Adelaide's Premier Development and Construction Site
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https://mail.sensational-adelaide.com/forum/viewtopic.php?t=283
Ben wrote:Seems this building is also 27 levels (26 above ground) 25 of strata title, 1 of lobby and cafe.
Yeah, there seems to be some kind of tower on top of the GPO building...AG wrote:Plan for City Central complex in the background?Isiskii wrote:I noticed something of interest in the video. Anyone care to point out what I just discovered? (Hint: when it highlights the lobby section).
Nathan wrote:Yeah, there seems to be some kind of tower on top of the GPO building...AG wrote:Plan for City Central complex in the background?Isiskii wrote:I noticed something of interest in the video. Anyone care to point out what I just discovered? (Hint: when it highlights the lobby section).
Will wrote:Promising news. From the Advertiser:
Start date for 25-storey office tower
SARAH MARTIN From: The Advertiser July 13, 2010 8:16PM
DEVELOPERS of King William St's newly approved office tower say they are confident of starting construction next year.
The property was approved by the State Government's Development Assessment Commission on Monday, overruling an earlier recommendation by the council's development panel to block it.
The new 115 King William St development, opposite the tram stop near the corner of Waymouth St, will comprise a 25-storey building standing 86m high, the city's sixth tallest.
Unlike most office towers currently mooted for the Adelaide market, the development is not seeking a large pre-commitment from the market in order to build, choosing instead to offer the building's smaller floor plates strata-titled.
The spokesman for the development's joint venture Brinz Holdings and PMF, Andrew Foti, said he was confident of securing tenants for the building.
"There are limited opportunities to acquire quality space of this calibre and size that will appeal to both owner occupiers and investors - typically if you wanted smaller size floor plates you are limited to C and B grade stock," he said.
"We will be going to market very soon and offering strata-titled floors for sale, and believe there is strong demand for this product." Mr Foti said he anticipated construction would take 12 to 18 months, with the building completed by late 2012.
Jones Lang LaSalle has been appointed to market the property.
"There really isn't any comparable product on the market nor is there likely to be for some time," Con Kavooris, of Jones Lang LaSalle's sales and investments team said.
More than six approved major developments are yet to be built in Adelaide at the moment, awaiting tenant pre-commitment.
there is never an exact number behind it - you don't know what the developer is bringing to the party.[Shuz] wrote:I thought most developments post GFC needed 70-100% precommitment before commencing construction?
5/25 floors is only 20%?
What's happening in Adelaide is still more conservative than what's happening in Melbourne recently. A number of office buildings have or are about to commence construction on a speculative basis - they have not secured any tenants at all. The financing arrangement isn't just dependent on a fixed number, obviously the more pre-commitment the more likely construction finance will be approved for the developer, but as Waewick said it also depends on the available finances of the developer and the financing structure that works best for them.Waewick wrote:there is never an exact number behind it - you don't know what the developer is bringing to the party.[Shuz] wrote:I thought most developments post GFC needed 70-100% precommitment before commencing construction?
5/25 floors is only 20%?
Theoretically, a developer could do a commercial property “on spec” at the moment if they had the right financial backing.
It's quite possible that neither of the two parties in the joint venture for this development would've got financing approval had they decided to go at it alone.Waewick wrote:that is true
but that alse reflects the depth in the market on both developers able to handle that level of debt and potential tenants.
There wouldn't be many Adelaidians (in the development game) able to sit on $80-100m whilst the locate tenants and given we still live in a city where the vast majority of tenants of these spaces are Government departments the likely hood of picking a decent tenant is also difficult.