[COM] 114 Waymouth Street | 78m | 26lvl | Wingfold Tower

[Patrick_27]

The impression i get is the only thing stopping them is demand.

^This

People are saying that we "need" tallies in the CBD. Demand says otherwise.

I question the demand argument, have done since Vue started selling well. I think the demand could certainly be there if the quality was there architecturally and the right kind of marketing was there too. Here we have Vue which architecturally is beautiful, well placed in the city and has had appropriate and well-planned marketing. If people hear and see an exciting new building in the CBD in the newspaper and are looking to buy, they are likely to follow up on this. That being said, apart frrom enthusiasts here on Sensational Adelaide and perhaps a small article in The Advertiser, has there been any advertising/publicity for the originally proposal for this site? Because the original design was sleek and attractive and I could certainly see it doing quite well had there been the right promotion.

[jk1237]

There is only a limited demand for expensive "luxury" apartments, but as seen by the first stage of the Ergo apartments, there is quite some demand for decent, non-expensive apartments for medium income earners. I hope the market learns by this.

ps, 5 hour transfer stopovers at Kuala Lumpur airport are rather boring, only 1 hour to go and then back to the cold of Adelaide (well, after a 7 hour flight)

[Howie]

Approved. Video to come.

[Howie]

[PeFe]

From News.com.au

Large roof-top cinema part of new $70m apartment block planned for Adelaide’s CBD

An artist’s impressions of the proposed "U2" development in Waymouth St. Picture supplied by JPE Des Source: Supplied


ROOFTOP cinema for residents is the main highlight of a new multi-million dollar apartment complex planned for the heart of the city.

In what is believed to be an Adelaide first, The City can reveal the $70 million complex in Waymouth Street includes plans for a “large” rooftop entertainment area.

The 23-floor complex, which is currently being considered by a government-planning panel, will house 289 apartments including three levels of tiny studio flats, measuring just 37sq m.

Under the plans, each floor of the U2 project would house 21 studio flats that each come with balconies and interconnecting doors.

But it is the plans for an outdoor rooftop cinema, with sweeping views of Adelaide, which is among the major drawcards, according to Peter Bermoser, construction manager with developer Datong.

“It is a unique selling point as it is something new,” he said.

“It allows people to enjoy the open air as Adelaide is all about the outdoor spaces. It creates the ambience for residents to enjoy.”

The City Adelaide

He said the developers had explored opening the cinema to the public but difficult logistics and occupational health and safety meant this was ruled out. No further details were available.

The complex, located next to Uno building – now a 24-hour parking lot – and the old Queen’s Theatre, will also house a ground-floor restaurant with an outdoor dining area and also includes two levels of parking for 61 cars.

The Development Assessment Commission will announce whether it has been granted planning approval later this year.

As the project’s total value is more than $10 million, the government body has overseen the approval process in lieu of Adelaide City Council.

“There is quite significant interest in it, I don’t think it is going to stay around for too long,” Mr Bermoser said.

Subject to approval, developers hope to begin construction in the new year and work is expected to take up to two years to complete.

http://www.news.com.au/national/south-a ... 7030562561

[mshagg]

Building looks good. Let's just hope the amenities like the 'cinema' arent penciled in for a later stage. Still waiting on the bowling alley, zen garden and cinema down at the precinct, right?

Also not sure what 37sqm 'studios' do for popular opinion on inner city living within the broader community given most suburbanites consider 60sq m a 'suicide box'. Is there even demand for premium stuido apartments?

[ghs]

Seems to be a lot of proposals at the moment and I tend to think it's demand from China.

For a chinese person the idea of living in adelaide where there's no pollution and no traffic problems
is probably attractive

[PeFe]

Seems to be a lot of proposals at the moment and I tend to think it's demand from China.

