remember that Multiplex is losing heaps at Wembley Stadium in London and will try to screw every last cent out of Newport Quays - expect absolutely no quarter from Multiplex in this respect. I have tried to find out whether the govt (the taxpayer) will be repaid the $17.5 mill out of the additional profits - the answer so far is no.
Yet a few months ago, Foley said that govt expenditure had stopped - to the extent that after spending 'tens of millions' on dealing with contaminated soil (funny, I'm in the Port all the time - I haven't seen much reclamation going on), if there were any more contaminated soil it would simply be covered by half a metre of concrete, reducing landscaping to trees in pots, among other issues. Hardly best practice, but remember who we're dealing with.
Back to the govt as development partner. This is where the govt, as an effective partner in the development, finds itself in a serious conflict of interest as to whether it acts in the short term interest of the developer, or the longer term interest of the local and wider community, which after all owns the 'government land' the govt is putting up as 'its share'.
With this background, the sight of Kevin Foley quaffing champagne as he floats down the river on the developer's barge is pretty unsettling - like something out of 'Animal Farm'.
This is the same Foley who has said at a public gathering 'I have put over $100 million dollars worth of value into this state, what have you done?'
Government functionaries like him do not use their own money and assets, they handle public funds and assets which they hold in trust for the community, and they should remember that at all times.
Thank God Port won last week, or I'd be really p***ed off.
$250m commercial centre for the Port
By LOUISE TRECCASI
31oct05
A $250 MILLION commercial precinct has been released as part of the Newport Quays waterfront project at Port Adelaide.
The 15ha Port Approach provides opportunities for commercial, light industrial and bulky goods operators.
The commercial corridor will be in the heart of the 50ha, $1.5 billion Newport Quays development.
It will have express access to developing technology parks and the new ASC defence contract site.
The precinct will be at the end point of the Port River Expressway and adjacent to new rail freight-line and trucking logistic centres.
Newport Quays is being developed by SA-based Urban Construct and Multiplex Living. Spokesperson Todd Brown said the purpose-built precinct could accommodate as many as 300 businesses.
"It's all subject to demand and we would urge interested parties to get in early for the chance to choose from a large choice of space opportunities and tailor logistics to suit their needs," he said. "This will be the premier location in SA because it offers a unique opportunity to locate businesses with waterfront addresses within close proximity to the existing Port Adelaide Town Centre, the Le Fevre Peninsula, Adelaide Airport and CBD."
The release follows the success of Newport Quays first residential release, Edgewater, in August. Edgewater includes 126 apartments and 61 villas. About 80 per cent of the project has been sold. Joint commercial precinct sale and leasing agents are CB Richard Ellis and Colliers International. "In the past two or three years, Port Adelaide has attracted interest from industrial suppliers because of its closeness to the city and link to other industrial locations," industrial services director Andrew Zammit said.
Colliers selling agent Nick Shinnick said the precinct was targeting "office, hi-tech industrial and bulky-goods arrangements". Registrations of interest close on November 30. The six-stage Newport Quays development will add 2000 homes and attract 4000 residents, with 4000 jobs created over the life of the project and 2000 with its completion.
By LOUISE TRECCASI
31oct05
A $250 MILLION commercial precinct has been released as part of the Newport Quays waterfront project at Port Adelaide.
The 15ha Port Approach provides opportunities for commercial, light industrial and bulky goods operators.
The commercial corridor will be in the heart of the 50ha, $1.5 billion Newport Quays development.
It will have express access to developing technology parks and the new ASC defence contract site.
The precinct will be at the end point of the Port River Expressway and adjacent to new rail freight-line and trucking logistic centres.
Newport Quays is being developed by SA-based Urban Construct and Multiplex Living. Spokesperson Todd Brown said the purpose-built precinct could accommodate as many as 300 businesses.
"It's all subject to demand and we would urge interested parties to get in early for the chance to choose from a large choice of space opportunities and tailor logistics to suit their needs," he said. "This will be the premier location in SA because it offers a unique opportunity to locate businesses with waterfront addresses within close proximity to the existing Port Adelaide Town Centre, the Le Fevre Peninsula, Adelaide Airport and CBD."
The release follows the success of Newport Quays first residential release, Edgewater, in August. Edgewater includes 126 apartments and 61 villas. About 80 per cent of the project has been sold. Joint commercial precinct sale and leasing agents are CB Richard Ellis and Colliers International. "In the past two or three years, Port Adelaide has attracted interest from industrial suppliers because of its closeness to the city and link to other industrial locations," industrial services director Andrew Zammit said.
Colliers selling agent Nick Shinnick said the precinct was targeting "office, hi-tech industrial and bulky-goods arrangements". Registrations of interest close on November 30. The six-stage Newport Quays development will add 2000 homes and attract 4000 residents, with 4000 jobs created over the life of the project and 2000 with its completion.
Thanks for posting that up.
Honest opinion.... I think it may be a bit of an overhype. I was secretly hoping Newport Quays would look similar to developments like Geelong Waterfront.
But then this is just a snapshot of what's to be right? So hopefully we can expect bigger and better things from them.
