[CAN] 123 Flinders Street | 135m | 39lvls | Mixed Use

[Ben]

Not really simple mathematics.

Population of Greece roughly 10.7m

California 37.8m (USA 313m)

Greece is so small on the world economic scale. People are talking themselves into thinking there is worse problems then there are.

Also Mutt I don't work for a Hedge Fund.

Economist I quoted was Dr Chris Caton, quite well regarded and did actually predict a GFC like event would happen.

maybe we can move this to another topic?

[Ben]

According to article in todays AFR construction will start "early next year".

Green light for Adelaide tower

Rebecca Thistleton

Adelaide’s skyline is set to change dramatically, with the city’s highest residential building the latest tower to be approved.

Construction on the ambitious 75-metre high 123 Flinders Street project will start early next year.

Datong Australia will build the 22-storey, $120 million building on the corner of Flinders and Pulteney streets.

It will have 149 apartments from 50 to 85 square metres and costing between $300,000 and $1.2 million, plus offices and restaurants.

The Pruszinski Architects design has 60 per cent of units on building corners and manoeuvrable interior walls.

Director Paul Pruszinski said the design resembled a pile of papers being picked up and fanning out from pinching fingers.

“It’s being built in an area that needed a serious lift,’’ he said.

“This is a project that will fix the entire area because it will make it a much more desirable location to live.’’

Datong Australia’s parent company, Datong China, is based in Yunnan province and has been developing since the late 1980s, backed largely by board chairman Jin Liang.

The 123 Flinders project will be financed by Australian and overseas investors. Off-the-plan marketing will begin mid-year.

The project was submitted to council halfway through last year and assessed under the CBD’s former planning system which has been superseded.

The new rules, which allow for greater flexibility and higher buildings, was introduced last month.

A flurry of applications have been submitted for taller buildings to be constructed in the CBD since the new rules were introduced.

The day after the revised rules were activated, Pruszinski submitted plans for six towers to be built across two sites for the Palladio Property Group.

Datong has also had a seven-storey apartment building in Gouger Street approved this week.

The company has indicated it intends to become well established in the Adelaide market.

[Brando]

Off topic again, did we miss the Gouger St proposal being approved, as per article... Which proposal is this?

[Ben]

Off topic again, did we miss the Gouger St proposal being approved, as per article... Which proposal is this?

it's in the low - mid rise thread only 8 levels.

[Brando]

Off topic again, did we miss the Gouger St proposal being approved, as per article... Which proposal is this?

it's in the low - mid rise thread only 8 levels.

Thanks mate.

[rev]

I work for a fund manager so I know it very well shuz haha what is going on in Europe is very different to the gfc. The gfc effected Australia although not as bad as most other countries. We are relatively immune to what happens in Europe. One of our chief economists put it into perspective recently when he compared the size of the greek economy to that of one American state. It really is that insignificant.

Anyway... Hope to see construction later this year.

It's not the size of the economy, or the size of the population. Both irrelevant factors.
The problem is that economies are tied together in Europe through the Euro single currency, which automatically makes a Greek or Portuguese or Spanish or Italian economic problem, a European economic problem.
Part of the problem, that kicked this all off, is speculators on the markets. This made handling the debt and other economic issues extremely more difficult then they should have been.
Shocks in the Euro affect our markets too. It comes with being part of the global economy.

I don't see what Europe, Greece, or California have to do with a development at 123 Flinders street.

[Ben]

Uneducated comment from inDaily:

Same old storey

B G Cullen

FOR all the people out there appalled by the 22-storey tower block which has recently gained approval from the supine Development Assessment Commission, take comfort – it will probably never be built.

Developers make the most money from putting up proposals for city sites, always gaining approval for breaking height restrictions or other planning constraints, and then selling the site on. The next developer will push for even more storeys, saying it is not “economic”, and a weak-kneed government will again refer it to the DAC, which will approve that scheme.

Take comfort, also, that an even higher scheme may not feel the need to emulate the collapse in the middle, which makes this scheme look particularly grotesque; in fact, it may even be better.

