[U/C] 316-320 South Terrace | 51m | 14lvls | August Towers

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Tek Screw
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Tek Screw »

Really interested in how this project is going to pan out for the apartment buyers.

Will the building certifier be reluctant to issue the Certificate of Occupancy - knowing the builder didn't have a builders licence?
Without the certificate the apartment buyers wont be able to move in.

I can only assume their will need to be a full review of the building process to ensure it was supervised correctly and constructed in accordance with the current acts / regs.

Lets hope the builder had an up to date Inspection and Test Plan (ITP) showing all the hold points and engineers inspections.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Pikey »

Unfortunately it appears that the whole situation is somewhat messy. The site has been sitting vacant, with the tower component unfinished for nearly four months.

Hopefully it is sorted out for the buyers soon.
Walking on over....

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Algernon »

Getting a certificate of occupancy will be hard but it's not impossible. Even if the builder was unlicensed the overriding measure is whether the development meets the code. Insurance on the other hand, gonesky.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by how good is he »

Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Ben »

how good is he wrote:
Mon Mar 26, 2018 4:52 pm
Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
I guess its not a big deal when you can declare bankruptcy again .... :/
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by SBD »

Ben wrote:
Mon Mar 26, 2018 4:57 pm
how good is he wrote:
Mon Mar 26, 2018 4:52 pm
Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
I guess its not a big deal when you can declare bankruptcy again .... :/
The lenders might have insisted on Mortgage Loss Insurance to cover that contingency. Normal home buyers are expected to pay for their banks' insurance.
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[U/C] Re: [U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Waewick »

SBD wrote:
Ben wrote:
Mon Mar 26, 2018 4:57 pm
how good is he wrote:
Mon Mar 26, 2018 4:52 pm
Also the other big factor is the construction loan interest becomes the most expensive and dangerous towards the end of any development when most/all of the big bucks have been lent out. Based on say a $35m build cost x 7.5% interest is $50k per week interest. I have also seen construction loans that have big penalty interest [ie 18%] if the build is not finished/funds paid back by a certain date.
I guess its not a big deal when you can declare bankruptcy again .... :/
The lenders might have insisted on Mortgage Loss Insurance to cover that contingency. Normal home buyers are expected to pay for their banks' insurance.
That doesn't happen in the construction world. Its sell or be sold.

Interestingly, if this was financed by a Bank it would have engaged a QS. A QS has a responsibility to check these things, normally at every claim.

Which makes me think there was no financier or there is one worried QS out there too.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by how good is he »

Think this is same developer proposing to do 399 KW, Soul - 126 Wright St, SerenityOnColley - Glenelg.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Pikey »

how good is he wrote:
Tue Apr 03, 2018 10:08 am
Think this is same developer proposing to do 399 KW, Soul - 126 Wright St, SerenityOnColley - Glenelg.
If that's the case you'd effectively put a line through them too, unfortunately
Walking on over....

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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Brando »

how good is he wrote:
Tue Apr 03, 2018 10:08 am
Think this is same developer proposing to do 399 KW, Soul - 126 Wright St, SerenityOnColley - Glenelg.
If you are referring to 'Refined', then no. They are the selling agent for these developments.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by how good is he »

No the agent is irrelevant I was referring to the developer being the same. Also see the architects website www.anthonydonatoarchitects.com.au for renders.
Last edited by how good is he on Tue Apr 03, 2018 4:22 pm, edited 1 time in total.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by wilkiebarkid »

The financier is COMMERCIAL EQUITY GROUP. They have a mortgage over 318 South Terrace.

Interestingly, ADABCO, which is a boutique hotel operator has registered a caveat over this property.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by how good is he »

Same financier that has taken over as mortgagee in possession/ selling Datong’s U2 in Waymouth St and Aria in Gouger St.
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[U/C] Re: [U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by Waewick »

wilkiebarkid wrote:The financier is COMMERCIAL EQUITY GROUP. They have a mortgage over 318 South Terrace.

Interestingly, ADABCO, which is a boutique hotel operator has registered a caveat over this property.
ADABCO is also the developer.
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[U/C] Re: 316-320 South Terrace | 51m | 14lvls | August Towers

Post by floplo »

This seems to be semi-completed now. The apartments (in the 'tower') are now inhabited, while scaffolding is still on the historic mansion out front.
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