Honest opinion.... I think it may be a bit of an overhype. I was secretly hoping Newport Quays would look similar to developments like Geelong Waterfront.
But then this is just a snapshot of what's to be right? So hopefully we can expect bigger and better things from them.
I was shocked today, while driving around the Port, to find a huge construction site. I didn't realise Newport Quays had progressed so far!
'Building One,' just south of the Jervois Bridge on the west bank.
'Building Two' was also underway, with the first floor up and 'Building Three' had the first pylons in place. There were several foundations around with no clues as to what intended to be built there. I presume these are more apartments.
The above site is almost on top of Ethelton R'way Stn, so I wonder if a renewal of the station is on the cards as it's your typical daggy AdMet set up. If they shifted Ethelton north 100m or so, they could build a Mawson Lakes style interchange using the Jervois Bridge, which goes over Causway Rd, the rail line and the Port River.
I must admit, I know very little about this project, and don't think I've seen any renders of the apartment towers, nor exactly where they'll all be. The scale of the project is clearly huge. There's heaps of empty land around, and lots of activity.
I think I should pay a visit to the info centre when it's open.
'Building One,' just south of the Jervois Bridge on the west bank.
'Building Two' was also underway, with the first floor up and 'Building Three' had the first pylons in place. There were several foundations around with no clues as to what intended to be built there. I presume these are more apartments.
The above site is almost on top of Ethelton R'way Stn, so I wonder if a renewal of the station is on the cards as it's your typical daggy AdMet set up. If they shifted Ethelton north 100m or so, they could build a Mawson Lakes style interchange using the Jervois Bridge, which goes over Causway Rd, the rail line and the Port River.
I must admit, I know very little about this project, and don't think I've seen any renders of the apartment towers, nor exactly where they'll all be. The scale of the project is clearly huge. There's heaps of empty land around, and lots of activity.
I think I should pay a visit to the info centre when it's open.
Details have just come out about stage 2 - Marina Cove:
Website: http://www.newportquays.com.au/MC.html
From the 'tiser:
MORE than 230 new homes and almost 100 marina berths will be built in the second stage of the $1.5 billion Newport Quays redevelopment at Port Adelaide.
The $150 million Marina Cove project is to be released for sale on Monday week.
The precinct will consist of 236 waterside residences, including 23 harbour homes, 12 marina villas, 29 park terraces and 172 one, two and three-bedroom apartments.
With construction having begun on the first stage of the redevelopment, the $120 million Edgewater residential precinct, Port Adelaide Enfield mayor Fiona Barr said the harbour town had started to "buzz".
"You can actually see something happening now. It's very exciting," she said. "With this second stage, LMC (Land Management Corporation) have been a bit more proactive, liaising with the community and indigenous elders, so the locals feel very involved."
Construction on Marina Cove is expected to begin late next year and take 12 months. It is the second of eight stages in the redevelopment, which will create more than 2000 new dwellings and attract 4000 residents to Port Adelaide. The project is a venture between Urban Construct and Multiplex.
Newport Quays spokesman Todd Brown said developers had worked hard to ensure the new precinct was "in keeping with the flavour of the Port".
The new precinct, which is on the old CSR Sugar site on the Inner Harbour's western bank north of the Birkenhead Bridge, will include 99 marina berths ranging between 10m, 12m and 15m. Prices for homes will range from $280,000 to more than $1 million. About 12 per cent of the 4ha site has been set aside for commercial business.
The biggest project of its kind in SA, Newport Quays should take up to 15 years to complete.
Website: http://www.newportquays.com.au/MC.html
From the 'tiser:
MORE than 230 new homes and almost 100 marina berths will be built in the second stage of the $1.5 billion Newport Quays redevelopment at Port Adelaide.
The $150 million Marina Cove project is to be released for sale on Monday week.
The precinct will consist of 236 waterside residences, including 23 harbour homes, 12 marina villas, 29 park terraces and 172 one, two and three-bedroom apartments.
With construction having begun on the first stage of the redevelopment, the $120 million Edgewater residential precinct, Port Adelaide Enfield mayor Fiona Barr said the harbour town had started to "buzz".
"You can actually see something happening now. It's very exciting," she said. "With this second stage, LMC (Land Management Corporation) have been a bit more proactive, liaising with the community and indigenous elders, so the locals feel very involved."
Construction on Marina Cove is expected to begin late next year and take 12 months. It is the second of eight stages in the redevelopment, which will create more than 2000 new dwellings and attract 4000 residents to Port Adelaide. The project is a venture between Urban Construct and Multiplex.
Newport Quays spokesman Todd Brown said developers had worked hard to ensure the new precinct was "in keeping with the flavour of the Port".
The new precinct, which is on the old CSR Sugar site on the Inner Harbour's western bank north of the Birkenhead Bridge, will include 99 marina berths ranging between 10m, 12m and 15m. Prices for homes will range from $280,000 to more than $1 million. About 12 per cent of the 4ha site has been set aside for commercial business.
The biggest project of its kind in SA, Newport Quays should take up to 15 years to complete.
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