News & Discussion: General CBD Development

[Llessur2002]

Whilst they're at it I reckon they should modernise the upper part of the building by getting rid of those arches - square them off or something. Anything. God the 90s were awful...

[Will]

Whilst they're at it I reckon they should modernise the upper part of the building by getting rid of those arches - square them off or something. Anything. God the 90s were awful...

I disagree. Whilst the building itself looks dated, there is nothing wrong with that. It is a competent example of the corporate architecture of its time. Removing its arches would be akin to efforts in the 50s and 60s of removing pediments and mansard roofs from Victorian and Edwardian buildings in an attempt to "modernise" them.

[Llessur2002]

I disagree. Whilst the building itself looks dated, there is nothing wrong with that. It is a competent example of the corporate architecture of its time. Removing its arches would be akin to efforts in the 50s and 60s of removing pediments and mansard roofs from Victorian and Edwardian buildings in an attempt to "modernise" them.

Ahhhh, there's just something about 90s architecture that gives me the creeps. Too many arches and pastel colours There was something wrong with that decade I reckon...

[markleslie]

Church news....Whilst the Edge Church were evicted from the old Cosmopolitan centre in Hindley St, another church is now looking to build. I understand these are impressions of a new facade and expansion at 113 Currie St, for the city campus of Influencers church (the name change for the Paradise church as they have expanded beyond the suburb of Paradise). They are full to overflowing and now have 3 repeat services there every Sunday. I believe they are leasing the premises as they do not have the real estate reserves of the older types of churches.

[Brucetiki]

Church news....Whilst the Edge Church were evicted from the old Cosmopolitan centre in Hindley St, another church is now looking to build. I understand these are impressions of a new facade and expansion at 113 Currie St, for the city campus of Influencers church (the name change for the Paradise church as they have expanded beyond the suburb of Paradise). They are full to overflowing and now have 3 repeat services there every Sunday. I believe they are leasing the premises as they do not have the real estate reserves of the older types of churches.

The site was a former Christian bookstore (a store which has since wholly gone online), perhaps the landlords are church goers themselves. If so, shouldn't be much issue getting the work approved - especially if they've already gone to the trouble of getting these artists impressions.

Meanwhile, at Edge, looks like plans to set up a temporary campus at Glenunga High School to replace their Hindley St campus didn't get Burnside council approval.

On a side note, any further word about Greater Union's return to the Cosmopolitan Centre? Place seems to have been left to ruin since Edge's lease expired.

[Patrick_27]

On a side note, any further word about Greater Union's return to the Cosmopolitan Centre? Place seems to have been left to ruin since Edge's lease expired.

If Greater Union are going to make the cinemas work again they need to address the reasons for it's downfall the first time, just because the population has increased on that side of the city and there is more happening in-general doesn't guarantee it's success.

Palace Nova works in the old IMAX because it's a busy pedestrian thoroughfare with surrounding businesses that have the potential to feed the cinema with patrons.
The same can't be said for the Cosmopolitan Centre, the cinema building itself is set quite far back from Hindley Street and the tenancies that operate around it don't encourage people to delve deeper into the precinct. Hell, even some minor facade upgrades and restaurant in the centre would make for a dramatic change.

At this point, I think Greater Union are going into this completely senseless and in a time when cinema is in dire need of reinventing itself to complete with easy formats of seeing films, they need to apply logic.

[Waewick]

On a side note, any further word about Greater Union's return to the Cosmopolitan Centre? Place seems to have been left to ruin since Edge's lease expired.

If Greater Union are going to make the cinemas work again they need to address the reasons for it's downfall the first time, just because the population has increased on that side of the city and there is more happening in-general doesn't guarantee it's success.

Palace Nova works in the old IMAX because it's a busy pedestrian thoroughfare with surrounding businesses that have the potential to feed the cinema with patrons.
The same can't be said for the Cosmopolitan Centre, the cinema building itself is set quite far back from Hindley Street and the tenancies that operate around it don't encourage people to delve deeper into the precinct. Hell, even some minor facade upgrades and restaurant in the centre would make for a dramatic change.

At this point, I think Greater Union are going into this completely senseless and in a time when cinema is in dire need of reinventing itself to complete with easy formats of seeing films, they need to apply logic.

Im going to assume people that run greater union aren't idiots and have a plan.

hopefully they release some details soon.

[monotonehell]

On a side note, any further word about Greater Union's return to the Cosmopolitan Centre? Place seems to have been left to ruin since Edge's lease expired.