For a chinese person the idea of living in adelaide where there's no pollution and no traffic problems
is probably attractive

Does anyone have an articles/statistics on Chinese investment in Adelaide CBD apartments? It all seems anecdotal at the moment, the market may in fact be driven by Chinese already living in Adelaide.......Maybe The Advertiser can devote some resources to write an article on the subject?( oh hold on that might require real journalism....its much easier to write articles on football/footballers/what happened at last nights council meeting.....and what about another article on football.....) I will have to wait for In Daily to show interest....
Maybe Adelaide can market itself a "cheaper" version of Sydney/Melbourne to cashed up mainland Chinese looking to invest in Australian property/lifestyle...Why not? The locals are hardly cueing up to buy inner city apartments....Adelaide attitudes towards high rise apartments appears to straddle two thought lines : "High rise slums ! Just look at those apartments in London and the US that are ghettos" or...its "Yuppie scum ! I cant afford to live there and besides I don't want to live there!

[[Shuz]]

I thought 57sqm was the minimum apartment size?
Not sure why DAC are approving 37sqm studios? That's basically a 5x7 apartment. Ridicously tiny and not habitable.

[PeFe]

Unfortunately 37 sq metres is quite habitable...there would be thousands of people in Sydney living in such places.
The first apartment (one bedroom) I bought was probably 44 sq metres and I lived there for 8 years.....I should have moved out earlier.
The 57 sq metres standard is a good one to maintain, good for the value of the block and provides enough space for a single person or couple....I now live in a 57 sq metres apartment (with balcony!)

[serca]

It's chalk and cheese , my sister in law is now residing in a 18m2 apartment in Tokyo .

[ghs]

Here you go Pefe, this is from the Sydney Morning Herald Website, Aug 15 :

'Phenomenal' Chinese demand for property set to continue
House hunters may complain, but the “phenomenal” influx of Chinese money into the local residential property market may be the best thing that happened to the local economy as it struggles to make its difficult transition from an unprecedented mining boom.

The demand from foreign investors for Aussie bricks and mortar is set to intensify for at least three years, driving a boom in apartment construction activity and boosting the bottom lines of listed companies such as Lend Lease, Mirvac and Goodman Group, according to exhaustive new research by broking group CLSA.

And while there have been plenty of warnings about foreign investors pushing property prices beyond the reach of a generation of local prospective homeowners, Chinese investment may be the catalyst for growth in a non-mining corner of the economy – building and construction – that traditionally is a strong generator of employment.

Around 10 million of the wealthiest Chinese families, or around one in seven, are interested in migrating to Australia, according to a survey conducted by the broker. And home ownership in a desirable destination country is “a key reason” for the flood of money coming into the Sydney and Melbourne property markets, conclude the broker’s analysts.

Read More at :
http://www.smh.com.au/business/property ... 04bpj.html

[PeFe]

That article talks about Sydney and Melbourne, nothing about Adelaide. I could speculate about the subject, say remove the Chinese buying element in Adelaide CBD apartments and suddenly there is a lot less interest in city apartments.

[mshagg]

That article talks about Sydney and Melbourne, nothing about Adelaide. I could speculate about the subject, say remove the Chinese buying element in Adelaide CBD apartments and suddenly there is a lot less interest in city apartments.

I believe non residents basically get waved through the FIRB approval process if it's land to be developed/redeveloped or off the plan. Temp residents can only buy a PPoR. Developers of large buildings can get approval to sell 50% off the plan to foreign residents.

I dont have any stats but that sounds conducive to foreign investment. My landlord is chinese and owns this apartment, as well as another apartment in the building (precinct). Anecdotal i know, but i think your assertion is reasonable.

[[Shuz]]

I currently live in a 118sqm townhouse all to myself and I sometimes wish I had more room! But that's really just to satisfy what I want, as opposed to what I actually need. Like, I don't 'need' a dining table, when having a couch to sit on and eating dinner there can serve the same purpose.

But when you start talking about a space of 37sqm, I find it hard to understand how one can fit all the things they need, let alone want.