[COM] 58-76 Franklin Street | 70m | 19lvls | Mixed Use

[crawf]

It's a great looking building, it's just a big pity that it's neighbour is an ugly eyesore.

[rev]

Imagine that middle section of glass on something taller.

[Norman]

Photo from today

[Ben]

This is quite a good news story. 117 apartments snapped up and taken off the market means more sales for other developments - hopefully.

Quest Serviced Apartments to operate residential side of Kyren Group's $100m project

by: Giuseppe Tauriello

From: The Advertiser July 23, 2012

QUEST Serviced Apartments will operate the residential component of Kyren Group's $100 million mixed-use development on Franklin St as part of an expansion across the state.

Under the lease agreement, which covers the group of apartments as a whole rather than individually, the number of apartments in the project will rise from 101 to 117.

Quest is bullish about the state's business tourism market and is in negotiations with developers for more locations in Adelaide, including sites at the southern end of King William St and the eastern end of Flinders St.

Quest general manager Andrew Weisz said major projects, including Rundle Mall, the Adelaide Oval redevelopments and the new Royal Adelaide Hospital, were a key factor in the company's decision to expand its presence in the state.

"South Australia is experiencing a continued increase in corporate traveller demands, with major business projects and developments under way across the state," he said.

"Quest's occupancy levels and revenue are strong and continue to grow. With Quest Whyalla opening in September, the business is now at the stage of requiring new inventory in South Australia in order to meet the increasing corporate demand."

The franchisor's Whyalla project will comprise 56 apartments, adding to its four CBD locations and its Mawson Lakes and Whyalla Playford facilities.

Before reaching an agreement with Quest, Kyren Group had marketed the Franklin St apartments for sale for three months. But according to managing director Theo Samaras, a soft residential market and a City Council unwilling to "incentivise" inner-city living made sales difficult.

"We had a lot of interest but no one wanted to sign a contract," he said.

"I've been lobbying for three years with State Government and council on how to bring more people into the city and things like stamp duty (concessions) a couple of weeks ago; that should have been a combined effort between council and State Government."

"For example, on this site (Franklin St) council rates were about $60,000 a year. On completion, on the commercial side, whether leased or not leased, the council will benefit anywhere between $500,000 to $600,000, and on the residential side around $150,000."

"Surely they (Adelaide City Council) should look to assist not the developers but the residents to get them to come into the city."

Having secured a residential tenant, Mr Samaras was hopeful the office component of the project would attract renewed tenant demand.

Three floors have been pre-committed, including the top two levels of the 17-storey, 20,000sq m office building, to law firm Piper Alderman. Colliers International director Nicholas Shinnick said further tenant announcements were imminent, with the upgrade of Victoria Square an attractive proposition for tenants.

"This section of Franklin St is undergoing an incredible transformation at the moment and this site is positioned to take full advantage of that opportunity," he said.

Mr Samaras admitted it was a risk undertaking a speculative development in the midst of an economic downturn, but he already has his sights on his next project - continuing a strategy of mixing uses to reduce risk.

"We have an offer in place on another site and it has to be a mixed development," he said. He also has ambitions to expand into Perth, having visited the city earlier this year.

Mr Weisz said a franchise operator for Quest on Franklin would be selected closer to completion of the project later this year, before an official opening in April.

[aeon]

Had the chance to take a few photos after work:


20120731-IMGP8782 by Buildings of..., on Flickr


20120731-IMGP8783 by Buildings of..., on Flickr


20120731-IMGP8784 by Buildings of..., on Flickr


20120731-IMGP8787 by Buildings of..., on Flickr

[Mants]

it's not too bad for a big glass box (so far anyway)
thanks for the pictures

[Norman]

Another angle

[phenom]

Thanks for the photos aeon and Norman! Kept meaning to take some of this everytime I go past but it's been too cold

I'm surprisingly pleased by how this is turning out. I'll be frank, the bar was pretty low because Franklin St was a rather tired looking place prior to the new City Central building and this one and I'd still like to see more than a few of the decrepit places along there knocked down and replaced even if with fat stumpy mid-rise.

I am really liking the balconies on the serviced apartment part... amazingly effective for such a relatively simple feature.

This one is also having a surprising impact in distance shots from the South, especially in combo with the Mandala (Rowlands Place)... without being a height fetish-ist both of these would have been good ones to have been taller since they are actually very pleasant to look at.

Now of course being Sensational Adelaide I have to complain... and that's to say it's a pity Kyren (who I believe are the developers of this?) didn't use this much nicer looking glass (either from the office or the serviced apartment part) on 400 KWS. Still, it's nice to have the luxury of complaining about new developments aesthetic merits at all!

[crawf]

Quick pic I took recently..

[cometthecat]

Wow, it's really starting to take shape now!

[skyliner]

It does remind you somewhat of 400KWS.

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

[metro]

this and CCT8 are already making Franklin Street look much better. Shame about the empty block in front of that big ugly carpark next door, but then 567 collins st in the Melbourne CBD is an empty lot with a big ugly carpark, and it's been vacant for as long as I can remember.

[Reb-L]

Wouldn't mind if that area could be turned into a mini-park (not the car variety). Hi-rise and greenery can go well together (Singapore is pretty good at that).

[phenom]

Distance shot from today... having a nice impact on the southern skyline

[crawf]

Great photo, this part of the city is starting to look a little different these days.