Sensational-Adelaide.com

ghs wrote:How about a pic of the swimming pool ?

jk1237 wrote:thanks mshagg. Wouldn't mind living at the precinct however the strata fees are what scare me when you have things like pool and spa facilities, and elevators and whatnot

Thursday, 22 March 2012
Slack demand reduces prices at Altitude
Liam Mannix

ONE of Adelaide’s biggest and newest apartment developments has struggled to attract buyers and some of the top prices have been slashed by almost half.

Entire floors of the Altitude building on the corner of Morphett and Franklin streets remain empty, one current resident has told Indaily.

Supported by two prominent cheese-yellow columns, the 18 storey high building is the second stage in the $900 million Precinct Development.

Several apartments are currently being sold at significant discounts as the developer Urban Construct attempts to fill the rest of the building before moving on to the next stage.

Two apartments on the 16th floor, originally priced at $1.5 million each, are now available for $790,000.

Five more apartments are listed at significantly reduced prices.

One real estate agent told Indaily many individuals who had bought apartments “off the plan” were now selling them at break-even or at a loss.

Urban Construct CEO Todd Brown said the demand for city apartments was still weak following the Global Financial Crisis.

But he said almost all of Altitude’s rooms had now been sold.

“We’re down to our last four or five units now. We’ve seen demand pick up particularly well over the last three to four months, and we’re in detailed planning now for the next stage of the development,” he said.

Brown said the mark-downs had not had a significant impact on the Urban Construct balance sheet.

“The last three or four apartments, we’ve started looking at marking them down so we can get ready for the next stage. It’s had an impact of course, but it’s not material.

“We would have assumed we would have been well and truly sold by now, but we’ve had extraordinary times obviously, with the GFC and the like.

“But relative to the market it’s been a very good project.”

Many rooms bought as investment properties have been handed to the Oaks Group, which rents them out on a night-by-night basis.

One resident, who spoke to Indaily on condition of anonymity, said most of the rooms were currently being operated as serviced apartments.

“In recent weeks, I have noticed a number of new occupants moving into the smaller of the two buildings, but the vast majority of the apartments are still being managed as serviced apartments by the Oaks group,” he said.

“As far as I am aware, I am still the only resident on my floor; the other five apartments are managed by Oaks.

“It has been quite busy throughout Mad March with most of the serviced apartments occupied at any given time.

“Throughout the rest of the year it’s very quiet on weekdays … I’d be surprised if it was greater than 50 per cent occupied on any given weekend … and much lower during the week.

“When I first started renting, I certainly didn’t know that I was essentially moving into a hotel.

“I was the first person to live in this particular apartment, so I don’t think my landlord/real estate agent is aware of this, either.”

Project ID 2115 Balfours Redevelopment Bus Station Masterplanning

Ascertain highest and best use for the site, undertake relevant feasibility and
strategy analysis to realise highest rate of return or sale price, high level master
planning to facilitate and maximise density and activation, and manage a ROI
process for land sale or identify joint venture partner

$10,000

Ben wrote:From the council 2012/13 budget:

Project ID 2115 Balfours Redevelopment Bus Station Masterplanning

Ascertain highest and best use for the site, undertake relevant feasibility and
strategy analysis to realise highest rate of return or sale price, high level master
planning to facilitate and maximise density and activation, and manage a ROI
process for land sale or identify joint venture partner

$10,000

cruel_world00 wrote:

Ben wrote:From the council 2012/13 budget:

Project ID 2115 Balfours Redevelopment Bus Station Masterplanning

Ascertain highest and best use for the site, undertake relevant feasibility and
strategy analysis to realise highest rate of return or sale price, high level master
planning to facilitate and maximise density and activation, and manage a ROI
process for land sale or identify joint venture partner

$10,000

Maybe allow the requested liquor license and beg Vili's to consider coming back to this site.

cruel_world00 wrote:

Ben wrote:From the council 2012/13 budget:

Project ID 2115 Balfours Redevelopment Bus Station Masterplanning

Ascertain highest and best use for the site, undertake relevant feasibility and
strategy analysis to realise highest rate of return or sale price, high level master
planning to facilitate and maximise density and activation, and manage a ROI
process for land sale or identify joint venture partner

$10,000

Maybe allow the requested liquor license and beg Vili's to consider coming back to this site?

Type: Development Application Received
Application Number: DA/406/2012
Lodgement Date: 19/06/2012
Location: ALTITUDE, 2-18 Balfours Way, ADELAIDE SA 5000
Description: Use of 150 Apartments for permanent residential accomodation and/or short term accomodation as serviced.

Applicant Name:


OAKS HOTELS & RESORTS (SA) P/L