News & Discussion: General CBD Development

[Omicron]

Photo needs to be bigger.

[skyliner]

Well done Prof. Will bring crane total to 7 I believe. Things are starting to move again!

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

[AtD]

Today's AFR Property, p65

Tight Squeeze in two cities
Adelaide and Melbourne are the [equal] second tightest office markets in the Asia-Pacific region, according to the Colliers International Biannual Global Office Review Midyear 2009.
The two cities also came in 12th lowest in the world, with each city recording a vacancy rate of 4.8 per cent. Seoul topped the list at 3.1 per cent.
Sydney ranked sixth on the Asia Pacific list with a vacancy rate of 7.7 per cent. Perth slumped from its No. 1 global ranking to score seventh over increasing its vacancy rate from 0.3 per cent 12 months ago to 8 per cent now.
....

[skyliner]

Australis House (77 Grenfell St) is about to receive a makeover of its 'plinth':

77 Grenfell Street is currently undergoing an upgrade and refurbishment, enhancing the façade and building entry and providing great exposure to Grenfell Street with full height glass windows to the street and a grand entry statement to the main foyer. The building will be second to none.
Following the refurbishment, we have 3 tenancies available for lease with excellent exposure to Grenfell Street.

Tenancy 1 - 172sqm
Tenancy 1A - 159sqm
Tenancy 2 - 154sqm

from: realestate.com

Reminds me a bit of the Da Costa bldg. Good frontage - more interactive in the proposal.

SA - STATE ON THE MOVE

[Ben]

From The Messenger:

City building sites in limbo

by Emily Charrison

Land worth millions of dollars is languishing in the CBD as the ongoing economic downturn forces developers to put their building plans on hold.

Dozens of empty blocks have been boarded up and left dormant on city streets in recent months because developers are struggling to find enough pre-sale tenants for banks to hand out loans.

Some of the vacant sites include The Merc on Gouger development, Aspen Group’s Tower 8 building and the Atrium on Franklin St, the old Criterion Hotel and the Hills Industries headquarters, both on King William St.

Property Council of Australia SA executive director Nathan Paine said developers were either scrapping or delaying their projects because they could not meet the tough lending conditions.

“In the current climate when banks are asking for 70 per cent pre-commitment it makes it difficult to get buildings off the ground,” he said.

“At the end of the day if you don’t have tenants it’s unlikely the development will be built.”

Urban Development Institute of Australia SA executive director Terry Walsh blamed changes in lending conditions, along with larger equity levels, to the number of stalled city projects.

“It’s certainly slowed the progress of large-scale developments from 18 months ago and that’s largely due to the credit crisis,” he said.

“But with the general confidence in business market indicators growing, we hope banks will start to recognise that they’re in the business of helping community developments.”

Adelaide City Cr David Plumridge, also a DAP member, said most of the empty blocks had already received approval but could not be built on because of a lack of tennants in the economic climate.

Although, with news this week the Federal Government is looking to lease 30,000sqm of office space by 2014, the outlook was a little more positive.

“There’s nothing worse than a big empty hole so the sooner we get them going the better,” he said.

[Will]

If you read the article posted by Ben above in the actual paper version of the Messenger, there is a small fact box to the side of the article, which lists some of the stalled projects.

Amongst them are the Kings Apartments in Waymouth Street. Apparently the ACC are having difficulty finding a developer to build the towers.

I would like to know whether it would be possible for the ACC to act as the developer? I say this, because if left to the market, the ACC will never reach their population targets, but furthermore, the only types of residential property developed in the CBD will be student apartments and expensive aaprtments for rich semi-retired people.

I believe a market exists for decently priced apartments for middle-income earners. Apartments which are not 20sqm2 in size or in towers with zen gardens, movie theatres, swimming pools and wine cellars.

[Will]

Flinders University has established a presence in the CBD.

From the Flinders University website:

Where are we?
182 Victoria Square
(the old Reserve Bank Building)
Enter from Flinders Street or Victoria Square

Flinders University is setting up a presence in the city.
It's an alternative, visible and accessible location where we will:

•provide information and advice to students wanting to find out about study at Flinders
•teach a selection of our courses and topics

•engage with major business, community and political stakeholders.
Open from 12:30pm, Thursday 12 November 2009.

