[COM] City Central 8 | 72m | 20lvls | office

[iTouch]

it's getting higher

[Xaragmata]

From yesterday:

[Xaragmata]

Aspen has thoughtfully provided a webcam, together with timelapse videos:

Tower 8 http://www.adelaidecitycentral.com.au/tower-eight.php

Webcam http://tower8.dyndns.org/ (with assorted Timelapse Videos)

(Hit the Reload button as often as necessary until the image loads completely)


The gantry frame has been erected along Post Office Place since I was there last.

[UrbanSG]

Great find Xaragmata, new favourite site for me

[crawf]

That ACC website still has the old renders :/

[Xaragmata]

From yesterday:

[UrbanSG]

Taken today:

[UrbanSG]

Getting close to finishing the car park/office levels and soon just the office levels to go. Webcam capture from today:

[UrbanSG]

Some more signage/advertising due soon:

Application Number: DA/558/2011
Lodgement Date: 12/07/2011
Location: 12-26 Franklin Street, ADELAIDE SA 5000
Description: Install shade cloth signage to existing hoarding.
Applicant Name: BAULDERSTONE P/L Level 14 431 King William St, ADELAIDE SA 5000

[UrbanSG]

Taken today:

[SRW]

Thanks for the latest round of photos, UrbanSG.

[[Shuz]]

You really don't truly get a grasp of just how big this one is going to be in terms of footprint/floorplate size until you see it in person.

They'd have to be Adelaide's largest floorplates for an office building, am I right?

Thanks, Urban. Your photography is highly appreciated.

[spiller]

Is the curtain wall going to remain clear like that? Or am I seeing something else...

[UrbanSG]

The issue regarding Aspen taking on too much risk with this project appears to have at least been partially resolved.

Telstra Superannuation turns to project finance
Florence Chong
From: The Australian July 22, 2011 12:00AM

Gavin Hawkins, managing director of the Aspen Group. Picture: Colin Murty Source: The Australian

THE $11 billion Telstra Superannuation Scheme has struck a deal with Perth-based Aspen Group to provide debt funding and equity for a $190 million development in Adelaide.

Telstra Super is the third large super fund to move into project finance for commercial property developments in recent months.

It will provide a construction loan facility of up to $117.6m on terms consistent with market terms and conditions.

Aspen managing director Gavin Hawkins said the funding would replace bank debt. A big four bank had offered a debt facility for the project, he said.

Mr Hawkins said Telstra Super would also provide a term facility for five years after the completion of the project.

Under the complex deal, Telstra Super has subscribed for 50 per cent equity in 12-26 Franklin Street Property Trust, the vehicle that owns the development project, for $34m.

Aspen will hold the remaining 50 per cent. Mr Hawkins said Aspen would manage the building on its completion, due to be in October next year.

The office tower, which has been pre-let to the Australian Taxation Office and Australia Post on long-term leases, will be jointly owned by Telstra Super and Aspen.

Mr Hawkins said the joint venture was the first for Aspen in the wholesale (unlisted) investor sector.

Greg Lee, head of property at Telstra Super, said strong competition from offshore buyers had made it difficult to buy quality assets in the current market.

The venture would give the super fund access to a prime building at the development phase, but without the risks development usually entailed.

"We are comfortable with our risks. EPC Partners will manage the risks on our behalf," he said.

Telstra Super has committed about $400m to property and property debt in the past year, bringing its total property portfolio of listed property trusts and direct properties to between $1.4bn and $1.5bn.

Aspen securities closed unchanged at 43.5c each.

[spiller]

got a look at this the other day when driving through vic square...was surprised at how big it is IRL!