[U/C] 42-56 Franklin Street | ~78m | 17lvls | Office

[UrbanSG]

There is no current building. The site was cleared of the old exchange building and is now vacant.

It would be great to see this one and CC8 go ahead and improve Franklin Street. However as mentioned previously, it appears both developers are trying to secure the Origin Energy lease, so probably one or the other will go ahead in the current economic climate. Hopefully at least one proceeds.

[Norman]

There is no current building. The site was cleared of the old exchange building and is now vacant.

Thanks. I was relying on Google Street View, but only now remembered that I actually saw the building being demolished.

[Ho Really]

Hi everyone. Is there a Favco on site? I saw a crane arm sticking out onto Franklin Street. I saw this from Hutt Street where I was working on Saturday arvo.

Cheers

[Mants]

Hi everyone. Is there a Favco on site? I saw a crane arm sticking out onto Franklin Street. I saw this from Hutt Street where I was working on Saturday arvo.

Cheers

isnt it likely that was altitude's crane?

[Ho Really]

Hi everyone. Is there a Favco on site? I saw a crane arm sticking out onto Franklin Street. I saw this from Hutt Street where I was working on Saturday arvo.

Cheers

isnt it likely that was altitude's crane?

It could have been, but I think I also saw one of those telescopic cranes and also it didn't seem to be that high off the ground (well, not higher than the 58 metres of Altitude). If it wasn't the old Telecom site could it be building 3 (of stage 2) at the Precinct? I haven't been in the city or in touch with the industry for a while so I have no clue.

Cheers

P.S. After thinking about it you are probably right Mants. It must be the higher vantage point of Hutt Street compared to where Altitude is and crane looked lower. Don't know about the telescopic crane though.

P.P.S. When was this thread's development suppose to start?

[Norman]

Nothing here so far, still a big patch of brown.

[UrbanSG]

The Commercial section of today's paper confirms that Origin has withdrawn their leasing requirement from the market thanks to sigining on in their existing building until at least 2014. This development and City Central Tower 8 were short listed for this deal until Origin pulled out.

There is talk that this development will now be done in stages with the carpark likely to be constructed as stage 1. Well this is Adelaide after all, car parks and student apartments seem to be our speciality of late.

[Will]

The Commercial section of today's paper confirms that Origin has withdrawn their leasing requirement from the market thanks to sigining on in their existing building until at least 2014. This development and City Central Tower 8 were short listed for this deal until Origin pulled out.

There is talk that this development will now be done in stages with the carpark likely to be constructed as stage 1. Well this is Adelaide after all, car parks and student apartments seem to be our speciality of late.

I really feel uncomfortable criticising a fellow VIP member, but I am really dissapointed with your comments.

I don't understand why you are blaming and degrading our city, when in fact it has nothing to do with origin's decision.

Origin energy most likely made this decision to save money during the GFC. I am guessing that if I ventured over to AdelaideNow, I will find a barrage of comments directed at Adelaide and how much of a hole it is. I find this part of the SA personality bizarre as we have a tendency to rubbish our city at every opportunity even if it has got nothing to do with the object of our dissapointment.

For example, when a building is rejected by the ACC most people don't blame the ACC, they blame Adelaide. When they are served a crap meal at a restaurant, they don't blame the restaurant they blame Adelaide. When they can't find a shirt in their size, they don't blame their luck for the store having run out, they blame Adelaide. When they can't find a seat on the tram, they don't blame the rude school kids, they blame Adelaide....

Likewise here, I too am dissapointed that neither this or CCT8 will proceed in the short to medium term, but this is not Adelaide's fault. Get angry with Origin for being tight, get angry with the banks for not lending money or get angry with extreme capitalism for ruining the wrold economy in the first place, but please dont blame the city for soemthing it has no control over.

[UrbanSG]

Will suggesting that I am degrading Adelaide by saying we are specialising in car park and student accommondation construction at the moment I believe is a complete over reaction!

