[COM] 316-320 South Terrace | 51m | 14lvls | August Towers

[Pikey]

The state this development has been left in is disgusting. What a complete and utter shambles.

[Waewick]

Such a shame, i honestly thought the development was for both buildings.

I wonder if the sale is due to the licence issues? Seems very odd to have allowed this to occur.

[TomE]

Being sold by the financiers to recover debt.

https://www.adelaidenow.com.au/messenge ... 85e5d0fa65

A HISTORIC city mansion is being sold to recoup money owed by an embattled property developer who is facing multiple criminal charges.

Finance company CEG Direct Securities is asking $2 million for 172-year-old Davaar House, which was being restored as part of the $35 million August Towers apartment project on the corner of South Tce and Hutt St.

The two-storey mansion is among a suite of properties, including a development site at Wright Street in the city and Colley Tce, Glenelg, being sold in a bid to recoup some of the $29 million in debts owed by developer Salvatore ‘Sam’ Sgherza.

The Advertiser revealed in May that CEG Direct Securities had taken control of the August Towers apartment building from Mr Sgherza’s company South 2015 Pty Ltd, triggering the former bankrupt businessman to wind-up the company.

Mr Sgherza is separately facing criminal charges for allegedly stealing $1.22 million from investors and defrauding creditors

Davaar House was built for wine and spirit merchant William Johnston in 1876 for £4000 and features 14 rooms, pantries, cellars, larder and bathrooms

CEG director Jim Ventrice said the local heritage-listed Davaar House has generated interest from the neighbouring St Andrews Medical centre and a restaurateur, who he would not name.

He said completed restoration work included new windows, new fencing and internal woodwork.

“A lot of the, I suppose, foundation work has been done,” he said.

The non-heritage addition to the front of the building has also been removed.

He said the heritage listing prevented any new owners from knocking down the building, which had most recently served as headquarters of the TPI Association.

Mr Ventrice said all floors except the penthouse of the August Towers apartment development have been completed.

He said 70 per cent of properties were still for sale.

“There is a lot of interest in the site, it’s really a unique position,” he said of the August Towers property.

[Waewick]

I am stunned that Sam was back so quickly.

But that explains the sale, thanks for the link.

[wilkiebarkid]

From The Advertiser today. Building to be finished finally.

http://www.adelaidenow.com.au/business/ ... 870957a8a4

[Jaymz]

From The Advertiser today. Building to be finished finally.

http://www.adelaidenow.com.au/business/ ... 870957a8a4

That would make it the most expensive apartment ever sold in S.A wouldn't it? It'd want to be something extra special for $6 million.......
when you could have the penthouse in Rowlands place for a paltry $4 million

https://www.realestate.com.au/property- ... -129245398

[Algernon]

From The Advertiser today. Building to be finished finally.

http://www.adelaidenow.com.au/business/ ... 870957a8a4

That would make it the most expensive apartment ever sold in S.A wouldn't it? It'd want to be something extra special for $6 million.......
when you could have the penthouse in Rowlands place for a paltry $4 million

https://www.realestate.com.au/property- ... -129245398

Penthouse in Realm went for 5.2 million and they were expecting more for the penthouse in the new development at Glenelg.

It would need to be significantly larger to warrant such a price, because it certainly wouldn't be worth it on a per sqm comparison.

[Jaymz]

The penthouse in the"Wave" building on Gilles Street was for sale a couple years ago. I recall the asking price was around $5.5 million, but
I don't know how much it sold for, or if it sold at all.

[Jaymz]

I've seen a couple of these apartments for sale online, they look to be fitted out very nicely. The prices seem to be very reasonable for what you get, but that may be partly due to the building's dubious history.

[how good is he]

I would want to see the fees & minutes of the meetings.

[d3v310per]

Developer Salvatore ‘Sam’ Sgherza has pleaded guilty in the Adelaide Magistrates Court to four criminal charges of breaching bankruptcy laws.

Sgherza, 56, was facing 46 criminal charges of breaching the Bankruptcy Act, following an investigation by the Australian Financial Services Authority.

He admitted last month, through his lawyers, to four revised charges of concealing or removing property after becoming a bankrupt, taking out loans knowing he could not repay the debt, signing a false declaration and failing to disclose information about his conduct and affairs.

The charges related to his conduct before and after he was declared bankrupt on August 30, 2012.

The offences carry a maximum $120,000 fine or up to two year’s jail.

Sentencing submissions will be heard on June 17.

[Fpenner]

Salvatore ‘Sam’ Sgherza was on Tuesday convicted and fined in the Adelaide Magistrates Court for breaching bankruptcy laws after a lengthy investigation into his conduct by the Australian Financial Security Authority.

Federal prosecutors had charged Sgherza, 56, who was head of the Sgherza Group of Companies, in June 2016 with dozens of criminal charges.

Sgherza pleaded guilty in June to four revised criminal charges including withdrawing $274,000 from accounts within a year of bankruptcy, contracting $40,803 in debts knowing he could not repay the money, signing a false declaration on bankruptcy form and failing to disclose information to the trustee of his bankrupt estate.

Each count carries a maximum year in jail or $6600 fine.

Magistrate David McLeod convicted Sgherza on all four counts and fined him $10,000 citing his lack of prior offending, his good character, co-operation with authorities, age and early guilty pleas.

“While fraud is not a factor your offending, nevertheless impeded the administration of your bankruptcy and prevented the distribution of resources in an orderly fashion according to bankruptcy rules,” he said.

“Defence counsel explained at the pressures you were under at the time, particularly from your creditors, some of whom were loan sharks and your concern for you and your family.

“It is true you built up your construction empire such that you were able to live a lavish lifestyle with a big house and expensive … cars but you did not ultimately benefit from them under bankruptcy,


“While you benefited from transactions prior to your bankruptcy it was during a time of significant stress and pressure impacting otherwise good judgment.”

The court had heard in sentencing submissions that Sgherza, who declared bankruptcy on August 30, 2012, had sourced high-interest loans from bikies who had threatened him and his family if he revealed their identity.

Federal prosecutors, had requested a prison sentence.

Mr McLeod said Sgherza’s lawyers had submitted that he had not been in trouble before, had won “numerous accolades” from his industry and was “unfamiliar” with how to deal with his problems.

Sgherza declined to comment on today’s verdict. His lawyer Andrew Moffa said “it speaks for itself.”

[timtam20292]

The building is still not finished as of today.

[baytram366]

Does anyone know how the heritage building is looking? I hope its still in ok condition and hasn't been trashed inside

[Waewick]

Does anyone know how the heritage building is looking? I hope its still in ok condition and hasn't been trashed inside

I read somewhere that the restoration will be made difficult because of poor workmanship of the developers. This includes the underground carpark being higher than approved.

Its a disgrace whats happened on this site.