[COM] 27-31 Angas Street | 103m | 30 Levels | Kodo Apartments

[Ben]

Brief update. Previous agents have been dismissed as someone mentioned, and new agents are now on board. There will be an announcement in 2 - 3 weeks regarding construction and the builder. I'm very confident haven't heard who the builder is that this will progress in a timely manner.

[adel aide]

Did they give you an update on number or % sold? Unless they plan to do it the Chinese way they wouldn't be committing to start building without having at least three quarters sold and I suspect the real number is still a long way off that.
I would expect that they would be trying to give the impression that everything is moving along as planned but they wouldn't sack their agent if it was! Changing the jockey half way through a race might not have much affect if the horse is struggling in the first place.

[Ben]

Having watched and become addicted to million dollar listing, I suspect the deals here would be similar. You have 3 months to get x sales. If you do not, we replace you.

I was told from the start this one does not require a % of pre sales to start construction as its funded privately and not by the banks. It was roughly 50% back in late Feb though.

[Smithy85]

Watpac has been announced as the builder, according to the Tiser today.

[Dvious]

Great news for Watpac. They seem to be getting most of the bigger jobs of late!

[Jaymz]

Yeah did read that in todays Advertiser, good news.

So that will mean three 90m+ (well Vue 89m) towers built in Adelaide within 3 years or so. A long time since
we've been able to say that....... if ever!

[Blimp]

Yeah did read that in todays Advertiser, good news.

So that will mean three 90m+ (well Vue 89m) towers built in Adelaide within 3 years or so. A long time since
we've been able to say that....... if ever!

And a bunch of others have been proposed... great to see!

[Ben]

http://www.theaustralian.com.au/busines ... e075fe5284

The Kerry Stokes-backed Flagship Property Holdings is close to kicking off the $100 million Kodo apartment development in Adelaide with the appointment of listed construction company Watpac as preferred contractor.

Work on Adelaide’s tallest residential apartment development is to start mid-year and will build upon on the company’s active pipeline. Flagship was established in 2008 by shareholders including Mr Stokes’ Seven Group Holdings and it works across Australia.

It recently developed the Sunday Coventry Street Apartments in Melbourne, and is also planning to develop the Royal Hotel site at Kent Town in South Australia.

Watpac’s appointment comes after the federal government last month backed down on attempts to halt the building of the 30-storey complex adjacent to the Commonwealth Law Courts on the city’s Angas Street.

The tower was briefly put on hold after concerns the 103.2m building exceeded height restrictions but the proceedings were discontinued after the government reached an agreement with the developer. Flagship director Steve Wise said the developer was excited to again partner with one of the country’s top construction companies. “To deliver a large residential project like Kodo, we know how important it is to assemble a delivery team in which purchasers can be confident,” he said.

He noted Watpac’s track record for delivering landmark buildings across Australia, and the pair worked on the Sunday Apartments. “We are looking forward to joining forces again to create a fantastic new development for Adelaide,” Mr Wise said.


Watpac managing director Martin Monro said that Kodo was going to be an iconic Adelaide building.

Kodo, on Angas Street near Victoria Square and the Central Markets, will span 208 apartments, with ground floor retail and commercial tenants.

[ghs]

Great news for Watpac. They seem to be getting most of the bigger jobs of late!

Central Adelaide and this are the only projects which Watpac have in Adelaide. It's not a lot given the number of projects
there are around town.

I'd be interested in knowing the % of sales on Kodo. I thought that the Marketing team was dismissed due to poor sales ?

[adel aide]

I agree ghs - it would be very interesting to know the true % sold. From what I have heard, the number reported to the market and the real number are a fair way apart. It's great that they have appointed a builder but appointing a builder and pulling the trigger on starting construction are 2 different things.

[ghs]

adel aide - it's nice to find a user on here who has a similar mindset.

Here is part of the Watpac announcement :

Watpac and Flagship will now proceed to finalise the construction contract, whilst awaiting the various conditions precedent to building commencement being met.

Designed by architect Woods Bagot, the development in Adelaide’s CBD will incorporate 208 one, two and three bedroom apartments plus ground floor retail and commercial tenancies.

Subject to the conditions precedent being achieved, works are anticipated to commence in mid-2016.

It's obvious from the wording that the mid - 2016 commencement date will only occur if they have strong sales.
Sounds like sales have been poor so my prediction is that they won't be doing any work until at least early 2017.

[Ben]

Well let's hope this prediction follows the same path of yours that the 262 south terrace crane is still months away...

[Will]

New image from realestate.com:

[crawf]

Sim City much?

[Algernon]

And for some reason the render is of the eastern side.