Sensational-Adelaide.com

City property development figures plummet
DANIEL WILLS
May 26, 2009 12:01am
THE value of developments approved by the Adelaide City Council have plunged by $200 million in the past year as the global recession strangles investment in the CBD.

Startling figures handed to the council last night reveal only $50 million in building projects were approved in the first three months of this year, an 80 per cent fall on the $250 million approved in the same period last year.

The value of developments submitted for approval also has plummeted, falling from $291 million in the March quarter last year to only $36 million this year.

The number of applications lodged has fallen by five, to 236, and the number of approvals has fallen by 18, to 250.

Lord Mayor Michael Harbison last night admitted the latest figures reflected a significant slowdown in Adelaide's commercial development.

"There's no doubt it's a considerable decline," he told The Advertiser.

"Local demand is still very strong, but financing is very difficult now. That, coupled with the general world uncertainty, has produced a marked slowdown."

Mr Harbison said major developments, including a 400-room hotel on Hindmarsh Square and others "in the pipeline", would stimulate economic development when complete.

Business SA chief executive officer Peter Vaughan said Adelaide was no different to any other major city in Australia or around the world – all are suffering a decline in construction because of the global financial crisis.

"When the upswing returns demand will be up (in the CBD) and prices will be high," he said.

AtD wrote:http://www.news.com.au/adelaidenow/stor ... 82,00.html

City property development figures plummet
DANIEL WILLS
May 26, 2009 12:01am
THE value of developments approved by the Adelaide City Council have plunged by $200 million in the past year as the global recession strangles investment in the CBD.

Startling figures handed to the council last night reveal only $50 million in building projects were approved in the first three months of this year, an 80 per cent fall on the $250 million approved in the same period last year.

The value of developments submitted for approval also has plummeted, falling from $291 million in the March quarter last year to only $36 million this year.

The number of applications lodged has fallen by five, to 236, and the number of approvals has fallen by 18, to 250.

Lord Mayor Michael Harbison last night admitted the latest figures reflected a significant slowdown in Adelaide's commercial development.

"There's no doubt it's a considerable decline," he told The Advertiser.

"Local demand is still very strong, but financing is very difficult now. That, coupled with the general world uncertainty, has produced a marked slowdown."

Mr Harbison said major developments, including a 400-room hotel on Hindmarsh Square and others "in the pipeline", would stimulate economic development when complete.

Business SA chief executive officer Peter Vaughan said Adelaide was no different to any other major city in Australia or around the world – all are suffering a decline in construction because of the global financial crisis.

"When the upswing returns demand will be up (in the CBD) and prices will be high," he said.

joshzxzx wrote: Well this is not half suprising, considering the counsil are completely incompetent to do anything constructive.

What did they think would happen?

AtD wrote:there is plenty of office and residential projects that has already been approved by council that haven't yet been built simply because there hasn't been enough leasing pre-commitments or sales to warrant construction in today's credit environment.

Oh hap-pie day, the cart returns

by Adam Todd

THE iconic pie cart, a century-old tradition missing from the city’s streetscape for more than a year, is set to return this weekend.

City revellers will again be able to enjoy a late-night pie floater under the GPO clock tower on Franklin St, after the City Council approved its return on Monday night, June 29.

The pie cart, which dates back to the 1860s, closed in April last year, leaving the city without any streetside pie floater vendors.

Pie cart owner Mike Nickols bought the business in 2007, but decided to take the ageing cart off the street and give it a much-needed makeover.

“We ran it for a little while, then we took it off the road to do it all up because it was pretty run down,” he said. “We decided to strip the whole lot and put all new stainless steel right through it.”

The upgrade, which cost almost $50,000, also included a new fridge and cappuccino machine.

Mr Nickols said the revamped pie cart was ready for use by Christmas last year, however his permit had expired and in February the council re-zoned the site for 15-minute parking.

He has since been in negotiations with the council to return to the site. “We’ve had a lot of drama trying to get it back, it’s taken all this time,” he said. Mr Nickols said the pie cart would be out on the city’s streets this weekend. It will operate every day, from 6pm to late.

Rena Centofanti, who will be running the pie cart for Mr Nickols, said was looking forward to the cart’s return. “The pie floater is an icon,” she said.

Lord Mayor Michael Harbison said the council was “very pleased” to see the pie cart return.

Pie carts have been synonymous with the city for more than a century.

During the golden age in the early 20th Century, there were nine pie carts dotted around Adelaide.

But by the mid-1950s there were only two near the GPO on Franklin St and outside the Railway Station on North Tce which remained for the rest of the century. The humble pie floater was declared a state icon in the Heritage Icons list in 2003.

The North Tce pie cart was forced to close in 2007 to make way for the tram extension.