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Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Oct 01, 2008 10:28 pm
by gewgaw64
The Beachouse as a business itself is not losing money. The Rimington Group was losing money.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Oct 01, 2008 10:32 pm
by monotonehell
gewgaw64 wrote:The Beachouse as a business itself is not losing money. The Rimington Group was losing money.
So the business operations themselves are making money except for the cost of repaying the loan to secure/build the premises? so shifting the debt to a third party and paying lease rates instead fiddles the asset to debt ratio enough to let them trade solvent?
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Thu Oct 02, 2008 12:58 am
by how_good_is_he
Taplin is a pretty smart property developer.... what if the beachouse business still doesnt make it in years to come ... will it become a re-development site? What does the forum think?
Even if the beachouse stayed for 20- 40 years, the land alone would be worth 10x the value by then and probably too valuable for this use.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Fri Oct 03, 2008 1:02 pm
by Will
From the Messenger:
Taplin buys Beachouse
Local News
02 Oct 08 @ 10:20am
by Kym Morgan
DEVELOPER Andrew Taplin has bought the Beachouse for an undisclosed amount, two weeks after the Glenelg amusement park was placed in receivership.
Mr Taplin has signed over management of the Colley Tce site to its previous owner, the Rimington Group, on a 40-year lease.
The Rimington Group revealed on September 25 it was struggling under a $16 million debt.
Rimington Group lawyer Mark Hamilton said the sale ensured the Bay’s single-arm ferris wheel - the first of it’s kind in Australia - would open but did not say when.
In July, Peter Rimington, of the Rimington Group, said difficulties gaining planning approval, overseas parts and building the ride’s platform had led to a $800,000 cost blow-out and delayed the project by a year.
Mr Hamilton said the future of the 111-year-old carousel, carved by famous german artist Friedrich Heyn, was also assured under the new deal.
The amusement park would continue to operate as normal.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Fri Oct 03, 2008 3:24 pm
by ghs
Obviously the place has been badly managed - financial problems and that ferris wheel has been
in the making for over 2 years now. I remember seeing those 'Beach house' cars around - surely
they are an unnecessary expense.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Fri Oct 17, 2008 11:35 pm
by Xaragmata
Work is proceeding on the wheel, with a covered entrance and electrical work under way.
Might be finished before Christmas ???
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Nov 26, 2008 10:09 am
by *twinkie*
Ferris Wheel is opening Saturday December 6th.
Taplin owns the LAND, and leases it to the Rimington Group.
The Rimington Group OWN the Beachouse, and hope to buy the land back someday.
The business is doing very well, management was changed round late last year, and from what i've heard, has improved it dramatically.
As for the cars, they are included in employees salaries.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Nov 26, 2008 11:41 am
by cruel_world00
I wish they would can this stupid ferris wheel idea. It's embarrassing, regardless of whether or not it opens.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Tue Dec 02, 2008 5:57 pm
by shaun
They have been advertising the new wheel is opening this Saturday on SA-FM today, theres going to be family activities at the Beachhouse aswell.
God I hate that thing, I would prefer a ferris wheel similar to one at Wayville then this.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Tue Dec 02, 2008 7:58 pm
by ghs
It's an Australian first because it has only 1 arm.
It's also probably an Australian first because :
1) it took 2.5 years to build
2) it will offer a pathetic view from the top because it's only 25 metres tall
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Tue Dec 02, 2008 10:46 pm
by Omicron
Is there any advantage at all of a single-arm ferris wheel? I can't see one from an aesthetic perspective, and given this wee little thing built over the course of two years is the only one of its kind in the country, it doesn't appear to have any time-saving or size-enhancing benefits.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Dec 03, 2008 8:47 am
by Ben
From The Messenger:
Bay ferris wheel to turn…. finally
by Kym Morgan
AFTER two years of false starts and delays, the $1.8 million Bay ferris wheel will spin for the first time this weekend.
The 25m-high ferris wheel is set to be officially opened on midday Saturday (December 6) at The Beachouse amusement attraction, near Colley Reserve.
Beachouse owner, the Rimington Group, is expected to release a full statement tomorrow.
Bay Mayor Ken Rollond said the opening would be ``the best thing to happen to Glenelg for a long time’’.
``The ferris wheel will be a tremendous asset to Glenelg,’’ Dr Rollond said.
``It will draw a lot of families here that wouldn’t otherwise have come.’’
Jetty Rd Mainstreet Board manager Rod Basto: ``It’s the perfect time of year for it to open with the school holidays about to begin and the warmer weather
arriving.’’
``Hopefully a lot of families will come along for the launch.’’
The ``single-arm’’ wheel, held up by one giant column, is the first of its kind in Australia and was first predicted to open in late 2006.
Delays with planning approval, importing parts and construction saw its opening delayed several times.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Dec 03, 2008 9:42 am
by AtD
Bay Mayor Ken Rollond "the best thing to happen to Glenelg for a long time" - then why was your council so adamant in blocking and hindering every stage of this project?
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Wed Dec 03, 2008 7:05 pm
by shaun
Exactly.
City of Holdfast Bay would have to be the worst council in South Australia, yet Glenelg is one of the state's premier tourism precincts.
Re: Glenelg Entertainment Complex (New Magic Mountain)
Posted: Thu Dec 04, 2008 12:48 pm
by Ben
Good picture from from The Advertiser:
Glenelg ferris wheel starts spinning at last
KYM MORGAN
December 04, 2008 12:30pm
AFTER two years of false starts and delays, the $1.8 million Glenelg ferris wheel will spin for the first time this weekend, The Messenger reports.
The 25m-high ferris wheel is set to be officially opened at noon on Saturday at The Beachouse amusement attraction, near Colley Reserve.
Mayor Ken Rollond said the opening would be "the best thing to happen to Glenelg for a long time’’.