Adelaide's Premier Development and Construction Site
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https://www.sensational-adelaide.com/forum/viewtopic.php?t=522
Not sure how you would explain all the construction workers on site this morning...rogue wrote:Dont expect things to progress from here for a while. I am lead to believe it has been placed on hold.
Trust me. Once site works have finished, there wont be much happening.Ben wrote:Not sure how you would explain all the construction workers on site this morning...rogue wrote:Dont expect things to progress from here for a while. I am lead to believe it has been placed on hold.
Here are some more, then:rogue wrote:An investor has withdrawn support for this project which has thrown a massive spanner in the works. There are currently no $$$'s to push it along.
Worldpark delayed by slowing demand
RUSSELL EMMERSON
July 21, 2008 11:30pm
LISTED developer Axiom Properties has delayed part of its $175 million office development, Worldpark:01, because of slowing tenant demand.
The company originally intended to build two of the Keswick site's three buildings immediately, but SA general manager Paul Mouvray said the rollout would ``be a bit slower than before''.
"Everything has slowed down in the Adelaide market,'' he said. ``We are just a little bit uncomfortable with taking too much risk."
"Tenants who are relocating are just sitting on their hands trying to work out what the market is doing and a lot of businesses are slowing down. That's making relocation decisions tougher.''
The first stage of the water-neutral development will still be anchored by engineering services firm Coffey International, which has signed up for 7000sqm of Building A's 11,000sqm.
Mr Mouvray said Axiom was talking with three companies about leasing the remainder of Building A.
He said Axiom was still negotiating with other companies regarding the leases for the remaining buildings.
"Building B and building C will follow shortly but they will be based on tenant demand,'' he said. ``But stage one (Building A) will more than pay for the land - that was part of the strategy.''
The Melbourne WorldPark project, which is based on the Adelaide concept and was approved by shareholders at their general meeting last month, was still on track to be started by the end of this year, Mr Mouvray said.
The company announced in April it was negotiating a further 6.3ha industrial lease near its Gepps Cross Home Maker Centre, and was also negotiating a 22ha industrial lease.
Probably more to do with the location of this development, being outside the core.Queen Anne wrote:I might be naive, and I admit I am no expert in these matters, but has Adelaide just been snubbed? Last month shareholders approve the Melbourne version of WorldPark and at around the same time an investor pulls out of the Adelaide version? And now ours, which was the first to be proposed, is looking shaky
being snubbed implies some sort of pot, or subtext against Adelaide. I'm sure it is just a financial reality for this specific project (that is, the developer must obtain tenants prior to construction commencing).Queen Anne wrote:I might be naive, and I admit I am no expert in these matters, but has Adelaide just been snubbed? Last month shareholders approve the Melbourne version of WorldPark and at around the same time an investor pulls out of the Adelaide version? And now ours, which was the first to be proposed, is looking shaky