ANZ only a couple of weeks ago signed up to a huge leasing deal in Sydney for a large commercial office tower. Their CBD office vacancy is already higher than ours and their state is in a terrible financial situation yet they have still just had a large office leasing deal done and dusted, not mention other numerous towers recently proceeding. Brisbane also had another recent deal done. We cannot blame the GFC for everything, as I said in the CC8 thread thanks Origin!

Sydney, Melbourne, Perth and Brisbane, even Canberra all have significant office developments occurring or recently finished yet in our 'boom' we only managed a few, mostly around the 10 storey mark. Sorry but I find that sad. Yes it may not be Adelaide's fault but people who visit here don't think that way they will just say this place hasn't changed much. Which is what we get over and over all the time because when you fly in past the CBD it really hasn't changed much, especially compared with the other major cities.

We know there have been many changes but they are not obvious to those from outside the city.

[AtD]

Well the Origin building is on the market, there's a nice colour photo of it in today's AFR. Maybe the existing owners gave them a nice deal so the building could be sold fully leased.

[Omicron]

A business seeking different office space rather than demonstrably more office space is a luxury it can ill-afford at the moment, and one that lending institutions are loathe to fund. As it stands, Origin have tenancy of a recently-refurbished office building in a prime location, and I have a sneaking suspicion that they're not desperate for much more space - hence the decision to stay. Sounds like an appropriate decision to me.

[rhino]

Yes, for the reasons mentioned in the above couple of posts, I think a few people are being a bit hard on Origin. They've got to look after their bottom line, and if that means they don't want/need to move to a new tower and that means the tower won't get built yet, just deal with it guys!

[UrbanSG]

A bit hard on Origin, give me a break. Their bottom line is not going to be impacted by an office leasing deal in Adelaide. Even in harsh economic circumstances they are producing massive profits from huge energy projects. They make a lot of money from South Australia. Article from news.com.au:

19th August 2009

Origin Energy is looking for underlying earnings growth of about 15 per cent this year, after reporting a 20 per cent rise in 2008/09.

Underlying net profit, excluding one off items, rose to $530 million from $443 million in the year ended June 30.

Its bottom net profit result was a massive $6.941 billion, after the inclusion of a $6.7 billion gain related to the investment by ConocoPhillips in the pair's Australia Pacific LNG joint venture.

Origin had made a reported net profit of $517 million in 2007/08.

The point I'm making is we here about these leasing requirements for years, developers propose towers as a result and then it all falls over, very frustrating. Companies have still been signing up to large office deals in other states despite the GFC and worse office vacancy rates and economic conditions, yet in a state that is meant to be 'booming or about to boom' and with low CBD vacancy rates we have no office projects commencing apart from the Police building which is hardly exciting given its campus low-rise form.

I am basically disapointed and waiting for the next surge of development, hopefully we do better that time around.

[rhino]

Companies have still been signing up to large office deals in other states despite the GFC and worse office vacancy rates and economic conditions, yet in a state that is meant to be 'booming or about to boom' and with low CBD vacancy rates we have no office projects commencing apart from the Police building which is hardly exciting given its campus low-rise form.

I am basically disapointed and waiting for the next surge of development, hopefully we do better that time around.

Are these companies signing up to large office deals because they need them? I don't see that any company should be required to move premises because a bunch of folks on a web forum want more office towers in Adelaide. If they signed a contract, they'll pay a penalty. It's their decision. Get over it.

[UrbanSG]

It's these decisions that directly impact on our city's growth and in particular appearance.

Fair enough if all leasing deals had collapsed due to the GFC but they haven't as shown recently in other states, we are just getting a lack of deals which is frustrating. Walking or driving along Franklin Street regularly does not help me 'get over it' easily either. These proposals would drastically improve the appearance of this embarrassment of a core CBD street.

I'll get over it when I'm ready not when someone on a forum tells me to thanks.