News & Discussion: Low/Mid-Rise CBD Development

[AtD]

Interesting. I wonder if this means yet another cinema will bite the dust?

[SRW]

I can't quite comprehend this. Perhaps the address is incorrect? It seems awfully peculiar to demolish (quite possibly) a row of high rent, quality buildings for such a development.

[Ben]

The development application to build an 8 level building at 121-123 South Terrace comes before the ACC next Monday. However as this is a non-complying development, at this stage the ACC will only decide whether to continue with its assessment process. If the council decides to continue with its assessment process, the development will become a Category 3 development application.

The building is 8 levels in total, and will be a mixed use development, including the first four levels as office accomodation with the top 4 floors containing 10 residential apartments. The building will have an underground carpark. The building's main violation is that at a towering 26.9m, it exceeds the height restriction of 21m.

Here is an image of the development:

This development will come before the ACC DAP next Monday. It is expected that it will be REJECTED.

The reasons for the rejection are as follows:

*At 26.3m, it exceeds the 21m height restriction by 5.3m

*The incorporation of 4 levels of office accomodation are thought to be at variance with the residential character of the locality

*The building does not incorporate a narrow band of landscaping on its South Terrace frontage

*The building has a shortfall of 13 carparks

*The building exceeds the plot ratio count (5.3 compared to the maximum allowed 1.5)

*The building exceeds the dwelling unit factor by 2 apartments

*The building does not contain the required 20% landscaped open space

This proposal is expected to be approved by the DAC on Thursday.

[Snorkie]

Not the biggest loss, but Merc on Gouger is now cancelled. Presales were terrible, developer unable to get finance, block is being sold.

While im not worried about this too much, my source who probably knows more about the CBD apartment market than anyone, says the outlook for all CBD highrise resi projects is disasterous. This does worry me alot. I been told not to expect any new resi highrise in the near future, and that nothing currently proposed will get off the ground anytime soon. Not happy.

[jk1237]

eeeeek, I hope your wrong. After looking through the pictures of Toronto in the SSC threads, does anyone know why inner city high rise 'condominiums' appear to be far cheaper in North American cities than here. Toronto's a booming, 5 million+ city, yet inner city apartment prices are incredibly affordable, almost better than Adelaide.

[Prince George]

eeeeek, I hope your wrong. After looking through the pictures of Toronto in the SSC threads, does anyone know why inner city high rise 'condominiums' appear to be far cheaper in North American cities than here. Toronto's a booming, 5 million+ city, yet inner city apartment prices are incredibly affordable, almost better than Adelaide.

The answer depends on the specific city, but it boils down to supply and to age. The more complexes there are, relative to the demand for them, the cheaper they are. A newly built complex just cost some developer a big pile of money and they want it back post-haste, ergo higher prices; the older buildings are a bit rougher around the edges, not as glossy as the new ones, and have largely paid for themselves already, so they can be cheaper.

That's what's happening over here - there's been a downtown resi-tower boom, but the prices are still very high (half-million for 1-bedroom loft, anyone?). The sales are tapering off and people are expecting to see it level off to something more realistic in the coming years, especially as any new building will have to compete with all the existing floor space.

Places like Toronto have an additional factor - I believe that it has many towers that were built as simpler residences. No travertine marble or Smeg appliances there, they're aimed at a lower price-point to begin with. I don't think that we've seen that happen in Adelaide yet, although I've got my fingers crossed that we will.

[Shuz]

Not the biggest loss, but Merc on Gouger is now cancelled. Presales were terrible, developer unable to get finance, block is being sold.

While im not worried about this too much, my source who probably knows more about the CBD apartment market than anyone, says the outlook for all CBD highrise resi projects is disasterous. This does worry me alot. I been told not to expect any new resi highrise in the near future, and that nothing currently proposed will get off the ground anytime soon. Not happy.

Well, you have me concerned - The Precinct, Spire, Masonic Lodge, Globe, Promenade, Kings Apartments are the bigger residential projects approved/proposed at the moment and you're ringing alarm bells over their futures.

[Snorkie]

Not the biggest loss, but Merc on Gouger is now cancelled. Presales were terrible, developer unable to get finance, block is being sold.

While im not worried about this too much, my source who probably knows more about the CBD apartment market than anyone, says the outlook for all CBD highrise resi projects is disasterous. This does worry me alot. I been told not to expect any new resi highrise in the near future, and that nothing currently proposed will get off the ground anytime soon. Not happy.

Well, you have me concerned - The Precinct, Spire, Masonic Lodge, Globe, Promenade, Kings Apartments are the bigger residential projects approved/proposed at the moment and you're ringing alarm bells over their futures.

Shuz out of those projects the precinct from what I understand will be the only one that will happen (at least in the near future - rest will be on hold or cancelled). Not sure about kings apartments, but my source said he would bet his house on spire not going ahead (apparently this was shady from the start), and masonic does not have much chance either. Not sure about globe though.

[AtD]

Globe was student apartments, wasn't it?

Hopefully the student apartment market caries on well. I'd hate to see 140 North Terrace turn into a parking lot.

[crawf]

I'm actually a bit disappointed that Merc on Gouger was axed, it didn't mind that project.

[Jamo]

I think that "Space" appartments looks to have joined the list of doubtful starters.
Their sales office on Franklin St has not progressed passed unfinished blueboard and site fencing in months.
I fear that the CBD is going to become very quiet for quite a while after the current crop are done!

[Xaragmata]

I'm actually a bit disappointed that Merc on Gouger was axed, it didn't mind that project.

It may be "cancelled", but it was advertised in Saturday's paper (P 62), and the web site still is accessible and implies
that it is still a goer ... http://www.mercongouger.com/

Hopefully, the news of its demise is premature.

[teflon fox]

They're both gone along with the Masonic Lodge proposal which has been offered
to another developer. That offer has been declined for two reasons - you have
to get up quite high in the building before there are any worthwhile views and also
access to the building would be somewhat difficult

[Howie]

They're both gone along with the Masonic Lodge proposal which has been offered
to another developer. That offer has been declined for two reasons - you have
to get up quite high in the building before there are any worthwhile views and also
access to the building would be somewhat difficult

AFAIK Masonic Lodge is still going ahead as planned, developers were testing the market when they put the ad out in the Fin. Review. They've fought a long and hard fight to get to develop the site, doubt they'll give up on it so easily.

[teflon fox]

Please don't hold your breath Howie - you face would be an interesting colour
by the time something happens here