CAN: [Glenelg] Latitude | 42m | 12lvls | Residential

[AtD]

Nancy: You say that as if it's a good thing. Do you want everyone to move out or something?

How about we kick everyone out and build a big wall around Glenelg, so you can keep it all to yourself?

[Will]

In another thread under CBD development some guys asked me to backup my statement that there's no
demand for apartments down at glenelg.

My backup is this website :

http://www.adelphi-waters.com.au/

This project has been on the cards for a long time and they've been trying to sell the apartments
for at least three years !

If you click on the floor plans option from the menu on the right hand side you will see
that only three of the 23 apartments available have been sold !!!!

Stick that up your clacker !!

Thank you very much.

Regarding the Adelphi Waters project, the delays have also been caused by the Holdfast Bay Council, who I recall rejected the original proposal because at 4 levels it would tower above the locality and cast shadows, causing the developers to re-design the project. A process which has contributed to the delays of this project.

[nancy]

In another thread under CBD development some guys asked me to backup my statement that there's no
demand for apartments down at glenelg.

My backup is this website :

http://www.adelphi-waters.com.au/

This project has been on the cards for a long time and they've been trying to sell the apartments
for at least three years !

If you click on the floor plans option from the menu on the right hand side you will see
that only three of the 23 apartments available have been sold !!!!

Stick that up your clacker !!

Thank you very much.

Regarding the Adelphi Waters project, the delays have also been caused by the Holdfast Bay Council, who I recall rejected the original proposal because at 4 levels it would tower above the locality and cast shadows, causing the developers to re-design the project. A process which has contributed to the delays of this project.

This is probably true, but you also have to admit that the sales have been very slow which has delayed the project. I remember the site was empty for a long time. At least 1 year I would say.

Only 3 out of the 23 apartments have been sold. I am surprised that they've gone ahead with development based on this.

The developers (Brock) are taking a big risk on this aren't they ?
I'd say the development will be complete at the middle of next year. What happens if the
other 20 apartments don't sell ??

[Wayno]

I'd say the development will be complete at the middle of next year. What happens if the
other 20 apartments don't sell ??

supply and demand, they'll sell - just the price is negotiable (up or down - who knows)...

[ghs]

They've opened up a sales office in one of those shops near the beach house. They've have some new
renders there which look pretty sweet. (these renders are not displayed on the Urban construct web site).

Is anyone up to going into the office and trying to get some info on sales, time frames, etc ?

[Brando]

http://www.news.com.au/adelaidenow/stor ... 82,00.html

Sharp price drop on Bay apartments

APARTMENTS in the new $110 million Latitude complex at Glenelg will be up to 25 per cent cheaper than the developer's last beachside project.

Urban Construct chief executive Todd Brown admits the market has slowed but denies an apartment glut has caused the price cut.
Prices in the 12-storey construction will start in the low $300,000s for a 50sq m one-bedroom apartment. That is less than Platinum on the Beach, released five years ago.

"It's not absolute beachfront. We've also managed to consolidate (buy) this site at reasonable price levels, which has enabled us to pass the savings on to purchasers," Mr Brown said.

There will be 171 apartments. One-bedroom prices will start in the low $300,000s, two-bedrooms in the $500,000s, three bedrooms in the $900,000s, with some penthouses in the high $1 millions. "At Glenelg it's unheard of. They're prices we did five or six years ago," Mr Brown said.

The complex features a gym, pool and Adelaide's first Japanese "Onsen" baths, based around a mineral hotsprings pool. Urban Construct says Latitude has received more than 1500 registrations of interest. The record demand has ensured a ballot system will be used, with potential buyers paying $2000 to take part. A VIP launch with the ballot is on October 8, three days before the public launch.

Holdfast Bay mayor Ken Rollond said council had concerns over the development, including increased traffic, but ruled out fighting the approval decision because of cost.

[ghs]

Is anyone able to scan or photograph that picture they had in the paper on sat ?