If Greater Union are going to make the cinemas work again they need to address the reasons for it's downfall the first time, just because the population has increased on that side of the city and there is more happening in-general doesn't guarantee it's success.

Palace Nova works in the old IMAX because it's a busy pedestrian thoroughfare with surrounding businesses that have the potential to feed the cinema with patrons.
The same can't be said for the Cosmopolitan Centre, the cinema building itself is set quite far back from Hindley Street and the tenancies that operate around it don't encourage people to delve deeper into the precinct. Hell, even some minor facade upgrades and restaurant in the centre would make for a dramatic change.

At this point, I think Greater Union are going into this completely senseless and in a time when cinema is in dire need of reinventing itself to complete with easy formats of seeing films, they need to apply logic.

I disagree:

1. Palace Nova are very much a destination place. That is people go there with the intent to see a movie. A lot of people are still unaware that there is a cinema in the East End.

2. Cosmopolitan Cinema's downfall was down to timing. By the time they had designed, built and operated the cinema for a few years, suburban cinemas were drawing crowds away from the CBD. Couple that with the general decline in cinema patronage at the time (many others closed) and the decline in Hindley Street's attractiveness (it was gaining more of a sleazy and violent reputation - many of the family orientated businesses failed at the time) and the place was slowly wound down until pretty much the entire place was being run by one staff member and then closed.

3. The depth of cinema was by design. The cinema was the destination, the shops on the mall were meant to feed from the passing trade. This worked at first until the above happened.

[jk1237]

as we know on here, its not all doom and gloom in SA, far from it (infact if it wasn't for the loss of manufacturing jobs, we probably would be having mini boom)

from http://www.theurbandeveloper.com/melbou ... ccupancey/

Melbourne, Adelaide Lead National Office Enquiry In Q3

15th October 2015 | Category: Commercial, News, NSW, Research, SA, VIC | Staff Writer


Demand for CBD office space nationally has increased marginally in the third quarter of 2015, with notable growth reported in Melbourne and Adelaide.

Colliers International’s Q3 Office Demand Index has shown a small increase of 1 per cent in national office enquiry from 527,226sqm in the second quarter to 534,226sqm in the third quarter. The index found a particular increase in enquiry for 3,000sqm-plus office space nationally, with a 20 per cent increase from the second quarter of 2015.

Melbourne saw its largest amount of demand recorded in one quarter since the beginning of 2009, with a total of 239,594sqm recorded – 59 per cent more than the same time last year.

Colliers International Managing Director of Office Leasing Simon Hunt said the Melbourne CBD leasing market was performing strongly in 2015.

“We are seeing the evolution of the modern workplace, including the growing trend towards flexible and activity-based working, acting as a key driver for tenant demand in Melbourne,” Mr Hunt said. “As companies consider making changes to their workplace, many are finding their existing fitouts are not suitable for their future needs and are looking to relocate to adopt new workplace strategies.

“We are also seeing business confidence more generally is on the rise – people are getting on with business. There is still an element of caution, but deals are being done and activity in the leasing sector is strong.

“In fact, we are even seeing, in some Melbourne buildings, a real competition for space among tenants. For the first time in many years, some tenants are even missing out on their preferred option, which points to increased competitive tension in the market, on a building-by-building basis.”

Adelaide saw an increase of 25 per cent from 40,702sqm in the second quarter of 2015 to 50,704sqm in the third quarter of 2015. This represented a 2 per cent increase year-on-year. There was a significant increase of 38 per cent in the 0-999sqm segment and of 34 per cent in the 1,000-2,999sqm segment, year-on-year, in Adelaide.

“Despite a rising vacancy rate, Adelaide is experiencing a renaissance of tenant demand as tenants become more opportunistic about the favourable market conditions that we are witnessing,” Mr Hunt said. “Enquiry levels have increased, driven by increased confidence in the economy encouraging tenants to make an early commitment.

“We expect Q4 this year to bring with it a significant amount of tenant decision in Adelaide, with the likes of NEC (3000sqm), the Department of Social Services (3,500sqm) and the Administrative Appeals Tribunal (1700sqm) all in the market to relocate.

“One of the most active components of the market is the sub-500sqm sector, with many tenants beginning to explore and make the most of the favourable conditions to upgrade their business’ office space.

“An underlying theme across all tenancy grades and sizes in Adelaide is that businesses want to increase workplace efficiency. The majority of tenants in the current market are working on an employment density of between 10-12sqm per person.

“Activity-based working is gradually being considered by Adelaide tenants, however the majority are embracing a hybrid of ABW and open plan. This is primarily to due to the scale required to make ABW efficient.”

