[COM] Ernst & Young Tower | 51m | 13lvls | Office
[COM]
Noticed another core rise.
Also this from Adelaide Now
$234m windfall for Futuris
MEREDITH BOOTH
February 08, 2007 01:18pm
ADELAIDE company Futuris Corporation has sold its property developer Caversham to Perth-based Aspen group for $234 million.
The deal values Adelaide's City Central project, which includes the GPO and former Advertiser building, at $63 million.
Futuris announced the deal in tandem with its first half profit, up six per cent to $33.1 million, despite a dent to sales from its drought-affected rural division Elders.
Futuris managing director Les Wozniczka expected the company to perform ahead of expectations this half, particularly if rain breaks in time for the farmers' growing season.
"If you get water at the right time, business will boom,'' he said.
Also this from Adelaide Now
$234m windfall for Futuris
MEREDITH BOOTH
February 08, 2007 01:18pm
ADELAIDE company Futuris Corporation has sold its property developer Caversham to Perth-based Aspen group for $234 million.
The deal values Adelaide's City Central project, which includes the GPO and former Advertiser building, at $63 million.
Futuris announced the deal in tandem with its first half profit, up six per cent to $33.1 million, despite a dent to sales from its drought-affected rural division Elders.
Futuris managing director Les Wozniczka expected the company to perform ahead of expectations this half, particularly if rain breaks in time for the farmers' growing season.
"If you get water at the right time, business will boom,'' he said.
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Im not exactly sure about this....but last week the metal hat thing on the concreate tower thing looked as if it was had sliped as half of it was lower then the other half. Is this normal because i these metal hat things are usually on stright at thet top.
Sorry for not usually very technical words...i really dont know what these things are called in construction
Sorry for not usually very technical words...i really dont know what these things are called in construction
[COM]
City Tower fetches a record $80m
RHIANNON HOYLE, REAL ESTATE EDITOR
March 16, 2007 01:15am
Article from: The Advertiser
IN A huge coup for South Australia, City Central Tower 2 has been bought by overseas investors for about $80 million.
The sale is a record for the state in terms of rate per square metre. Equivalent to $6500 per square metre, the sale eclipsed the average rate of between $3500 and $4500.
The office building, under construction, was bought on Wednesday by SachsenFonds, a large German investment fund.
Developer Caversham's manager for investment, sales and leasing, Ben Yates, described the sale as "bloody good news for SA".
"The purchase was hotly contested and what the buyers have recognised is the stability of the state and the potential for economic growth," he said. "The rate per square metre is fantastic and surpassed the past record of about $4600-$4700 by a country mile."
City Central Tower 2 features about 12,378sq m of net lettable space, including 578sq m of high-profile retail space on the corner of King William and Waymouth streets in the city.
The project, on track to be completed by early next year, is underpinned by a 30 per cent pre-commitment to Ernst & Young.
Mr Yates said this, coupled with the success to date in leasing Tower 1, was an attraction for potential investors. While Tower 1 sold for $143 million, that only equated to about $4500 per square metre.
SachsenFonds entered the SA market last year, buying Flinders Link on Flinders St, city, for $156 million.
Managing director Klaus Schmidt said the fund looked for assets worldwide and had stringent criteria for selection.
"City Central Tower 2 represents a superb asset in our portfolio and we are extremely pleased to be able to make this investment in South Australia," he said.
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Good to see CC2 sold for a high price, hopefully Caversham will move on to the next stage soon as a result. Meanwhile the next floor is going up in this pic from this morning. CC1 seems to have a small window pane knocked out by the crane from CC2 (not shown in this pic, higher up). I think that was inevitable, the crane has to get so close to CC1 all the time.
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Some pics from today, core starting to show to the right:
In car photo, plus flash, not a good mix
Next floor please:
Close up of a fairly unclear picture. This perspective of the building keeps changing in the updated designs. Been about 4 or 5 different designs for this part, at least there is some glass there:
In car photo, plus flash, not a good mix
Next floor please:
Close up of a fairly unclear picture. This perspective of the building keeps changing in the updated designs. Been about 4 or 5 different designs for this part, at least there is some glass there:
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