It's a very impressive render. I checked the urban construct website and it's still
not on there.

[UrbanSG]

Hmm. So much for those people, one person in particular who thought one of the last major apartment towers in Glenelg wouln't sell well or go ahead. However I'm not sure if I would be buying right now, too uncertain, property prices could easily drop markedly soon.

From adelaidenow:

$30m sales in just two days

APARTMENTS worth $30 million were snapped up in just two days as buyers rushed to secure their slice of the $110 million Latitude development at Glenelg.

And on Wednesday, it took just 30 minutes to sell properties worth $27 million – or 23 per cent of the entire development. A further $3 million worth of apartments was sold yesterday.

Prices for apartments in the 12-storey block ranged from $339,900 for a one-bedroom apartment to $1.9 million for a penthouse.

Urban Construct chief executive Todd Brown said interest-rate cuts had encouraged buyers to take the plunge.

"I've got no doubt that's had an impact, but the level of buyer interest has been strong for some time now," he said.

About 70 per cent of buyers were South Australian, with the remaining 30 per cent buying the apartments from interstate and overseas.

Glengowrie resident Sanja Lozic, 31, paid about $500,000 for her north-facing apartment on the sixth level.

"It was a little bit more than I was hoping to pay, but for me it was about buying the lifestyle, that's what I really wanted," Ms Lozic said.

[ghs]

I went for a walk down to glenelg earlier today and there's some nice developments happening.

Adelphi waters is progressing well and there's also quite a few big houses being built around
the Patawalonga which is improving the look of the whole area. Should be really good down there
one the current set of projects are complete (including the bay junction re development).

[tbone]

Adelphi Waters

In relation to the Adelphi Waters project, Brock Urban Projects are not the Developers, rather they are the Sales Agent.

Generall, it is well accepted that once buildings are under construction, they are harder to sell than off the plan or completed.

Completion is anticipated around July 09.

A completed property will be available for viewing around Christmas 08 by appointment.

Contact Tony Mathews at Brock Urban Projects on 8203 1288 for accurate info.

[ghs]

Generally, it is well accepted that once buildings are under construction, they are harder to sell than off the plan or completed.

So then why did only 3 apartments sell off the plan ?

[ghs]

Is this one going ahead ?

Construction was meant to begin in January 09. I think the initial sales were quite good but since
then sales have been slow.

[skyliner]

Ditto.

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

[ghs]

Is this one another victim of the financial crisis ?

It was meant to start back in January. Does anyone have any news ?

[Ben]

From the messenger:

Timely reprieve for 1870 Bay site

by Kym Morgan

A DERELICT 1870 Bay house at the centre of a five-year development battle was cleaned-up last week following an outcry from residents, but its future remains under a cloud.

Developer Urban Construct agreed to clear rubbish from 3-5 College St and fence off the site after complaints it had become a rat-infested dumping ground.

However, the site is still earmarked for demolition to make way for a 12-storey apartment complex, known as Latitude.

Urban Construct has until May 22 under a State Development Assessment Commission approval to start work on the site near the Manson Towers retirement village.

Holdfast Bay’s strategy and development manager Rebecca Thomas said last week the developer had decided to clean-up the house and fence it off, delaying the demolition “for a short time”.

However, Ms Thomas said Urban Construct was yet to put in a building application.

Urban Construct chief executive Todd Brown did not take questions from the Guardian Messenger but in a statement said, “sales for Latitude (complex) have slowed but this is simply a reflection of the current economic environment”.

Last October, the developer revealed that $30 million of apartments had sold in the first week on the market but it has since refused to provide updated sales figures.

Holdfast Bay city assets manager Steve Hodge said the developer was unlikely to start work until at least 80 per cent of the estimated cost had been retrieved through apartment sales.

The project has previously been valued at $110 million.

The old house was cleaned last week to the satisfaction of the nearby Manson Towers Residents’ Association (MTRA), which had complained about its rundown state.