Enquiry in Sydney decreased 15 per cent from Q2 to Q3 this year, from 204,438sqm to 173,150sqm. However, this figure is still well above the average amount of demand that has been recorded for Sydney since 2009.

“While enquiry figures were slightly down in the third quarter, activity and transactions in the Sydney office market are at healthy levels – in fact, they are up on the same period last year,” Mr Hunt said. “The tenants who are active are relocating, which often means that they are expanding. We are finding the majority of businesses we are working with seem to be growing – some modestly, some significantly.

“So, while the number of enquiries may be down, the tenants who are in the market are genuine. There also does seem to be more urgency in the Sydney market at this stage.

“In terms of recent activity in Sydney, particularly the CBD, we are seeing a number of larger transactions in the 2,000sqm-6,000sqm sector where tenants are quite active and are typically committing to space for occupation mid-2016.”

[jk1237]

from http://specialreports.theaustralian.com ... ty_update/

Adelaide

Space is not the issue but convenience catches on

Apartment approvals and developments are rocketing in Adelaide as baby boomers move to the city to downsize and enjoy the cafe and parklands lifestyle.

Helped by an increase in student accommodation and a slowly rising acceptance of high-rise living, apartment approvals in Adelaide have nearly doubled in the past three years, from 1695 in 2012 to 3385 this year.
South Australian apartment approvals represent 31 per cent of the residential building market, increasing from 20 per cent in 2012.

South Australian Property Council executive director Daniel Gannon says the state still lags behind the eastern markets for units because Adelaide has more space for larger suburban family houses and the cultural shift towards apartment living is not as pronounced.

"What this means is that South Australians haven't historically embraced the idea or the culture of vertical metropolitan living," Gannon says. "But that's changing, with the supply equation lifting by 100 per cent in three years.

"Density means different things to different jurisdictions — in South Australia we're making some solid inroads, but we need to consider how to lift demand and our state's population."
Adelaide City Council figures show 10 major apartment projects have been approved in the past 18 months, from nine to 32-storeys, including up to 233 apartments. Their combined value is $193 million.

New developments include: Sturt Land's 384-unit New Mayfield; August Towers at Hutt Street and South Terrace overlooking the southern parklands; Citi Terrace on South Terrace; and the Hurtle & Co apartments at Hurtle Square, all in the Square Mile region. Colangelo Group plans a redevelopment that will include some 32 serviced apartments on Greenhill Road at Wayville.

[jk1237]

Further to above, Adelaide city centre apartment sales over last 12 months have totalled 496, making us the 13th most popular postcode in the nation for apartment sales. Brisbane CBD is 5th with 604, the only WA postcode on the list is East Perth, with 340, coming in at 39th. So despite our overall low population growth, our CBD is doing quite well, and considering Chinese investment money only seems to go to the east coast

The standout of course is Melbourne CBD and Surfers Paradise, with 1462 and 1439 sales respectively

[ghs]

Jk1237 have you got a link to that data ?

[jk1237]

Jk1237 have you got a link to that data ?

yes http://specialreports.theaustralian.com ... hat-lasts/

interesting read, one good thing is that although the average rent is lower than other places, the yield is quite good. And average prices are up 2.6%

[phenom]

Further to above, Adelaide city centre apartment sales over last 12 months have totalled 496, making us the 13th most popular postcode in the nation for apartment sales. Brisbane CBD is 5th with 604, the only WA postcode on the list is East Perth, with 340, coming in at 39th. So despite our overall low population growth, our CBD is doing quite well, and considering Chinese investment money only seems to go to the east coast

Thank you for that link to that data, it's something I've wondered about. Like you say, the comparison with Perth is actually pretty amazing given it's quite a bit more populous than Adelaide, still has a lot more mining money etc floating around (despite the downturn) and like us doesn't have particularly large cities other than the main capital. Even Brisbane, allowing for all the apartments 100km north and south on Sunshine/Gold Coasts respectively, is still surprisingly close to the Adelaide figure.

[ghs]

The data's very interesting and really promising for Adelaide.

In terms of East Perth there's been a -7.3 % change in the median price over the last 12 months.
That's your sweet spot. Pretty easy to see why investors are not buying apartments there when you
have prices dropping like that. I think it's fair to say that this is also one reason for Adelaide
doing fairly well. Investors are turning away from Perth and looking more at Melbourne, the Gold Coast,
Brisbane, Sydney and Adelaide.

On a per capita basis Adelaide in terms of apartments sold has done better then Melbourne.
Melbourne is 3 times bigger and 1462 / 3 = 487, which is less then Adelaide's 496 .