News & Discussion: Low/Mid-Rise CBD Development

[Ben]

Thursday's AFR is a must for development nerds.

Advanced Energy Systems is to install solar panels to power the entire $150m residential project at 171-201 Gouger St (This is Merc on Gouger, correct?). The project will be 6 levels, contain 300 apartments and ground floor retail. AES has a 7% stake in the project. If approved, construction will begin next year.

Also in today's AFR, the three level heritage ex-RAA building on Hindmarsh Sq is back up for auction after the previous contract failed. The agent is promoting it as a retail/hospitality site.

Previous app was for 5 levels so I guess this is a bit better. I also didn;t like the design so hopefully this is a complete overhaul.

[Adelarch]

This article suggests it may even be 7 levels:

Advanced Energy Systems Limited To Provide Sustainable Energy Technology In Proposed Development In Gouger Street
Tuesday, 29 Dec 2009 12:12am EST
Advanced Energy Systems Limited announced that it has executed an agreement with Tangcheng Group Pty Ltd for the provision of its sustainable energy technology in a proposed development in Gouger Street, Adelaide. As the development is still subject to design completion and statutory approvals, the agreement is conditional upon receipt by the Company of detailed specifications of the complex, and provision by the Company of a commercially viable solution based on those specifications. The proposed development is a mixed residential and commercial complex, featuring two levels of underground parking, one level of commercial shops including a supermarket, and six levels of residential accommodation containing approximately 300 apartments in various configurations. The Company, through a wholly owned subsidiary, has acquired a 7% interest in the project. It is anticipated that design and approval for the project will take 18 months, with construction to commence in 2011. Preliminary estimates are that the project will generate $33 - $50 million profit over five years for the joint venture.


http://www.reuters.com/finance/stocks/k ... bol=AES.AX

I'm glad the ground floor will be commercial - chinatown seems to be gradually extending westward.

[Howie]

Has Merc on Gouger been resurrected?

Feb 10, 2010 (The Australian Financial Review - ABIX via COMTEX) --

Construction may start in 2011 on a $A150 million residential and commercial complex near Adelaide's Chinatown precinct. A solar energy company, Advanced Energy Systems, has formed a joint venture with the Tangcheng Group for the project, comprising six storeys and 300 apartments.

Publication Date: 11 February 2010

ADVANCED ENERGY SYSTEMS LIMITED - ASX AES

TANGCHENG GROUP PTY LTD

[Prince George]

featuring two levels of underground parking

(my emphasis)

I'm never going to cheer about more carparking, but I'll raise a smile for the ones that can stick them out of sight. With all the places that put their carparking at eye-level, as if that's the thing we all want to see (Conservatory, I'm looking at you), I could almost believe that there was some engineering reason that prevented underground parking in Adelaide.

[monotonehell]

...I could almost believe that there was some engineering reason that prevented underground parking in Adelaide.

Yes there is. Cheapness.

[skyliner]

You crack me up Mono

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[Omicron]

Three hundred apartments is a fairly sizeable number for 6-7 storeys.

[Adelarch]

I could almost believe that there was some engineering reason that prevented underground parking in Adelaide.

yes I've heard it said anecdotally that the limestone rock which occurs in the CBD is very hard and therefore cost prohibitive to excavate, unlike for example the soft sandstone in Sydney. But I'm not sure if this is true - some buildings such as the Myer Centre have had pretty substantial excavations

[Splashmo]

yes I've heard it said anecdotally that the limestone rock which occurs in the CBD is very hard and therefore cost prohibitive to excavate, unlike for example the soft sandstone in Sydney. But I'm not sure if this is true - some buildings such as the Myer Centre have had pretty substantial excavations

The cost of the Myer Centre was also quite substantial.
The newest underground car park would have to be the one at City Central, correct?

