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

[mgb]

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

Royal Park Salvage were scoping the area this afternoon which might be an indication the above could still hold true.

[Ben]

Bit of a thread bump. Have any of the purchasers received an update on this one?

[sponge]

Bit of a thread bump. Have any of the purchasers received an update on this one?

I am doing my colour selections tomorrow afternoon, will see what I can find out.

[wilkiebarkid]

Bit of a thread bump. Have any of the purchasers received an update on this one?

I am doing my colour selections tomorrow afternoon, will see what I can find out.

Hey Sponge, what's the latest for ALTO?

[sponge]

Last email I got was end of September which I have posted below, doesn't sound great.
I have been busy with work and travelling but plan on giving them a call this week.

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The team at Alto Adelaide would like to thank you for your patience these last few months, while we have been trying to work through the tender process with the project.

We have been working to make the project more viable with our consultants, preferred builder, and project manager. We are currently exploring some amendments to the use of the Apartment building as well as the mix of apartments.

We hope to have a clear indication over the next few weeks as to when we can commence construction and will endeavour to keep you informed as we go.

Please be reassured that your deposit is held securely in trust, and will be returned to you immediately, if for any reason the project does not proceed.

Thank you very much once again for your enthusiasm, interest and participation. We will do our best to bring about a positive result.

Kind regards,

Alto Adelaide

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[wilkiebarkid]

Last email I got was end of September which I have posted below, doesn't sound great.
I have been busy with work and travelling but plan on giving them a call this week.

-----------------------------------------------------------------------------------------------------------

The team at Alto Adelaide would like to thank you for your patience these last few months, while we have been trying to work through the tender process with the project.

We have been working to make the project more viable with our consultants, preferred builder, and project manager. We are currently exploring some amendments to the use of the Apartment building as well as the mix of apartments.

We hope to have a clear indication over the next few weeks as to when we can commence construction and will endeavour to keep you informed as we go.

Please be reassured that your deposit is held securely in trust, and will be returned to you immediately, if for any reason the project does not proceed.

Thank you very much once again for your enthusiasm, interest and participation. We will do our best to bring about a positive result.

Kind regards,

Alto Adelaide

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Thanks Sponge, this is a great response to what is happening here. I really hope this one gets going.

[sponge]

Project dead. Contracts cancelled.

[Ben]

Sorry to hear that sponge.

[Jaymz]

Project dead. Contracts cancelled.

Sorry to hear that. You're not the first and won't be the last to have this happen and I'm speaking from first hand experience.

The most frustrating thing for me was the wasted time, in my case about 3 and a half years from signing the contract to getting my deposit back.
Granted though, my project had receivers, creditors and lawyers involved. Messy. Hope yours is sorted much sooner than that.

[sponge]

Thanks guys, I thought the writing was on the wall so have been looking around but nothing layout wise has jumped out at us yet.

Frustrating though as it has been 2.5yrs since we signed the contract. Luckily I only have a bank guarantee
and have been told I can pick it up anytime so I can cancel it with the bank. Hopefully I do not get the run around.

I would not buy off the plan pre-construction commencement again after this on another project.

[how good is he]

I totally understand but can you also see the issue if most buyers decide to do likewise? Most developments need to get enough sales off the plan in the first place to get finance approval to actually proceed to be built.

[Ben]

I don’t think I’d ever buy off the plan again. Even though the one I purchased is being constructed, albeit at snails pace. It will be close to 4 years from time I signed the contract to the estimated completion. That’s just not acceptable. Developers need to get their act into gear.

[how good is he]

Yes but what if the buyers slow up take of a development is the problem? The developers could also say the buyers need to get their act into gear (if they want things to happen).

[Jaymz]

Yes but what if the buyers slow up take of a development is the problem? The developers could also say the buyers need to get their act into gear (if they want things to happen).

Well the whole of S.A needs to get our act together with regards to our extremely low population growth rate (even lower than usual last place holder, Tasmania). The only way to do that is get the economy firing on all cylinders, preferably in the private sector. People go where the jobs are.

Governments and councils can artificially inflate the market with policies and incentives for a while, maybe convince people from the suburbs to move into the city. But nothing gets construction moving faster than when demand outstrips supply. And population growth creates demand.

[ghs]

Yes but what if the buyers slow up take of a development is the problem? The developers could also say the buyers need to get their act into gear (if they want things to happen).

Well the whole of S.A needs to get our act together with regards to our extremely low population growth rate (even lower than usual last place holder, Tasmania). The only way to do that is get the economy firing on all cylinders, preferably in the private sector. People go where the jobs are.

Governments and councils can artificially inflate the market with policies and incentives for a while, maybe convince people from the suburbs to move into the city. But nothing gets construction moving faster than when demand outstrips supply. And population growth creates demand.

Some good points there Jaymz, I particulary like the 'preferably in the private sector' comment. We need career opportunities, not jobs in the public service. There was a lot of fanfare a couple of weeks ago with the space agency announcement but it's only going to result in 20 public servants sitting on North Terrace doing nothing. I am sorry, but that's not a career.