Poor Adelaide. I don’t know what the answer is. Perhaps members of the DAC, the architect and developer, and the government minister responsible should have to live in it for five years – maybe that would make them take it all more seriously. Has anyone even noticed that apartments in central Adelaide are not selling?

[crawf]

[AdelaideGo]

While the InDaily article could be negative, it is true that the apartments in Adelaide CBD are not selling.
"Lot 8" (ie. Coglin St) has close to 10 apartments (out of only 25 in the whole development) remaining for sell, 3 years after completion.
"Altitude" has recently lowered their penthouse's price from 1.3 million to 650k and it is still not able to sell, that is a 137 sqm 3 bedroom apartment on 18th floor with 2 carparks. (ie. less than $4300 per sqm after discounting the car parks)
"18 Rowlands" has only sold 6 of their 1 bedroom after 4 months of marketing, all to some friends of the developer in mainland China. None by the local agent to people in Adelaide. The reason for their poor sales is partly due to poor amenity and partly due to high asking price (over $7500 per sqm).
"Vision" (ie. 176 Morphett St) has sold none. This is actually surprising, given that it is offering a 10 years NRAS (National Rental Affordability Scheme) and their asking price is quite reasonable. (ie. around the $5,000 per sqm level)
"Qi" (ie. 70 Franklin St) has sold none (agaian due to poor amenity and partly due to high asking price), the developer has submitted new plans to change the development into service apartments.
"399 KWS" (ie. that ugly student accomodation) has only managed to sell 12 of their 80+ apartments (all to 2 services apartment investors). "399 KWS" is offering very high rental yield to investors, you usually would expect good sales for this kind of product.

"123 Flinders" is pretty, but this beauty is quite expensive to build, which will translate into a high asking price for the end product. In the news, the architect is claiming that their apartment's asking price is going to be between 300k and 1.2 million, and that is for apartments with areas between 50 and 85 sqm. In terms of price point, that is between $6000 and $15000 per sqm. All I will say is, it will be a challenge to sell at that price in Adelaide in the forseeable future.

[Howie]

Watch this space tomorrow guys

[bm7500]

Watch this space tomorrow guys

More floors methinks!

[Dvious]

please be 30 something!

[monotonehell]

Watch this space tomorrow guys

You're a dreadful tease, Howie. You know that don't you?

[vozdra]

CONTROVERSIAL plans for a new city residential tower are being rewritten

This is in the wake of state government planning reforms as Chinese developers move to construct Adelaide's second-tallest building.

Adelaide architect Paul Pruszinski yesterday revealed to The Advertiser that he is working on new designs for the site which was to be home to the new 78m-high 123 Flinders residential tower.

Mr Pruszinski said developer Datong asked him to go back to the drawing board after Planning Minister John Rau announced the lifting of outdated height restrictions on buildings in the CBD.

The new plans add 10 storeys to the tower and take the building to 108m, 24 short of Westpac House.

Mr Pruszinski is the architect behind several of Adelaide's tallest and most daring new buildings.

Adelaide City Council's rejection of his designs for a 13-storey Light Square office block for being "too high" has been seen as one of the major turning points leading to the Government's planning review.

Mr Pruszinski said new plans for the Flinders St site had been sent to the Civil Aviation Safety Authority for analysis to ensure the planned building would not interrupt Adelaide Airport flight paths.

"The developer has always had confidence in Adelaide and, when they first met me, said they wanted to do a 35-storey building," he said.

"That couldn't happen with the planning requirements.

"When the reforms happened, they were keen to go back to that original strategy."

Mr Pruszinski said the Government's abolition of stamp duty for apartments under $500,000 bought off the plan was also going to aid sales for the development, expected to go to market in October.

It has been estimated $500 million worth of new commercial building projects were proposed for the CBD in the first month after the Government lifted height-limit restrictions in March.

Property Council of Australia executive director Nathan Paine said the changes unlocked a backlog of projects which developers had decided were uneconomic but now had become viable because they could add more floors.

Mr Rau said the new plans were a sign the Government's policy was working.

"These changes were designed to unlock investment in the city and it appears that that is exactly what is happening," he said.

[Nort]

If the design stays similar to the current form (and let's hope it does!) then those balconies up around the 30th floor will have some amazing views.