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

[noted]

Not sure of the inside, but they butchered the outside pretty badly. I am fairly certain the verandah was still intact before they started construction.

https://www.realcommercial.com.au/prope ... -503291894

[Ben]

There is a new application to complete the top three levels. not sure who owns them at this point.

[citywatcher]

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.”

Sounds fortunate not to be behind bars
Normally a defendant would be required to give testimony about any alleged bikies for it to be taken under consideration in sentencing

Sent from my SM-J730G using Tapatalk

[Jaymz]

Noticed today as I was walking by, the last level of apartments had no ceiling installed. Plus the top level still a construction site. But furniture and the likes on most other levels, meaning they obviously have ppl living in them.

[wilkiebarkid]

Noticed today as I was walking by, the last level of apartments had no ceiling installed. Plus the top level still a construction site. But furniture and the likes on most other levels, meaning they obviously have ppl living in them.

The unfinished apartments are being advertised on Realestate.com.au as

Don't miss this opportunity to obtain Adelaide's best positioned sub-penthouse and complete to your preferred requirements
1101/267 Hutt Street, Adelaide
CEG Direct Securities is the mortgagee in possession of what the media are calling Adelaide's best-positioned sub-penthouse. You currently have the option to purchase as-is and complete yourself to your liking.

VENDOR FINANCE AVAILABLE

[SRW]

They're still trying to offload these appartments. The new agents have put up some drone footage to push the sales. You can see the top two floors (the penthouse) still incomplete:

I'm assuming the helipad at the end is superimposed and a complete fancy.

You can also spy some of the recent developments on South Tce, and the ongoing builds at East Tce and George St.

[d3v310per]

From AdelaideNow... this site has become a complete disaster. Let's hope the concrete blinding can be disguised in some way with clever (lightweight) landscaping.

https://www.adelaidenow.com.au/news/sou ... 7860eb7ae7

Davaar House to undergo multimillion-dollar restoration

Once a haven for squatters and vandals, a South Tce mansion is now set for a multimillion-dollar restoration by its new owners.

The new owners of a historic CBD mansion are planning a multimillion-dollar restoration to bring the property back to its former glory.

Fiona and Oscar Fiorinotto, who own engineering firm Supashock, have taken over the heritage-listed Davaar House property, on the corner of South Tce and Hutt St, with plans for a major renovation to accommodate a new luxury wellness business.

It follows years of neglect and the financial collapse of disgraced developer Sam Sgherza, who was previously planning a restoration of the mansion as part of his $35m August Towers apartment block adjacent to the property. Financier CEG Securities took control of the site in May 2018 and has since been looking to offload the mansion to recoup money owed by Mr Sgherza.

After becoming a haven for squatters and vandals in recent years, the property has fallen into a state of disrepair. But Ms Fiorinotto sees huge potential and is finalising her designs after the family’s $1.5m purchase.

“I just love the property and I love the story behind it,” Ms Fiorinotto said.

“It’s been sitting there for so long and I just really want to bring it back to life.

“We don’t want to alter Davaar in any way – the external will be beautiful and she’ll look like she used to, and internally we’re actually not changing that much.

“We’re going to work with what’s there and make it look like she was, but with a very slight modern touch.”

Davaar House was built for wine and spirit merchant William Johnston in 1876.

During Mr Sgherza’s ownership of the property, a historic fence and veranda were illegally removed, and an underground carpark, built to serve the adjoining apartments, resulted in the mansion’s once-landscaped front yard being replaced by a massive concrete slab.

Ms Fiorinotto plans to rebuild the veranda and is attempting to track down the original fencing in order to reinstate it. She said plans would be submitted for council approval in around three weeks, and she hoped to have the project completed within 12 months.

[Patrick_27]

For a multitude of reasons August Towers should never been approved, but the developers have literally fucked this house up that it will be near impossible to hide that slab and those ventilation units, the slab goes above the original foundation of the mansion, how can one hide that? I'm all for the preservation of heritage (as many of you know), but I would rather see them bulldoze the building and see about building another apartment building in front to hide the incompleteness of August Towers.

[Nort]

the developers have literally fucked this house

[rhino]

the developers have literally fucked this house

According to the dictionary: (informal) it is okay to use the word LITERALLY for emphasis, while not being literally true.

Kind of defeats the purpose of the word, if you ask me.

[Nort]

the developers have literally fucked this house

According to the dictionary: (informal) it is okay to use the word LITERALLY for emphasis, while not being literally true.

Kind of defeats the purpose of the word, if you ask me.

It literally makes no sense.

[HiTouch]

the developers have literally fucked this house

As if you got away with dropping the F Bomb! I'm not one to have a potty mouth but every time I swear, I get banned!

[Algernon]

the developers have literally fucked this house

According to the dictionary: (informal) it is okay to use the word LITERALLY for emphasis, while not being literally true.

Kind of defeats the purpose of the word, if you ask me.

Had my fill of "majority now get it wrong, therefore the new grammatical rule"
Next up is there/their/they're

[Algernon]

the developers have literally fucked this house

As if you got away with dropping the F Bomb! I'm not one to have a potty mouth but every time I swear, I get banned!

Is it really swearing though? I mean, if they literally fucked a house, you just gotta use the word that fits.

[EBG]

Work is currently underway to finish the Pent house on the top level. Picture 16/7/2022.