[CAN] New Mayfield | 41-61m | 11-17lvls | Mixed Use
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
Sounds semi promising.
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
So they've found a new builder? Any word on who they've gone with?
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
No builder announced as yet but given the letter, the banks are keen to get it moving so that they can continue selling stage 2. Keep in mind that stage 1 is 85% funded so once this block comes out of the ground then it will give stage 2 and 3 more security. Also remember that half of stage 2 is the hotel so they don't need to sell that many units.
I'll agree that the units are on the pricy side but looking at the rest of the market they seem inline (Bohem, Vue, west on Franklin, one). Looks like the lead in rate for a bedder now is $410k + (inc car park).
Thoughts?
I'll agree that the units are on the pricy side but looking at the rest of the market they seem inline (Bohem, Vue, west on Franklin, one). Looks like the lead in rate for a bedder now is $410k + (inc car park).
Thoughts?
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
There was a worker on site today, moving around some bits and pieces inside the compound.
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
I was having a beer with someone involved in this development and the above is true, should see the ball rolling again soon ![Secret :secret:](./images/smilies/tuschel.gif)
![Secret :secret:](./images/smilies/tuschel.gif)
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
New Mayfield is going to be another Palladium on Light. They have a debt of 25/26 million, while the land is only worth less than 10 mill.
Unless they can find a way to separate the basement parking of stage 1 from the later stages, the build cost of the 1st stage alone is already more than $70 million. Their gross revenue from the approximate 100 apartments in 1st stage is less than $50 million.
Sunset date for their sales contract is another issue. I believe they are terminating in either late 2018 or early 2019. Given that their stage 1 will need at least 20 months to build plus at least 9 more months as bank contingency, unless they start building now, their sales contracts will sunset/expire before it can complete, meaning it would not even start.
Unless they can find a way to separate the basement parking of stage 1 from the later stages, the build cost of the 1st stage alone is already more than $70 million. Their gross revenue from the approximate 100 apartments in 1st stage is less than $50 million.
Sunset date for their sales contract is another issue. I believe they are terminating in either late 2018 or early 2019. Given that their stage 1 will need at least 20 months to build plus at least 9 more months as bank contingency, unless they start building now, their sales contracts will sunset/expire before it can complete, meaning it would not even start.
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
Yes. And given that the settlement date is mid 2018, this project is looking more unlikely to go ahead. Although i'm not convinced of it needing a 20 month build time, they would need to get cracking very soon for it to have any chance of completion in time.AdelaideGo wrote:New Mayfield is going to be another Palladium on Light. They have a debt of 25/26 million, while the land is only worth less than 10 mill.
Unless they can find a way to separate the basement parking of stage 1 from the later stages, the build cost of the 1st stage alone is already more than $70 million. Their gross revenue from the approximate 100 apartments in 1st stage is less than $50 million.
Sunset date for their sales contract is another issue. I believe they are terminating in either late 2018 or early 2019. Given that their stage 1 will need at least 20 months to build plus at least 9 more months as bank contingency, unless they start building now, their sales contracts will sunset/expire before it can complete, meaning it would not even start.
If and when this is decided to not proceed, I truly hope that common sense prevails and customers have their deposits returned quick smart.
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
No no it's not dead, it's, it's restin'.Ben wrote:I think this is dead.
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
Resting in the coffin before it goes six feet under.
Wait, they already dug out the basement...
Wait, they already dug out the basement...
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
Funnily enough, there are at least three excavators working on site right now.
[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
Two were delivered on site this morning, much to the surprise (and delight) to the barristers at "East of Norman."Dvious wrote:Really? That could be a good sign!
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[CAN] Re: New Mayfield | 41-61m | 11-17lvls | Mixed Use
I guess the cafe is pretty close to the legal precinct.Pikey wrote:Two were delivered on site this morning, much to the surprise (and delight) to the barristers at "East of Norman."
![Wink ;)](./images/smilies/icon_wink.gif)
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