[PRO] 124-126 Franklin Street | 87m | 26 Lvls | Hotel

[Ben]

To the guys that have bought in this, is it still going ahead? there have been no posts on their facebook page since November last year.

[Jodes]

As far as I know it's still happening but I do know sales have been slow. The developer is pretty determined. Fingers crossed because we keep checking out new developments and haven't found one we like as much yet.

[Schapper]

Hi Jodes and sponge. I too have signed up for an apartment in this development, so hopefully we'll be neighbours one day. It's interesting looking through the posts on this thread, because it suggests to me that there's a disconnect between people who comment (usually adversely) and people who actually put their money down. What settled me on this development at the end of the day, after looking at *literally everything* on offer (in no particular order):
- it looks like an apartment building and not an office building (I'm not attracted to glassy towers)
- the location, only a couple of minutes' walk from the Central Market. The quality of surrounding development will improve once something eventually happens on the bus station site
- the floor layout, multiple balconies and north-south alignment

Like you, I do hope it proceeds. I'm aware that Adelaide has a very low conversion rate of approvals into completed apartments, and *everyone* says to you, "My development will definitely be going ahead". So I'm not overly optimistic that it will, but if it does, I feel positive about what I've bought and what I'll get in a couple of years' time.

[Ben]

Have they given you an indicative date on when its likely to start?

[Schapper]

Aiming to demolish the existing improvements at the end of this year, I'm told.

[sponge]

Great stuff Schapper, I still think the development still offers a great floor plan compared to anything else on offer and a great location across from the markets.

I actually emailed Heidi in the sales office last week and got a reply inviting us in for selections in July and that they sold another cpl floors over the last cpl weeks.

Hopefully they sell enough to get this project going!

[Ben]

Has anyone that bought into this received an update?

[sponge]

July update included this:

"We hope this email finds you well during these cold Winter months!

Things are still progressing at a steady pace at Alto. We have sold a couple more floors in recent weeks, including one whole level to a family, making the most of our new dual key design.

We are finalising fit out specs with the architect and we are on track to begin demolition and construction by the end of the year"

That is all I can add at this stage, fingers crossed as I still can't find a layout I like more for a 3 bedroom.

[Schapper]

I got this one on September 12:
Thank you for purchasing one of the new and exciting ALTO Adelaide Apartments!
 We will endeavour to keep you updated on the progress of the apartments and look forward to working with you during the selection process and the build.
 We are about to head into the documentation phase and construction is set to start in January 2018.
 Sales are still steadily progressing, so don’t forget to tell your friends and family about the fantastic future you have secured at Alto.
 Making your selections is a very important step to ensuring that you put your personal stamp on your apartment. Selections will commence soon.
 Please feel free to contact us at any time if you have any queries and we will be sending out regular updates to keep you informed as the build moves forward.
 Thank you once again and we look forward to the exciting times ahead. Live the High Life!

.... but radio silence since then.

[ghs]

Without being too negative, at this time of year every salesperson is going to say that their development will start
up early next year lol.

[Mpol03]

Wouldn't be dissapointed if this ever happened. It's fugly. Sorry

[wilkiebarkid]

Wouldn't be dissapointed if this ever happened. It's fugly. Sorry

You do know the reasons for blank walls in these developments, don't you? It's no use selling the apartments with 'seaviews' and/or 'hillsviews' balconies when they will eventually be built next to up to the property border. It's a very narrow allotment therefore impossible to do anything else.

In Darwin the planning requirements for all new apartment/hotel developments require a wider and deeper podium of up to 6 levels before a set back tower. This encourages designs that can have a 4 sided apartment building or at least no blank walls, which will never have another building close enough to block out daylight!

In this instance the lot is too narrow for a wider podium.

[Jaymz]

I got this one on September 12:
Thank you for purchasing one of the new and exciting ALTO Adelaide Apartments!
 We will endeavour to keep you updated on the progress of the apartments and look forward to working with you during the selection process and the build.
 We are about to head into the documentation phase and construction is set to start in January 2018.
 Sales are still steadily progressing, so don’t forget to tell your friends and family about the fantastic future you have secured at Alto.
 Making your selections is a very important step to ensuring that you put your personal stamp on your apartment. Selections will commence soon.
 Please feel free to contact us at any time if you have any queries and we will be sending out regular updates to keep you informed as the build moves forward.
 Thank you once again and we look forward to the exciting times ahead. Live the High Life!

.... but radio silence since then.

It really is a shame that developers are able to sign people up and hold onto deposits without then being obligated in any way to keep the purchasers informed on a regular basis. Even just a short monthly email with any updates on progress would be a sign of good faith and really is the least that should be expected. I can speak from experience now since I was an apartment buyer in the failed New Mayfield development, and even before the issue with Tagara, we received very inadequate information on how the development was tracking. Although I did my due diligence in taking the contract to a property lawyer to look over, I still did not fully understand the concept of the sunset clause, which in the case of New Mayfield was over 3 years from the day I signed up.

[Algernon]

I got this one on September 12:
Thank you for purchasing one of the new and exciting ALTO Adelaide Apartments!
 We will endeavour to keep you updated on the progress of the apartments and look forward to working with you during the selection process and the build.
 We are about to head into the documentation phase and construction is set to start in January 2018.
 Sales are still steadily progressing, so don’t forget to tell your friends and family about the fantastic future you have secured at Alto.
 Making your selections is a very important step to ensuring that you put your personal stamp on your apartment. Selections will commence soon.
 Please feel free to contact us at any time if you have any queries and we will be sending out regular updates to keep you informed as the build moves forward.
 Thank you once again and we look forward to the exciting times ahead. Live the High Life!

.... but radio silence since then.

It really is a shame that developers are able to sign people up and hold onto deposits without then being obligated in any way to keep the purchasers informed on a regular basis. Even just a short monthly email with any updates on progress would be a sign of good faith and really is the least that should be expected. I can speak from experience now since I was an apartment buyer in the failed New Mayfield development, and even before the issue with Tagara, we received very inadequate information on how the development was tracking. Although I did my due diligence in taking the contract to a property lawyer to look over, I still did not fully understand the concept of the sunset clause, which in the case of New Mayfield was over 3 years from the day I signed up.

There's an old saying "never buy off the plan." On a certain level makes plenty of sense. Except if we all adhered then nothing would be built!

[how good is he]

I think its a two-edged sword as the banks require say 75% - 85% pre-sales before they will finance the construction. That's say 250 sales in a 300 unit development. The developer [or anyone else] does not really know how long it will take to achieve this, its really up to the market and demand for the development. Then if/when this is achieved they then need to tender for a builder & get quotes for the construction. So it all takes time. Then things can still go wrong like a partner or the builder go into liquidation in the meantime [like Mayfield].