COM: 20HS | 53/49m | 15/14lvls | Hotel/Residential

[Ben]

Wallis closes tomorrow.

[Howie]

I heard that on radio actually Many fond memories, anyone going to be there?

[Will]

At the DAP meeting next week, the development officers have made the reccomendation to the members of the panel to grant planning approval to this development.

Although both towers exceed the 40m height limit, they nevertheless exhibit positive benefits which warrant their approval.

However after the Aurora decision a few weeks ago, I am going to wait until the DAP makes its decision before getting too excited.

[Howie]

Thanks for the headsup Will. Should be something to look forward to.

[Ben]

ANy word as to whether this was approved last night yet?

[Pikey]

Just on the news then - it was approved!

[Ben]

Fantastic news. I heard they hoped to start work on the hotel by the end of the year. Hindmarsh Square will be construction central.

[Howie]

Quick on the title change mate !

[Ben]

From the ACC:

New Hotel and Apartment Complex for Hindmarsh Square

A $69.5 million proposal for a new apartment and hotel complex on the Academy Cinema site in Hindmarsh Square has been approved by the Adelaide City Council’s Development Assessment Panel.

The development, proposed by the Hines Property Group, involves demolishing the existing cinema building and constructing two new towers – one for residential apartments and the other for a hotel. The hotel tower will be 15 levels while the residential tower will be 14 levels. The total complex will provided 399 rooms.

Lord Mayor Michael Harbison says the proposed development will deliver significant benefits for the City.

“This development is extremely exciting for the City. It will help deliver more residents to Adelaide as well as provide a new hotel to accommodate visitors.”

“It will also add to the City’s sustainability credentials. The planned development includes a number of green aspects such as a natural gas-fired heating and power turbine to heat the pool, spa and hot water system, a 5-star rated façade, sun shading to north facing windows and compact fluorescent lighting.”

“The developer is also proposing to collect roof rainwater in large tanks to use in toilets throughout the complex.”

“This is a great development for the East End and further adds to the excitement being generated around Hindmarsh Square,” he says.

The Lord Mayor says the development approval also highlights the Adelaide City Council’s excellent track record in dealing with development assessments, with cycle times for the City and North Adelaide averaging 37 days, and an approval rate of more than 90%.

“That compares very favourably with other Capital Cities, and is a testament to the Council’s pro-active approach to development assessment,” he says.

The proposal also includes car parking and commercial tenancies, while the towers would be linked at the ground, first and second floor levels.

[Pikey]

Quick on the title change mate !

Gotta keep an ear to the ground mate!

[Ho Really]

Not the best looking buildings, but excellent news for the construction industry and the city of Adelaide. More people in the square mile, more excitement.

Cheers

[Pistol]

Going to be interesting watching this development go up from my balcony... Don't worry guys I have the construction updates downpacked once this gets moving!

[skyliner]

Excellent news - and with a probable start of construction by the end of the year!
As inferred, with Aurora and conservatory going up as well, Hundmarsh Sq. will be construction capital!

As a group they will do a lot for bringing 'life' back into that area - should have a lot of spinoffs such as eateries, possibly a cinema (ironic), more shops down that way, even more resi proposals. (I am reminded of the renaissance tower proposal in Pulteney St. over Ruthven Mansions).You can sure see the ACC plan for more people in the city manifesting in Hindmarsh Sq.area.

Thanks for the updates guys.

Ps. Re - investment - Anyone any ideas as to costs of apartments. I will be in Adelaide at Christmas and looking into this more fully. I'd rather put my money into Adelaide as anywhere.

ADELAIDE - TOWARDS A GREATER CITY SKYLINE

[urban]

A sound investment strategy skyliner. In the 1st 6 mths of 2007 Adelaide House prices went up over 11% while unit prices went up over 21%.

[Pistol]

Don't know of any concrete costs of these apartments but all I know is that they are going to be more accessible than COH. So I guess that means that a 1 bedroom isn't going to cost in excess of 1/2 million.