[COM] SAPOL Headquarters | 40m | 11lvls | Office
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Here's a link on google maps...
http://www.google.com/maps?ie=UTF8&z=17 ... 8&t=h&om=1
down the road from commonwealth law courts, corner angas and pulteney.
http://www.google.com/maps?ie=UTF8&z=17 ... 8&t=h&om=1
down the road from commonwealth law courts, corner angas and pulteney.
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If im not mistaken its the site opposite the mobil on the corner. And at 8000sqm is a massive site. Such a great project, awsome render, hope it turns out like that. Funny cause i drove past the site the other week and told my friend that something should really be built there, and a week later this comes up. Any idea on heights? Guessing that at 10 levels somewhere between 35m - 40m, cause judging by the render that first floor is gonna be pretty big. just hope that the two 10 level buildings are over 35 so they can make emporis. Now if only the rest of angus street between SA water, comm law courts and this could be filled, cause that part of angus street is really unattractive...
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Couldnt agree with you more pants. In fact i think if this gets approved, which i cant see why it wouldnt, i think it may even kill off some of the proposed projects that are around at the moment. Did some quick maths and we now have over 200,000sqm of office space which is u/c, approved or proposed. As nice as this project is, there is a hell of a lot of office space on the market now, and unfortunatelly i just dont think there will be enough demand for all these projects to go up, esspecially as there arent that many companies urgently seeking huge amounts of cbd office space. I hope im wrong, so feel free to point out any mistakes in my argument anyone if you must...Pants wrote:I really like it, but 60,000 square metres of office space will see a few people shelve early stage plans to develop office towers here.
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Snorkie, you are absolutely right. Even before this proposal was announced, Colliers predicted that by 2009, office space vacancy would be 12-14% in Adelaide. They even suggest that some of the older buildings (C-D grade) may even become abandoned.
This proposal will receive substantial government interest due to its 6 star energy rating. Many of the proposed office developments will now be cancelled. This is a shame because essentially this is a mid-rise development, which will not contribute to the Adelaide skyline. Maybe it is fashionable at the moment, but it appears that clients want large floor plates. For example the new IAG and Admiral House buildings are only 9 levels although at 13 000sqm2 they contain more office space than some of the 20 level buildings from the 1970's such as Hooker House and the ANZ Building at 13 grenfell Street.
This project will definately force the cancellation of other office developments.
This proposal will receive substantial government interest due to its 6 star energy rating. Many of the proposed office developments will now be cancelled. This is a shame because essentially this is a mid-rise development, which will not contribute to the Adelaide skyline. Maybe it is fashionable at the moment, but it appears that clients want large floor plates. For example the new IAG and Admiral House buildings are only 9 levels although at 13 000sqm2 they contain more office space than some of the 20 level buildings from the 1970's such as Hooker House and the ANZ Building at 13 grenfell Street.
This project will definately force the cancellation of other office developments.
Last edited by Will on Thu Feb 21, 2008 3:34 pm, edited 1 time in total.
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In this weeks City Messenger, it already states that the tower for the Planet site is in jeopardy due to no tenants being secured. Maybe there should be a shift away from office blocks to residential for some of these projects.
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I disagree with this. With the state's slowing economy, and the recent interest rate rise, I cannot see residential apartment projects entering the market any time soon. Even some of the ones currently proposed or approved may have to be cancelled. I fear for Spire.Pistol78 wrote:In this weeks City Messenger, it already states that the tower for the Planet site is in jeopardy due to no tenants being secured. Maybe there should be a shift away from office blocks to residential for some of these projects.
Last edited by Will on Thu Feb 21, 2008 3:34 pm, edited 1 time in total.
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Found this in the australian.
German syndicate joins rush for offices
Maurice Dunlevy
November 09, 2006
GERMAN syndicator SachsenFonds is in the running to make its second Adelaide office buy in as many months as overseas and interstate investors go on a new $150 million spending spree in Adelaide and Melbourne.
In two Melbourne sales yesterday, properties changed hands for about $55 million, while SachsenFonds is understood to be willing to pay around $32 million for the just completed Australian Central Credit Union House at 60 Light Square in Adelaide.
The three deals follow this week's $61 million purchase by German super fund Real I.S. of Adelaide's 151 Pirie Street.
Yesterday's Melbourne sales involved the purchase by private Sydney investment group Precision of Lang Walker's Pran Central retail complex for $34.5 million.
Sydney-based Griffin Capital also paid around $25 million for a 459 Little Collins Street office building once associated with the estate of Ansett head Peter Abeles.
The 17-storey 1970s Little Collins Street building bought by Griffin is in the heart of Melbourne's legal precinct.
It was purchased from Austcorp, which acquired the building in May 2004 for $13.1 million from interests associated with Abeles.
While SachsenFonds is the front-runner for the Adelaide Light Square building, the sale is complicated by the credit union - which anchors the building - having first right of refusal for any sale.
A credit union spokeswoman would not say yesterday if it intended to exercise the option, but regardless of the eventual buyer, the off-market transaction comes amid frenetic activity in the Adelaide office market in which German investors now own two of the city's newest office developments.
The 7000sqm seven-storey ACCU House was built by local developers Luke Salagaras and Greg Molfetas after striking a leaseback deal with the credit union, which occupies more than 70 per cent of the building.
Neither Mr Salagaras nor Mr Molfetas could be contacted yesterday. Nor could Babcock & Brown, which introduced SachsenFonds to Adelaide's Flinders Link twin towers office development, which it recently bought for $150 million. Babcock & Brown was also involved in the German group's $250 million purchase of Melbourne's 161 Collins Street in July this year.
Sources said a $32 million sale price for the Adelaide credit union building would reflect a yield of 6.25 per cent.
The credit union has taken an initial 10-year lease and, as well as having the first right of refusal on any sale, has the first right of refusal to more space after five years. It pays a gross rental of about $320sqm.
The 60 Light Square site was bought by the two developers more than three years ago for $1.88 million. As part of their deal with ACCU, they purchased the credit union's old offices at 70 Light Square.
Meanwhile, Adelaide development group Commercial & General yesterday announced plans for a $200 million, three-building office complex on the Yorke Motors Mitsubishi dealership site at the corner of Angas and Pulteney streets.
The 8000sqm site has been bought from the Agostino car group for an undisclosed price.
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It is just the truth. I wish SA had WA style growth but unfortunately we don't.Pistol78 wrote:^^^^ All doom and gloom there Will
My predictions are based upon market reports prepared by Colliers. (before this project was announced).
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