[Prince George]

Apartments at the "affordable eco-housing" project on the corner of Whitmore Square and Sturt St is now selling at LJ Hooker

EMBRACE A VIBRANT CITY LIFESTYLE
$435,000 - $455,000
Situated in the heart of the Adelaide CBD. Whitmore Square is located amidst Adelaide's vibrant Gouger Street and south western city precinct.

42-56 Whitmore Square is a cutting edge development designed by the renowned TROPPO Architects and is being built by the leading Builders MOPPOP Group. This complex has been developed by the Adelaide City Council and is sure to add new icon to the Adelaide CBD.

With a strong emphasis on Environmentally Friendly design and construction, there is a strong emphasis on utilizing natural light, on creating open spaces and the use of high quality materials. The innovative 2 & 1 bedroom apartments are likely to attract much attention due to their much sought after location, spectacular views of Whitmore Square and their emphasis on energy efficiency.

45-56 Whitmore Square offers residents high security, secure onsite parking allocated to each apartment, funky polished concrete floors throughout the apartments, large built in robes in the bedrooms, and modern sleek kitchens and bathrooms.

(etc etc)

Eh, $400k++? What happened to the "affordable" bit? According to Troppo Architect's site "The project is aimed at low-income earners". Is the low-income market buying at just sub 1/2 million?

[rhino]

Has Merc on Gouger been resurrected?

From yesterday's Adelaide Now:

China billionaire to build $150m residential and commercial development on Gouger St, Adelaide
Sarah Martin From: The Advertiser February 16, 2010 5:00PM

A CHINESE billionaire will build a $150 million residential and commercial development on the former Merc on Gouger site.
The seven-storey building, for which finance is secured, will comprise 300 apartments and 6000sq m of commercial and retail space, including a supermarket. It will also include two levels of underground car parking.
The development will be constructed on Gouger St, west of Morphett St and will be developed by Chinese property development company, TangCheng, in association with listed environmental technology company AES. Billionaire Chenghui Xu, who is one of China's most prolific developers, is the project's principal.
The Adelaide project will be Mr Xu's first Australian development.
AES managing director Gabriel Ehrenfield said the project would cost $90 million to develop, and the sale of apartments would generate $150 million revenue for the company.
Mr Ehrenfield said he hoped to have approval in place for the 33,000sq m building by early next year, and construction would commence shortly afterwards.
"Mr Xu has looked carefully for the last two to three years to find suitable sites within Australia, and he has a very good eye for real estate," Mr Ehrenfield said.
"This will be a cornerstone development for that area," he said.
Up to 300 families would move into the development, with one, two and three-bedroom apartments. The commercial and parking space will be retained by AES and leased to operators.
Mr Ehrenfield said finance for the project had been secured, and he was confident the project would proceed without any setbacks.
"The scale of the project here is certainly much smaller than the scale of the projects he (Mr Xu) has done in China so he is not daunted by the scale, or the amount of resources this project will take," he said.
Preliminary estimates indicated the project would generate $33 to $50 million profit over five years for the venture.

[skyliner]

A 33 000Sq M bldg suggests a very long structure if only 7 floors. In comparison 400 kWS is 20 000sq m at 11 floors.

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[AtD]

A 33 000Sq M bldg suggests a very long structure if only 7 floors. In comparison 400 kWS is 20 000sq m at 11 floors.

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As far as I'm aware, the site is this empty lot: http://www.nearmap.com/?ll=-34.930756,1 ... d=20091226

400 KWS is ~90m long and ~30m deep. This site measures nearer to 120m long between 30m and 70m deep. So yes, quite a large footprint.

To be honest, I'm a fan of more buildings with smaller footprints. Variety is the spice of life. One bad long façade ruins a street, one bad short façade can be ignored.

[skyliner]

My opinion also AtD.

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[Prince George]

Does anyone know what's going on at the intersection of Gilbert St and West Terrace, the former Kerry Ellis golf and Sofa Shop? Both have relocated to Mile End and the site seems to have hoardings around it.