U/C: [Cheltenham] St. Clair | $500m

[AG]

Well certainly a number of firms involved in development and construction watch this forum from time to time as we've seen, but don't know whether or not government departments have noticed this forum.

There's two railway stations within close proximity of the Cheltenham site - Woodville and Cheltenham Racecourse. Woodville should certainly be upgraded and better linked to the southeastern part of the development. Currently Cheltenham Racecourse is not in use during normal service, although some trains that have not been timetabled to stop have stopped there. This one should be closed and a new one constructed on the other side of Cheltenham Parade as it would be more conveniently located by any new development, plus it would improve travelling times along the Outer Harbor line as Cheltenham Racecourse and Cheltenham stations are close to each other.

[bmw boy]

Good post Urban, I agree with your comments. I hope someone in the right position is keeping an eye on this forum (I believe they do actually keep track of what's being said in forums - whether they choose to act on it or not is another matter).

haha.... maybe some people from the governemnt are actually posing as oridnary individuals with aliases on this forum. Never know... I could be Pat Conlon lol.

[jimmy_2486]

And yes blocks on the fringe are small i struggled to find a block 380sqm! There getting smaller due to demand going up and and devlopers cashing in by squeezing as many house on a acre as possible.

Call me crazy but would you say they are doing this because Adelaide has a lot of restrictions on land being developed in the inner metro??

I mean because we have transformed the inner metro into a city of duplexes, and because there is too much pressure for any denser development (or just no one has the balls), instead of developers building up in the inner metro, they are now squeezing the fringe burbs into squished up duplex developments.

I mean people goto the fringe burbs for the opportunity to build a nice big house with a nice big backyard, but it seems like its coming to a point where there will be no difference in lifestyle in living in the fringe than in the city.

Id say if the developers want to build up.....councils should just bloody let them. We cant stay a green natural city forever!! I think we are outgrowing that phase now.

I hope investors build up at Cheltenham as well as putting duplexes. It be nice to see glenelg style development in a lot more areas. This is what i'm getting at basically.
I mean gold coast has half the people we have and they have way more glenelg style developments than we have. Adelaide needs to be a bit more exciting, rather than only relaxing, a mix of both would be good. Fringe burbs barossa etc for the relaxing areas of Adelaide's tourism, and inner metro for the exciting areas of Adelaide's new younger tourists!

Any thoughts?

[Cruise]

Im sorry but when you refer to a Duplex what is that, two houses conjoined on the boundary in the middle?
This sort of devoplment is not going on in the fringe suburbs, all houses are free standing and torrens titled.
well expect maybe a few exceptions but a very few indeed.

[MGR]

av jennings JV with urban pacific named today?

[Howie]

av jennings JV with urban pacific named today?

Excellent.. source?

[MGR]

sajc media release ths morning

[Howie]

Thanks MGR.. found the release for those curious
http://www.sajc.com.au/files/Cheltenham ... cement.pdf

[Ben]

From The Advertiser:

Cheltenham for sale for $85m at least

CRAIG COOK

November 20, 2007 02:30pm

THE South Australian Jockey Club this afternoon announced the sale of Cheltenham racecourse for a guaranteed minimum of $85 million.

Venture partners AV Jennings and Urban Pacific have secured the tender to redevelop the site between Torrens Road and Cheltenham Parade.

The partners will seek to build 900 new homes on the site subject to state government and Charles Sturt Council planning permissions.

In addition to the guaranteed capital sum, the SAJC will be entitled to a further capital sum, not exceeding $10 million, based on the final outcome of the project.

"This is a very historic moment for the SAJC," SAJC Chief Executive Steven Ploubidis said.

"We have been able to deliver to our membership a yield which exceeds what was seen as questionable back in 2004,".

Under the sale plan Racing will continue at Cheltenham until February 2009.

[shaun]

What a wasted opportunity, this is prime land in the heart of suburban Adelaide and its just going to be full of sprawling houses? :wank:

It should include low-mid high rise apartments and townhouses

[Howie]

Jennings scores at Adelaide race track
http://www.theaustralian.news.com.au/st ... 58,00.html
Maurice Dunlevy | November 21, 2007

FANCIED stayer AV Jennings has won the $85 million race for Adelaide's Cheltenham Park Racecourse redevelopment.

Teamed with Macquarie Bank's Urban Pacific group in a joint venture, the bullish developer was yesterday awarded development rights to Australia's largest infill housing project, which has an estimated end value of $400 million.

Publicly listed AV Jennings and Urban Pacific will build around 900 homes only 8km from the CBD and 5km from city beaches. But they must leave 35 per cent of the 48.8ha site as open space.

Adelaide millionaire and philanthropist Gordon Pickard's Land SA group had been the local favourite for the site.

Urban Pacific has been active in the Adelaide market for the past 13 years, while AV Jennings has an impressive track record as the most successful national housing and development group in the Adelaide market.

The South Australian Jockey Club, which controls the Cheltenham track, has entered into a land facilitation agreement with Jennings and its partner under which the SAJC is guaranteed $85 million to be paid over the next three to four years.

But the SAJC could get a further $10 million, with this money conditional on the final financial outcome.

The racecourse land agreement excludes 4000sqm that fronts Torrens Road, where an SAJC-owned facility with 40 gaming machines will be re-located. The planned pokies venue will be a 1000sqm building with 3000sqm of parking.

AV Jennings CEO Louis Milkovits said work would start in mid-2009 and the first property sales were likely in early 2010. The project would take about seven years to complete.

The joint developers plan a mix of housing that will include apartment towers and retirement living.

Water savings will be made throughout the project, including stormwater harvesting for large wetlands areas.

SAJC chief executive Steve Ploubidis said yesterday that racing would be the big winner from the land sale, with prizemoney likely to rise from its current level of $25,000 to between $35,000 and $40,000.

"This will be a massive boost for the racing industry," he said.

Mr Ploubidis said the Cheltenham sale proceeds would be controlled by independent trustees and should generate earnings of about $3.5 million per year.

He said some of the money could also be used to build a synthetic track at the SAJC's Morphettville racecourse.

[jimmy_2486]

The joint developers plan a mix of housing that will include apartment towers and retirement living.

Well its great that they want to develop apartment buildings on the site. Im all for it!!

[Ben]

From Major Project website:

Sheridan Site, Woodville, Redevelopment
Organisation Stockland Development Pty Limited Industry Urban Development
Status: In Progress
Estimated completion date: Jun 2011
Project cost: $93,000,000
Project details:
Redevelopment of the 15 ha former Sheridan site, Woodville, for proposed medium-density housing development.

[ozisnowman]

The Government is also under pressure to limit high-density housing, as well as imposing a ban on high-rise apartments.

My question is who is putting pressure on the government to limit high-density housing??? is it the land developers themselves, the council or who? Developers sure prefer low density housing as they can sell individual houses as soon as they are finished rather than wait for
a whole building to be completed.

Its amazing the government is still going down this path with the easily forseable problems of climate change, power limitations, transport problems, lack of services etc. What needs to be clearly defined is what they mean by high-density.

You probably dont want 30 storey appartments springing up all over Adelaide but a well planned suburb of 4-7 storey appartment buildings
with shops, cafes, gyms, sports facilities, car parking, schools, health clinics and with a lot of green space and wetlands inbetween
would be ideal.

[AtD]

My question is who is putting pressure on the government to limit high-density housing??? is it the land developers themselves, the council or who?

NIMBYs and the council elected by said NIMBYs.

Developers sure prefer low density housing as they can sell individual houses as soon as they are finished rather than wait for
a whole building to be completed.

Actually they prefer higher density as they generate a higher return on the land.