[COM] West Franklin | 54m & 64m | 17 & 20 lvls | Apartments

[Patrick_27]

I didn't know there was a Repco on Franklin!

[Norman]

The digger is now sitting idle. No action on site. Could it be because they are still to remove the asbestos on the site? Either way, progress is disappointing.

[mshagg]

The trench they dug the other day had some copper pipes laid in it and was then filled back up. I don't understand the salvage process enough to know what that might have been about.

Going to be a big demolition job. A big chunk of that site (to the left of my pic from the other day) is actually suspended over a basement level - you can see into it from the altitude carpark.

[ghs]

The digger is now sitting idle. No action on site. Could it be because they are still to remove the asbestos on the site? Either way, progress is disappointing.

Progress is disappointing ???

Have you seen the size of the building that needs to be demolished ?

They only started a week ago, what do you expect half the building to be knocked down already ?

Rome wasn't built in a day.

[Norman]

I would expect more than just a digger sitting there, after the whole picture opportunity with MHS months ago. The same thing happened with U2, so I hope this one does actually actually get moving now.

[ghs]

Mate, this is a 2 year project and you want to see progress after just one week ??

This is a completely different scenario to U2 on Waymouth.

U2 on Waymouth didn't have any sales at all last year when they said that construction was starting.

West Franklin obviously have at least 50% of sales as well as retail tenants like Woolworths and The Coffee club. There's
also rumours that Oaks have signed an agreement to use some of the apartments as hotel rooms.

Royal Park Salvage were onsite doing internal work this morning.

[Dvious]

I think the others are referencing the fact that "SWP" had started 2 months ago when the first shovel had been dug, yet nothing happened in that time.

[Norman]

I think the others are referencing the fact that "SWP" had started 2 months ago when the first shovel had been dug, yet nothing happened in that time.

Exactly. If they did the whole ceremony stuff now it wouldn't have been an issue.

Royal Park Salvage were onsite doing internal work this morning.

Good news then!

[mshagg]

Rumours? West Franklin have confirmed on their Facebook page that investors have the option of leasing to oaks.

Which is what I suspect will be exactly what happens - and its extremely disappointing. More serviced apartments means no community, no permanent population, no locals. Call me crazy but the two buildings on north terrace and the precinct development didn't do much for improving the local population or activating those locations. Any apartments the developer is left holding the bag with will presumably go to oaks. Residents will be at oaks' whim, who will have control of the body corporate and appoint themselves as building manager. I wouldn't go near a development they were associated with... ironically I live in one lol. I bet the developer isn't telling purchasers they'll effectively be moving into a budget hotel.

[ghs]

Going off topic a bit here but Oaks employ housekeepers at The Precinct on ABN's rather then TFN's and they
get paid peanuts.

[mshagg]

Going off topic a bit here but Oaks employ housekeepers at The Precinct on ABN's rather then TFN's and they
get paid peanuts.

They're all very nice, but try getting an elevator on a Sunday morning around check-out time when all the cleaning staff are making their way up to turn the rooms over. Again, not something I imagine a developer with a serviced apartment component will mention to potential buyers

[Algernon]

Rumours? West Franklin have confirmed on their Facebook page that investors have the option of leasing to oaks.

Which is what I suspect will be exactly what happens - and its extremely disappointing. More serviced apartments means no community, no permanent population, no locals. Call me crazy but the two buildings on north terrace and the precinct development didn't do much for improving the local population or activating those locations. Any apartments the developer is left holding the bag with will presumably go to oaks. Residents will be at oaks' whim, who will have control of the body corporate and appoint themselves as building manager. I wouldn't go near a development they were associated with... ironically I live in one lol. I bet the developer isn't telling purchasers they'll effectively be moving into a budget hotel.

Pretty much if I were to move back to Adelaide permanently, and were in the market for an apartment, in my top 3 of concerns would be my building getting Oaksed. At least with this development you can see it coming, instead of getting blindsided in those buildings on North Terrace. Welcome to your new home, here's your keys, (cartman voice) oh I'm sorry you're a 400,000 dollar hotel guest now.

[ghs]

Correct me if I am wrong but West Franklin were advertising a guaranteed 7% rental return. Looking at their website now, they're not
advertising this option. I imagine that there were a limited number of apartments which Oaks were interested in renting
and this allocation has been exhausted.

[EBG]

I agree with Norman , I went past over the weekend and could not see any sign of actual work been done.

[Smithy85]

A Royal Park Salvage transportable office has just been delivered to the site.