COM: [Walkerville] DTEI Building > Hotel | 11lvls | $106m

[jk1237]

it does appear that renovating former office buildings into apartment blocks is not as expensive as a brand new building thus these apartments are priced at a reasonable level and surprise surprise they are selling. Former Queen Victoria Hospital, former ETSA building, former hotel Adelaide, former ATO building on KW St, didn't seem to have any problems selling their apartments.

Compare that with the overpriced Balfours development shoe boxes

[AdelaideGo]

While the unit price of the Watsons apartments may seen "reasonable", their price per sqm is actually quite high. A 37 sqm 1 bedroom is starting from $270k, and a 51 sqm 2 bedrooms is asking for $366k.

I have no vested interest in the Mayfield project and do think that it is over-priced, but at least it is offering a 56 sqm 1 bedroom starting from $349k. From a price per sqm prespective, Mayfield seems like a bargain when compare to the Watsons.

If the minimum private area required by a city apartment in the CBD is not decreased further, which is currently 50 sqm and 65 sqm (plus more sqm for balcony) for a 1 and 2 bedroom apartment respectively, it is quite difficult for city developers to offer 1 bedroom below $300k (or 2 bedroom below $400k).

[Waewick]

So how small would you like to go?

[AdelaideGo]

I think the current council requirement is adequate, consider that is also the average size for apartments in the eastern seaboard cities.

What I want to point out in my previous post is that, at a "reasonable" level of price per sqm for Adelaide which I believe would be around $5,500 now, buyer should not expect the price for a brand new 1 bedroom apartment to be much lower than $300k (or 2 bedrooms for 400k).

Adelaide is still in an early stage of embracing apartment living, much of the apartment buyers are investors looking for high rental return and capital appreciation. To make projects viable, developers are looking for new ideas beyond the generic student accommodation, 1/2/3 bedrooms configurations.

[uming]

most of them are gone only 20 apartments left

[Vee]

Just spotted a tweet saying 203 apartments have now been sold in the Watson complex - only 7 left.
Record sales, given the March 16 release.

Previous update, from earlier this month, mentioned its success, despite it beng excluded from the State Govt off the plan stamp duty concessions which apply to the CBD (until June?)
http://www.adelaidenow.com.au/business/ ... 6636199959

[Ben]

Walkerville development The Watson to put office and retail spaces on the market

by: Amelia Broadstock
From: City North Messenger

July 05, 2013 11:27AM inShare.0

DEVELOPERS of Walkerville's The Watson are turning their attention to offices, retail space and penthouse apartments, with 207 of the 210 residential apartments already sold.

The Watson developer, Asian Pacific Group, is taking registrations of interest for the penthouse level and for the $5 million worth of office and retail spaces to be leased or sold.

Asian Pacific Group chief executive Will Deague said the success of the residential sales prompted the company to bring the commercial sales and leases forward.

"The Watson has been developed for the enjoyment of the local community as well as residents and guests within the building," Mr Deague said.

"The Watson will add to the choice of restaurants and retail outlets currently in the suburb.

"The Watson has offered a unique opportunity for people to buy into the suburb who couldn't previously afford to live in Walkerville ... (with) 25 per cent of purchases coming from the local 5km radius."

The development, which has seen 140 local trades employed to build the site, has so far netted more than $82 million since apartment sales opened and building started in March.

It is expected to open in April 2014.

[Faulkick]

This is starting to look really nice.

[baytram366]

Any updates on this one? How is the old retro building looking now?

[PeFe]

From the 'Tiser

Walkerville Tce traders expect increased business following The Watson Apartment and Hotel complex
Tamara Spark and Adam Rocco will open Local Grind at The Watson.


WALKERVILLE traders are preparing for a much-needed business boost on the back of hundreds of people moving into The Watson Apartment and Hotel complex.

The $120 million rebirth of the former Transport Department building, to be officially opened next week, will eventually be home to more than 300 people.

Walkerville Tce traders, already enjoying increased business following the opening of Woolworths’ $30 million complex last year, say the new residents, as well as The Watson’s hotel guests, will further boost the local economy.

For Me and My gift and accessory shop owner Nicole Tsapaliaris, who moved to Walkerville Tce shortly after Woolworths opened last year, expected business to pick up. “There is definitely a bit of a buzz around the place and I would say hopefully it’s going to be a lot busier,” Ms Tsapaliaris said.

“Certainly when the Woolworths complex opened there were a lot more people in the area so I think the same thing will happen.

“I think there has also always been a need in Walkerville for more restaurants, breakfast places and dinner.”

The Watson Hotel has already opened for business ahead of the official opening on September 18.

Nest Bistro & Coffee Bar owner Jim Christou said his cafe had been asked to provide room service orders.

“We’re already starting to get a bit of business from the hotel guests staying there,” Mr Christou said.

Acting Walkerville Mayor Tony Reade predicted an upsurge in trade for Woolworths and local restaurants and cafes.

“I think given the fairly short stays The Watson are expecting, it’s marketing to the travelling person, I think the food places would benefit,” Mr Reade said.

“Things like bakeries, coffee shops will definitely see an increase in business.

“There used to be 1000 people working there when it was government occupied and people like the Walkerville Bakery and chemists and the local supermarket benefited.”

Asian Pacific Group, which has developed The Watson, also expected a positive flow on to businesses.

“We expect more people to be attracted to the suburb to stay, shop, dine and do business,” chief executive officer Will Deague said.

“Walkerville has seen significant private investment over the last few years and this has added to the vibrancy of the suburb while also retaining its unique village feel.”

The Watson has 210 apartments and 40 hotel suites.

All apartments have been sold to owner-occupiers or investors.

http://www.adelaidenow.com.au/messenger ... 7051287430

[Nathan]

I drove past this last week, and to be honest I'm a little disappointed. It's basically been painted white, with some slightly blue tinted glass wacked on the balconies - with air conditioners still visible. I'm sure it's a different story inside, but from the outside I much preferred the original building.

Brings us right back to Omicron's post on the first page:

The fundamental problem with Brutalist buildings is that they are at their most desirable when they exist in their original state, right down to the original fixtures and fittings. I had always thought of the Boston City Hall (1969), for example, as a dreadful ugly thing, but when viewed in its original configuration with plush '70s carpeting, thick wood panelling and ornate fixtures to balance out the harshness of the exposed concrete and sharp lines, it seems to work far better as a whole than its underwhelming half-hearted form of recent times. It's just not an architectural style that lends itself well to modern upgrades or enhancements - you can, for example, add ultra-modern renovations to an Edwardian-era building and have it all work fabulously well, or to use a more local example, add a vast glass entrance to the State Library and do nothing but enhance the quality of the nearby historic wings, but a successful modern extension to a Brutalist building is few and far between.

[jk1237]

I drove past this tonight. Was actually blown away of how one of the quietest, almost hidden inner suburbs has transformed into a little cosmopolitan environment. The new Woolworths and now the Watson is finished, I was impressed. A proper inner city precinct. Does look good at night. Will have to go back during the daytime to see how the former Transport building looks nowadays

[gnrc_louis]

Sorry to bump an old thread and this is a bit of a long-shot, but does anyone know of any longer-term plans for the former DPTI employees car-park across the river? According to a Reddit thread,the land is contaminated from a former rubbish dump that was there previously, but regardless it seems a prime location for redevelopment. I presume the land is owned by the State Government also.