Sensational-Adelaide.com

I wonder whether the development across the road has gone under the radar here (it doesn't even have it's own thread!) Would be interesting to see the 'locals' reaction to the progression of this development (although not to scale in comparison the New Mayfield) considering construction has already started.

tsmith3064 wrote:I wonder whether the development across the road has gone under the radar here (it doesn't even have it's own thread!) Would be interesting to see the 'locals' reaction to the progression of this development (although not to scale in comparison the New Mayfield) considering construction has already started.

you piqued my interest so i looked on the ACC website. 10 submissions in total - 9 against, 1 cautiously for.

There is now a tram completely covered in branding/advertising for this project. Looks like it's definetly a goer.

The developers are already sourcing retail for the lower levels.

Legal claim hits project in CBD building rebirth called "the Burge project" •
by: Russell Emmerson
• From:The Advertiser
• September 24, 201210:00PM



Artist's impression of the new Mayfield site Source: The Advertiser


A "CATALYST site" designed to usher in a new era of city development has been hit by claims it short-changed its former financier, court documents show.
Melbourne builders Colvid and Tagara Builders have proposed "the Burge project" a $240 million redevelopment of the former Mayfield Engineering site, between Sturt and Gilbert streets.
The project was launched in June, the first under new planning rules designed to spark a wave of city development. However, Adelaide financier Assist Finance claims in District Court documents it was engaged to raise more than $6 million but was denied payment after sourcing the deals.
The April 2011 agreement was partly oral, partly in writing and partly implied, the statement of claim says, but provided for success fees and employee expenses, court documents claim.
Two months later, Assist Finance founder Jason Di Iulio presented the developers with two finance facilities: a $6.7 million loan secured by mortgage and another mortgage-backed loan of $1.5 million.
However, Assist's $226,600 consultancy invoice was not paid when due in July 2011, and a corrected invoice for $221,501 was not paid when it fell due in September 2011, the statement of claim says.
Colvid's director Colin Haddow appeared to be the principal contact for Assist Finance during negotiations, court records show, but resigned from all joint venture companies including the development company he founded with David Bertram in 2008 in June 2011, just weeks before matters relating to this dispute arose.
Spokesman for Mr Bertram, Alex Twomey, says the company had "early discussions" with Assist Finance but "they didn't raise any finance". The project remains on foot, he says. "It doesn't have any impact or link to the project. Everything is going ahead so there is no issue or impact."
Mr Twomey said he wasn't aware of the circumstances behind Mr Haddow's abrupt departure.
Mr Haddow still features on Colvid's website more than 12 months after he left, and the office phone numbers are disconnected.
The statement of defence agrees emails were exchanged with indicative loan proposals, but says they never amounted to a contract.
The matter is set for trial in the District Court in October

Legal issues had better not get in the way of this amazing development, there's too much at stake here

cometthecat wrote:Legal issues had better not get in the way of this amazing development, there's too much at stake here

I'm pretty sure it won't be the only thing in the way.

Anyone have any more news on this?

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

Still no news?

Stuff seemed to move very quickly when it was first announced, and then... nothing. I got a follow up call from someone the day after I registered on the site, and was told they would send some stuff out, but never received anything. Strange.

I wouldn't get your hopes up.

always seems way too extravagant for Adelaide.

Waewick wrote:I wouldn't get your hopes up.

always seems way too extravagant for Adelaide.

Why are you always so negative?. Give the project a chance, it's only been six months since it was announced.

crawf wrote:

Waewick wrote:I wouldn't get your hopes up.

always seems way too extravagant for Adelaide.

Why are you always so negative?. Give the project a chance, it's only been six months since it was announced.

I'm not being negative.

it was announced, the great fanfare and then nothing.

I know what happens to projects like that.

Don't get me wrong, as a project I was super impressed, would love for it to happen

perhaps extravagant was the wrong word - perhaps ambitious was more accurate?

That is interesting, I wonder how long before they break dirt?

Well settlement on the land has finally happened and Tagara have plastered the old building on Sturt St with their signage, BUT don't hold your breath on this one getting off the ground any time soon. Yes they're all keen and the relevant companies are talking the project up, problem is they have no money. This project is basically depending on funding through selling off the plan and will need 70% of units pre-sold before getting any underwritting. With other established projects finding it hard to complete sales, it doesn't bode well. I'd say the developers have bitten off more than they can chew and the project, if it does get off the ground, risks becoming the modern equivalent of the Carrington Garden Apartments.

MAH wrote:Well settlement on the land has finally happened and Tagara have plastered the old building on Sturt St with their signage, BUT don't hold your breath on this one getting off the ground any time soon. Yes they're all keen and the relevant companies are talking the project up, problem is they have no money. This project is basically depending on funding through selling off the plan and will need 70% of units pre-sold before getting any underwritting. With other established projects finding it hard to complete sales, it doesn't bode well. I'd say the developers have bitten off more than they can chew and the project, if it does get off the ground, risks becoming the modern equivalent of the Carrington Garden Apartments.

I don't know the history of the Carrington Garden Apartments - I assume they include the vacant block on Pultney street? (in addition to the serviced apartments of course)