CAN: [Glenelg] Latitude | 42m | 12lvls | Residential

[Xaragmata]

The sales office in Holdfast Walk is empty, apart from the model on its base ...

[ghs]

I went down to the bay on saturday and there was heaps of people there and it was really nice
on the beach. It would be great to see another couple of buildings down there...

I am still disappointed that this didn't go ahead. It looks like we won't see any more major buildings
down at glenelg as this one was going to be the last one.

Adelphi waters is still struggling for sales. The whole development now seems to be complete however
20 of the 23 residences are still vacant. Check it out http://www.adelphi-waters.com.au

I am not sure how the bay waters development is going in terms of sales these days but I think it struggled
initially for sales as well.

The bay junction development looks reasonable but to be honest I am not that excited about it. Everything
happens near the beach at the bay.

[Ben]

According to the guardian messenger a new 13level 43metre proposal has been presented to holdfast bay council. As part of the development the heritage house will stay. The developer is not urban construct.

[crawf]

Anyone have any latest goss on this?

I noticed today the cringe-worthy signage 'Glenelg's most exciting development' along the building on the cnr of Jetty Road and Colley Terrace has been removed. Hopefully the 3-level proposal has been axed, because it would be a big shame to see this be another 'Glenelg wasted opportunity'

That site deserves something more grander and something with height, possibly 7-8 levels, so it doesn't overshadow Moseley Square.

[Will]

From the Advertiser:

Failed Glenelg bid to cost firms $6m

Giuseppe Tauriello

December 08, 201212:00AM

COMPANIES controlled by the directors of embattled property developer Urban Construct are facing losses of more than $6 million because of a failed apartment development at Glenelg.

Subsidiary company College Street has gone into liquidation with debts of more than $3.3 million and the fate of Commercial and Residential Developments (SA), a company headed by Urban Construct directors James Rice, David Rice and Todd Brown, will be determined this month.

Both companies fell into administration in October after being ordered to pay damages of more than $4.7 million for breaching contracts to buy two properties at Glenelg.

Ian Lock and John Sheahan of Sheahan Lock Partners have been appointed liquidators of College Street, which owes major creditor Highfield Property Investments almost $2.9 million.

Mr Lock said without legal action, recoupment of debts would be negligible. That includes a $448,771 intercompany loan from Urban Construct.

"My understanding is that the prospect of creditors receiving a meaningful return is dependent on the identification and successful prosecution of causes of action," he said. "Let's just say it's something we're going to take a very close look at."

Creditors of Commercial and Residential, a company with common directorship and shareholders to Urban Construct, will meet on December 20 to vote on a deed of company arrangement proposal put forward by the directors of the company.

Commercial and Residential owes creditors more than $11 million, including almost $900,000 to Urban Construct and almost $5 million to its subsidiary C&R Project Marketing (SA).

Dr Pamela Ryan is owed $2.3 million in damages for a breach of contract to buy her Glenelg home.

Contracts to buy the properties of Dr Ryan and Highfield were entered into in 2007 and 2008, to make way for Urban Construct's $110 million "Latitude" apartments. The project was brought to a halt after the global financial crisis.

Anthony Phillips from Heard Phillips remains administrator of Commercial and Residential, despite being challenged for the role at the first meeting of creditors.

"It is very unusual in South Australia but it happens a lot in the eastern states," he said.

But Mr Lock said when there was a prospect of litigation, it was not uncommon for creditors to seek a specialist in insolvency litigation

[Will]

From the Guardian Messenger:

A new, luxury apartment block as tall as the Stamford Grand is being mooted for Glenelg

John Stokes
Guardian Messenger
August 12, 2014 3:39PM



A LUXURY apartment block as tall as the Stamford Grand is on the cards for the heart of Glenelg.

A 558sq?m block on the corner of St Johns Row and College St with 13 units sold for $1.65 million in May, after hitting the market last November.

The Guardian Messenger understands the new owners are considering a 12-storey tower for the site.

If it goes ahead, it will be one of the Bay’s five tallest buildings.

TELL US BELOW: Do you want to see more high-rise development at Glenelg?

Anzac Highway’s Atlantic Tower and Adelphi Towers on Adelphi Tce are 13 storey buildings.

The Stamford Grand Hotel and Colley Tce’s Liberty Towers both stand at 12 storeys.

MORE: Adelaide Oval upgrade designer Mott MacDonald to draw up concept plans for Glenelg jetty six-star hotel.

Century 21 — Associates Brighton agent Jarrah Holmes said the site was a significant sale.

“The location’s premium — you don’t get much better,” he said.

“It’s not everyday you get a corner block that has 13 individuals units on it for starters, but that development potential makes it so versatile that it’s even more exciting.”

Mr Holmes said the new owners planned to rent out the units while they finalised their plans.

“They might only go to five or six storeys but they’re considering possibly up to 12.”

The units, which Mr Holmes estimates were built in the 1970s, have been empty for three or four years.

The site was to be part of Urban Construct’s $110 million 170-apartment Latitudes at Glenelg development which was abandoned in 2009.

In 2008, Bay residents lost a four-year battle to block plans by developer Urban Construct to demolish an 1870s house and build the 12-storey Latitudes complex on College St.

Despite the State Development Assessment Commission (DAC) granting approval for the development it was dumped because of “issues surrounding the development site’’.

The Guardian Messenger was unable to contact the new owners

[crawf]

About time Glenelg got some action again.

*waits for the NIMBYs*