Sensational-Adelaide.com

Gilberton apartment fetches a cool $1.9m

by: Real Estate Editor Amy Noonan



Artist impression of the proposed 45 Park development on the old Channel 7 site at Gilberton. This impression is of the view from Hackney Rd. Source: AdelaideNow

A $1.9 MILLION penthouse has sold off the plan at Gilberton.

The penthouse, the only one in the first release of apartments at development 45 Park, sold to an eastern-suburbs buyer.

It will be built on level eight of the "Riverside" building and feature 324sq m of indoor and outdoor living space as well as views to the east, north and west.

The apartments are being built on the old Channel 7 site.

Rick Harcourt, the 45 Park sales director, said the sale was a confidence-boost for the development.

"This week's sale of the penthouse at just under $2 million, is a sign of the project continuing to make its mark in uncertain times," Mr Harcourt said.

"It's not every day that a property or penthouse like this arrives on the market in such a prestigious location with a reasonable price tag."

There are 70 apartments in the first stage and more than 20 have been sold, Mr Harcourt said.

The finished development will have 217 apartments across three buildings.

STAMP duty cuts for off-the-plan apartments will be extended to Bowden and Gilberton as the State Government tries to drive an uptake of inner-city living.

In late changes to State Budget legislation being debated in Parliament, stamp duty will also be abolished on apartments valued at under $500,000 in the CBD and in those two suburbs.

The move will save purchasers more than $21,000 and first-home buyers could save more than $31,000.

Late yesterday the Property Council of Australia welcomed the move as a "stimulus package" for the construction sector, which it said would help create jobs across a soft general economy.

Housing and Urban Development Minister Patrick Conlon said the Government had "high ambitions" for the Bowden and Gilberton developments, set to become test cases for denser living.

"This is one way of encouraging more people to move into the centre of Adelaide, turning it into a cultural, innovative and exciting place to live and work," he said.

The Government has also defined the official boundaries of the Riverbank Precinct, where development will be overseen by Urban Renewal Authority chief executive Fred Hansen.

It includes the Bowden and Gilberton developments, and 11 other "key projects" including the new Royal Adelaide Hospital, Adelaide Oval, Adelaide Convention Centre and university campus redevelopments. The stamp duty abolition would apply for two years and be scaled back after July 1, 2014.

Property Council of Australia SA executive director Nathan Paine said the move showed the Government acknowledged the importance of inner-city developments that were "shovel-ready".

"They are right on the urban fringe and part of developing a vibrant city," he said.

The move follows planning reform to allow taller buildings in the CBD and fast-track development approvals.

A Chinese developer that won the first building approval under those changes says it has been overrun with demand and is likely to sell every unit in a Gouger St apartment block before a brick is laid.

The Aria on Gouger had 100 expressions of interest for its 69 apartments before it was officially launched at the weekend.

SRW wrote:Agree to a point. It would have been much better for the Government to say, "hey, it was an oversight to have missed city rim properties and we hereby extend to them the stamp duty concessions". I think we can all agree that having apartment towers on either side of the parklands is a good thing. But chipping away at policies for one vested interest at a time makes a mockery of the policy, much like our 'urban growth boundary'. Changes to such policies should be made an established, transparent process based on evidence.

Jay left red-faced over luxury apartment development at Park Tce, Gilberton

by:
Brad Crouch

From:
adelaidenow

March 06, 2013

A LUXURY apartment project at Gilberton, which Premier Jay Weatherill held up in Parliament as a shining example of the Government's stamp duty concessions stimulating the building industry, was put on hold a fortnight ago.

Watersun Properties - a $180 million development at 45 Park Terrace Gilberton, on the old Channel 7 site - has stalled due to lack of demand. The developers have refunded $1.5 million in deposits, with interest.

Major investors were told the project was on hold three weeks ago.

Mr Weatherill appeared unaware of the project's status when questioned about it this morning at a press conference to announce SA would host a global wine forum.
The original 220-apartment project will be significantly downsized but will proceed in a new format, with details to be announced in the next few months. It is now expected to have fewer apartments, lower tower heights and be worth about $100 million.

Opposition Leader Steven Marshall seized the opportunity to call a press conference outside the project today to claim SA is in recession and that the Government's economic management is not working.

"This comes after South Australians learned last week that McCracken Homes had stopped trading and yesterday we learned that the Frewville shopping centre project would not go ahead," Mr Marshall said.

"After 11 years of Labor, SA has the highest taxes in the nation, including land tax charged at 40 per cent above the Australian average, which clearly has an impact on development and investment in the state.

"The Weatherill Labor Government also introduced controversial changes to work safety laws last year, which the Liberals opposed on the basis it would adversely affect the construction industry. Labor has no plan to help the construction industry in SA."

However, in an embarrassing blow for Mr Marshall, project manager Mick O'Connor also turned up on the deserted site after being contacted by the media and was clearly annoyed he had not been told the Opposition was using the project for political purposes. He was also upset a press release said the project had been `scrapped."
"I thought that a phone call would have been in order, to be honest," Mr O'Connor said.

"The reality is we have repositioned the project. Our vision was for 220 apartments in three buildings with a central green space in arguably Adelaide's premier location but given the nature of economy generally it has been very difficult."

Mr O'Connor said the Government had been active in trying to get developments going, but that the stamp duty concession had not had the desired effect.

Ben wrote:

Jay left red-faced over luxury apartment development at Park Tce, Gilberton

by:
Brad Crouch

From:
adelaidenow

March 06, 2013

A LUXURY apartment project at Gilberton, which Premier Jay Weatherill held up in Parliament as a shining example of the Government's stamp duty concessions stimulating the building industry, was put on hold a fortnight ago.

Watersun Properties - a $180 million development at 45 Park Terrace Gilberton, on the old Channel 7 site - has stalled due to lack of demand. The developers have refunded $1.5 million in deposits, with interest.

Major investors were told the project was on hold three weeks ago.

Mr Weatherill appeared unaware of the project's status when questioned about it this morning at a press conference to announce SA would host a global wine forum.
The original 220-apartment project will be significantly downsized but will proceed in a new format, with details to be announced in the next few months. It is now expected to have fewer apartments, lower tower heights and be worth about $100 million.

Opposition Leader Steven Marshall seized the opportunity to call a press conference outside the project today to claim SA is in recession and that the Government's economic management is not working.

"This comes after South Australians learned last week that McCracken Homes had stopped trading and yesterday we learned that the Frewville shopping centre project would not go ahead," Mr Marshall said.

"After 11 years of Labor, SA has the highest taxes in the nation, including land tax charged at 40 per cent above the Australian average, which clearly has an impact on development and investment in the state.

"The Weatherill Labor Government also introduced controversial changes to work safety laws last year, which the Liberals opposed on the basis it would adversely affect the construction industry. Labor has no plan to help the construction industry in SA."

However, in an embarrassing blow for Mr Marshall, project manager Mick O'Connor also turned up on the deserted site after being contacted by the media and was clearly annoyed he had not been told the Opposition was using the project for political purposes. He was also upset a press release said the project had been `scrapped."
"I thought that a phone call would have been in order, to be honest," Mr O'Connor said.

"The reality is we have repositioned the project. Our vision was for 220 apartments in three buildings with a central green space in arguably Adelaide's premier location but given the nature of economy generally it has been very difficult."

Mr O'Connor said the Government had been active in trying to get developments going, but that the stamp duty concession had not had the desired effect.