[CAN] 51-57 Hutt Street | 49m | 13 Levels | Mixed

[how good is he]

Can I ask if and how it allows you to pull out of the contract before the sunset clause?

[Jacks24]

Sorry I may have said that wrong - it doesn’t but if nothing has happened by that date we won’t be waiting any longer than that as if it hasn’t started I don’t plan on waiting another 2yrs or more. I do want this to go ahead and hoping it does but the lack of communication is making me nervous

[Jacks24]

Surprised no one has realised this.
2 weeks ago we all got a phone call and this one is kaput!
Got my deposit back today so thought I would post once that was safely in my Acct- I have to say this experience has put us off buying off-the-plan. I thought we did our due diligence as lurked in these forums for few years but made the rookie mistake of choosing a building who did not have a builder yet appointed as well as a couple who thought they could make quick money for a high end building which was actually too costly for them to build.
Annoyed with a lot of BS we were fed in the last 12 mths but hey we are now able to look for something else and can put that money on it sooner rather than 2020 when they could of held our money till.
Cheers though to all those who give such great insight and advice on here as there s no other site like it

[timtam20292]

Wow, quite the update! Sorry it didn't work out and good luck with the apartment searching. So this is either cancelled or on hold.

[Nathan]

That's disappointing, I quite liked this one. Obviously more so for you Jacks24, but good to hear you got your deposit back without much fuss.

[Patrick_27]

So they bulldoze two perfectly sound and visually pleasing bluestone cottages and then they pull the plug? So now it's simply going to remain an empty lot...

[Jacks24]

Hey timtam it’s definitely cancelled all our contracts have been rescinded and deposits returned. However I wouldn’t doubt they will come up with some cheap crap to replace it (just a hunch on a convo I had)
Nathan we were lucky to get it back with no fuss - we really liked the ‘home’ concept that was sold to us which unfortunately was never going to happen.

And yes they did knock down some nice buildings which when I kept saying that this is just a psychological trick to make people think the building will start I was scoffed at.....hmmm but I was right.

I do have a lot more to say on this however the actual agent selling this called me out on my screen name - so I will just keep my mouth shut but tbh I wouldn’t touch this with a ten foot pole if they ever decide to ‘redo’ the project IMHO

[wilkiebarkid]

It could be something to do with a major redevelopment of the Wakefield Hospital site which has been sold. The hospital buildings will become vacant once the new Calvary is complete. This site may be incorporated into a complete redevelopment of this area.

[dbl96]

It could be something to do with a major redevelopment of the Wakefield Hospital site which has been sold. The hospital buildings will become vacant once the new Calvary is complete. This site may be incorporated into a complete redevelopment of this area.

Do you know anything more about the details of that sale? Who was the buyer? How much money was paid?

It seems strange that the site would already have been sold despite the fact that the hospital is still operating there.

[wilkiebarkid]

It could be something to do with a major redevelopment of the Wakefield Hospital site which has been sold. The hospital buildings will become vacant once the new Calvary is complete. This site may be incorporated into a complete redevelopment of this area.

Do you know anything more about the details of that sale? Who was the buyer? How much money was paid?

It seems strange that the site would already have been sold despite the fact that the hospital is still operating there.

It sold on the 20th December 2017.


From Adelaide Now

"The Calvary Wakefield private hospital and medical clinic in the CBD has been bought by the ASX listed Cromwell Property Group for $50 million."

[timtam20292]

Historic bluestone Hutt St cottages destroyed for Opus apartment — now project is shelved


A planned 13-storey apartment tower in the city’s east has been shelved, two years after two historic cottages were “needlessly” demolished to make way for the project.

The Advertiser understands that investors in the $18 million 41-apartment Opus project, on the corner of Hutt and Ifould streets, have been reimbursed their deposits.

Adelaide City Councillor Sandy Wilkinson said the existing 1880s bluestone cottages were in “perfect condition” and should never have been demolished.

He said the properties had been recommended for heritage protection as part of a city council heritage review in 2009 but had been left at the mercy of the bulldozer after the former State Government rejected their local heritage listing.

He said many historic properties were victims of laws that allow developers to demolish existing buildings without having the finance to complete the project.

“Really what should be done is that demolition can’t start until they have got bank finance to start a development,” he said.

“They could have had those buildings rented out (until construction) offered them as a shop and get them occupied, which would have been a better outcome.

“Apart from losing two beautiful buildings, what we end up getting are vacant sites, or they get turned into temporary car parks — it’s a bad look for the city.

“Adelaide’s bluestone is hanging in the balance and needlessly being destroyed.”

He said the Opus tower could have been built behind the existing villas.

The paper is not suggesting that proponents of the Opus project did not have required funding to start the development.

Developer Franco Boscaini declined to discuss the matter in detail but said the project may still go ahead. “It’s being assessed,” he said.

The state’s planning commission approved the Opus project in August 2016; the villas were demolished three months later. The Advertiser reported in October 2016 that the project was scheduled to be completed by the end of 2017.

It is understood that investors were returned their deposits last month.

Mr Wilkinson said banks were tightening lending criteria and requiring between 80 and 100 per cent of apartments to be pre-sold before lending money because “the apartment market is saturated”.

Opus was one of a number of apartment projects identified in an Adelaide City Council report tabled in August that would “benefit from increased interest in sales”.

“It is worth noting that two large projects, comprising 377 apartments, have recently been taken off the market and are unlikely to go ahead in the near future (Park Square on South Tce containing 256 apartments and Echelon on King William St containing 121 apartments),” the report said.

https://www.adelaidenow.com.au/messenge ... dDG7LuxUxQ


What a shame, I was really looking forward to watching this one go up.

[Mpol03]

Fingers crossed they can sell the land and something is built. Having a demolished space really looks awful. Nevermind the fact they demolished a perfectly good building to do it.

[timtam20292]

So this one is now On Hold or Cancelled.

[Jacks24]

Do you consider having your contract cancelled and deposit returned as a cancelled project - I do, however I wouldn’t doubt that they did this to bring on a different project as per the statement in the article. Bit disgusting if they do and I wouldn’t go near it again. We at least only put up with this for 13mths but some people were invested for 2yrs to be told ‘oh well we’re cancelling it’

[how good is he]

Did they ever actually disclose the reason for cancelling it? If so, was it not enough sales or couldn’t get the bank financing? While I agree with your points/frustration etc If this is the case what could they realistically do? Also as the banks are making it far harder for apartment developers to get finance (and it could get worse), what can the developers really do?