[CAN] New Mayfield | 41-61m | 11-17lvls | Mixed Use

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serca
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#381 Post by serca » Mon Jun 20, 2016 10:04 pm

I was having a beer with someone involved in this development and the above is true, should see the ball rolling again soon :secret:

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#382 Post by AdelaideGo » Fri Jul 15, 2016 11:43 am

New Mayfield is going to be another Palladium on Light. They have a debt of 25/26 million, while the land is only worth less than 10 mill.

Unless they can find a way to separate the basement parking of stage 1 from the later stages, the build cost of the 1st stage alone is already more than $70 million. Their gross revenue from the approximate 100 apartments in 1st stage is less than $50 million.

Sunset date for their sales contract is another issue. I believe they are terminating in either late 2018 or early 2019. Given that their stage 1 will need at least 20 months to build plus at least 9 more months as bank contingency, unless they start building now, their sales contracts will sunset/expire before it can complete, meaning it would not even start.

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#383 Post by Jaymz » Sat Aug 20, 2016 11:47 am

AdelaideGo wrote:New Mayfield is going to be another Palladium on Light. They have a debt of 25/26 million, while the land is only worth less than 10 mill.

Unless they can find a way to separate the basement parking of stage 1 from the later stages, the build cost of the 1st stage alone is already more than $70 million. Their gross revenue from the approximate 100 apartments in 1st stage is less than $50 million.

Sunset date for their sales contract is another issue. I believe they are terminating in either late 2018 or early 2019. Given that their stage 1 will need at least 20 months to build plus at least 9 more months as bank contingency, unless they start building now, their sales contracts will sunset/expire before it can complete, meaning it would not even start.
Yes. And given that the settlement date is mid 2018, this project is looking more unlikely to go ahead. Although i'm not convinced of it needing a 20 month build time, they would need to get cracking very soon for it to have any chance of completion in time.

If and when this is decided to not proceed, I truly hope that common sense prevails and customers have their deposits returned quick smart.

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#384 Post by Ben » Tue Sep 27, 2016 1:04 pm

I think this is dead.

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#385 Post by Nathan » Tue Sep 27, 2016 1:17 pm

Ben wrote:I think this is dead.
No no it's not dead, it's, it's restin'.

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#386 Post by [Shuz] » Tue Sep 27, 2016 1:29 pm

Resting in the coffin before it goes six feet under.

Wait, they already dug out the basement...
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#387 Post by Pikey » Tue Sep 27, 2016 2:34 pm

Funnily enough, there are at least three excavators working on site right now.
Walking on over....

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#388 Post by Dvious » Tue Sep 27, 2016 3:16 pm

Really? That could be a good sign!

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#389 Post by Pikey » Tue Sep 27, 2016 3:52 pm

Dvious wrote:Really? That could be a good sign!
Two were delivered on site this morning, much to the surprise (and delight) to the barristers at "East of Norman."
Walking on over....

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#390 Post by Nathan » Tue Sep 27, 2016 4:08 pm

Pikey wrote:Two were delivered on site this morning, much to the surprise (and delight) to the barristers at "East of Norman."
I guess the cafe is pretty close to the legal precinct. ;)

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#391 Post by Allkai » Tue Sep 27, 2016 4:34 pm

Pikey wrote:Funnily enough, there are at least three excavators working on site right now.
Incorrect....... :wink:

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#392 Post by Dvious » Tue Sep 27, 2016 8:33 pm

I too saw them on site on my way home from work.

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#393 Post by timtam20292 » Wed Sep 28, 2016 12:15 am

Me too, I had a peek through the gate on Sturt Street and there is one (that I could see) sitting there, not sure where the other one is.

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#394 Post by Pikey » Wed Sep 28, 2016 12:29 pm

The excavators are pulling down the remaining structures on site.
Walking on over....

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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use

#395 Post by Ben » Wed Sep 28, 2016 1:14 pm

THE display centre? Maybe they are going ahead with stage 2 while stage 1 gets sorted out. I imagine each would be under separate titles company's etc.

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