Study at Flinders in the City
Flinders University will be teaching courses in the following study areas in teaching spaces on level 1 of our Victoria Square premises from semester 1, 2010:

•Public Policy
•Health Services Management
•Law and International Relations
•Accounting
•Business Administration
Other select topics will also be taught from these premises.

Refer to courses taught in Victoria Square for the list of courses.

Get study advice at Flinders in the city

•Are you considering University study?
•Want to find out more about Flinders and its courses?
•Need advice or further information about your application?
Advisors will be available at our Victoria Square presence to assist you whether you are a school leaver, a parent, a non-school leaver or an international student.

Postgraduate drop-in sessions
If you're interested in postgraduate study at Flinders University, join us at our new city presence for a drop-in session.

Session 1: Law, Business and Public Administration
Date: 17 November 2009
Time: 4pm - 6pm
Register online

Session 2: Health, Social Services, Environment and Education
Date: 19 November 2009
Time: 4pm - 6pm
Register online

Courses taught in Victoria Square
Topics in following courses will be taught in our Victoria Square premises from Semester 1, 2010.

Some of these courses will also be continued to be taught at the Flinders University Bedford Park campus and via external delivery (where applicable).

Public Policy
•Public Administration (Graduate Certificate, Graduate Diploma and Masters)
•Public Policy (Graduate Certificate, Graduate Diploma and Masters)
•Public Sector Management (Graduate Certificate, Graduate Diploma and Masters)
•Bachelor of Government and Public Management
Health Services Management
•Health Administration (Graduate Certificate, Graduate Diploma and Masters)


Law and International Relations
• Master of Laws and International Relations


Accounting
•Master of Accounting (MAcc)


Business Administration
•Business Administration (Graduate Certificate, Graduate Diploma and Masters (MBA))


Languages
• Spanish

[SRW]

Scaffolding on the Myer Centre ...

I'm sure most have already noticed but recladding is proceeding apace with...fresher versions of the old cladding.

[monotonehell]

I'm sure most have already noticed but recladding is proceeding apace with...fresher versions of the old cladding.

I have been trying to work out what was new and what was old -- this explains it. So no change, just upkeep?

[SRW]

I have been trying to work out what was new and what was old -- this explains it. So no change, just upkeep?

It appears so. I'd been confused as well, so I took a slight detour down Clubhouse Lane the other day to have a look and some of the newly-affixed claddings gave it away. Their protective plastic coverings were half peeled back to reveal...more of the same.

[Ben]

Appears Woolworths is not going anywhere...

Type: Development Application Received
Application Number: DA/879/2009
Lodgement Date: 17/11/2009
Location: WOOLWORTHS, 78-88 Rundle Mall, ADELAIDE SA 5000
Description: Internal refurbishment of supermarket and liquor store.

[Omicron]

Unsurprising, really. It's a prime location for their brand, it's the only major supermarket in the area, the potential competition in the Rundle Place Plaza Podium Post Potato Whatsit doesn't appear to be going ahead in the near future, the parent company isn't exactly short of a dollar, and so on.

[AtD]

So it looks like the last DA to subdivide the site was just the landlord trying to twist Woolworth's arm for more rent.

[Ben]

This is a major coup for Adelaide. I'm hoping it's optimus prime personally.

Type: Development Application Received
Application Number: DA/881/2009
Lodgement Date: 17/11/2009
Location: LIGHT SQUARE, ADELAIDE SA 5000
Description: Install a Transformer and upgrade surrounding urban works and upgrades

[Prince George]

This is a major coup for Adelaide. I'm hoping it's optimus prime personally.

Type: Development Application Received
Application Number: DA/881/2009
Lodgement Date: 17/11/2009
Location: LIGHT SQUARE, ADELAIDE SA 5000
Description: Install a Transformer and upgrade surrounding urban works and upgrades

Oh sure, they say "Transformer" on the application, but it'll probably end up being one of the Mighty Machine Men. The question is, will that be because of cheapskate developers or a stick-in-the-mud DAP?