[CAN] New Mayfield | 41-61m | 11-17lvls | Mixed Use

[Norman]

Walked past on Friday and it looks the same as it did at the start of October.

[Ben]

Agent said they are currently under grounding the power lines in order to get machinery on site. Seems a bit Wierd as no other sites that I know of have had this issues. They said there will be a tower crane early in the new year. Talk about snail pace.

[wilkiebarkid]

Plenty of activity on site today.

[phenom]

Agent said they are currently under grounding the power lines in order to get machinery on site. Seems a bit Wierd as no other sites that I know of have had this issues. They said there will be a tower crane early in the new year. Talk about snail pace.

They've certainly been busy digging trenches in the road that runs down the length of this site (running between Sturt and Gilbert St). Wonder if it's related to the electrical transformer that's been left untouched (with remnants of the old warehouse) around it long after the rest of the sight was cleared and site works had already begun.

[EBG]

This work is not specifically related to the new Mayfield site but is part of a general up grading of the power supply to the south western section of the city of Adelaide.
This includes on going work in Sturt St, Gilbert St Wright St, Wright Court, Field St, Norman street (along side the Mayfield Site) ,Owen St Russell St and others.
Allowance has probably been made for all the new apartment projects in this area. PS I work in this area and there have been traffic stuff ups for months

The new Mayfiield gate in Sturt St was open by chance yesterday (24 Nov). As can be seen there has been almost no work for about 6 weeks. Picture taken from footpath at gate entrance.

[Howie]

Word is that administrators have just been appointed. The bank is now in possession. More information to come. Damn shame that.

[Dvious]

What does that mean for the project?

[how good is he]

The bank would probably just put the site on the market for sale. However I suspect that as the builder Tagara (or its directors) were a joint owner of the land that it is their liquidation/bankruptcy causing this. Therefore the other owners/partners should be able to use this as their opportunity to buy the site and continue the development. Obviously they would be competing with others but as they are also the owners, the higher the sale price if bought by others, the higher they receive (if there is anything left after the banks/loans).

[Jaymz]

Hmmmmm, a worrying but not very surprising turn of events.

Now i'll be most interested to see if the sales office re-opens in middle of next week, after their Christmas/New Years break.

Surely it couldn't just be "business as usual!"

[Ben]

Article in today's paper but I can't read it online it's subscription only.

[UrbanSG]

Sunday Mail Article

Financier Forum Partners wants to restart New Mayfield apartment project held up by Tagara collapse
January 17, 2016 12:00am
Cameron England

GOING UP: New Mayfield House will comprise 108 apartments over nine storeys while the second stage, Granary House, will have 74 apartments.

ONE of the city’s largest apartment and hotel developments looks set to go ahead despite the collapse of builder and major shareholder Tagara Builders.

The fate of the $300 million New Mayfield project, on Sturt St, Adelaide, has been in limbo since Tagara collapsed with debts of $21.5 million last June.

But the project financier, Forum Partners, told the Sunday Mail it wanted to take over management of the project and restart construction at the site as soon as possible.

The hotel group which plans to build a new Aloft-branded hotel on the site, Starwood Hotels and Resorts, also said it was committed to the New Mayfield development.

Forum appointed a receiver to Sturt Land Pty Ltd, the company which owns the project, on December 23.

The receiver, BRI Ferrier, will now have to assess what the company owes and who should be paid in what order.

But Forum spokesman Andrew Faulk said the finance deal put in place meant Forum had a “preference equity’’ interest, which meant it could take control of the project.

Mr Faulk said he could not pre-empt what the receiver would do, but Forum was keen to go ahead with New Mayfield. There were pre-sales of about 85 per cent for the first stage of the development, and Forum still saw the project as attractive.

“We were an investor alongside a development consortium that was anchored by Tagara,’’ Mr Faulk said.

“There is no bank debt in the project. Forum has the ability to continue the project and at this stage it’s our intent to do so.

“It’s a pretty exciting project, there’s a high level of pre-sales for stage one and stage two has been anchored by a Starwood-flagged hotel.

“Our process at the moment is to ensure the key stakeholders, such as the purchasers and Starwood, are comforted that the state of the project is stable.’’

Stage one, New Mayfield House, comprises 108 apartments over nine storeys. The second stage, Granary House, would have 74 apartments.

A 200-room Aloft hotel was also planned for the site.

Starwood spokesman Andrew Taylor said the hotel group only recently learned of the receivership but said: “Starwood remains committed to the project ... our hotel agreements remain on foot.

“We really would love to see the project go ahead so we’re working with the stakeholders to ensure that happens.’’

The New Mayfield Project could create up to 1200 jobs during construction and 130 after completion. It is unclear at this stage whether there will be a return to the creditors of Tagara Builders from the receivership process.

[adel aide]

Has anyone on this forum bought one of these apartments?
What has been the communication to you from the developer?
What sort of sunset date do you have on your contract if this remains in limbo for some time?

[Jaymz]

Went past the sales office yesterday and it was closed, was due to open again Wednesday of this week.

[gmf]

Has anyone on this forum bought one of these apartments?
What has been the communication to you from the developer?
What sort of sunset date do you have on your contract if this remains in limbo for some time?

We've bought one of the apartments. I just stumbled across this article online and this is the first I've heard of these issues. We were under the impression that all of the issues were now sorted with the appointment of Watpac as the new builders. I also note that their Facebook page has been pulled (https://www.facebook.com/NewMayfield/). The last I heard (via Facebook - we actually haven't heard anything official since paying the deposit ) was that a crane was due to be brought into the construction site "very early in the new year".

The sunset clause is years in the future... will have to follow up with NM

[realstretts]

Has anyone on this forum bought one of these apartments?
What has been the communication to you from the developer?
What sort of sunset date do you have on your contract if this remains in limbo for some time?

We've bought one of the apartments. I just stumbled across this article online and this is the first I've heard of these issues. We were under the impression that all of the issues were now sorted with the appointment of Watpac as the new builders. I also note that their Facebook page has been pulled (https://www.facebook.com/NewMayfield/). The last I heard (via Facebook - we actually haven't heard anything official since paying the deposit ) was that a crane was due to be brought into the construction site "very early in the new year".

The sunset clause is years in the future... will have to follow up with NM

I think it is pretty poor that you have received hardly any direct correspondence given your investment in the development. The buyers are, after all, the one's driving the project