[U/C] Victoria Tower - 36 Grote Street | 123m | 35 levels | apartments

[VinyTapestry849]

Really crappy photo from today

Synergy now demolishing the front facades of the existing buildings, so have moved the site perimeter out to include the footpath.

Across the road at the market site - absolutely zip going on.

Yay

[Hex]

Some demolition on this today

[mattblack]

Just to let you know that this site will come to a pause after demolition awaiting pre sales to increase. Anticipated to be 4-5 months.

[timtam20292]

Oh great, so it will sit dormant just like the place across the road

[gnrc_louis]

Just to let you know that this site will come to a pause after demolition awaiting pre sales to increase. Anticipated to be 4-5 months.

So the possibility of another empty block if presales aren’t sufficient. Fucking hell.

[AG]

There are some serious problems in the Australian construction industry right now which are delaying the start of construction for many new builds. Rising labour and material costs combined with labour shortages are driving up the build costs and drawing out many project timeframes.

It would not surprise me if those factors are also affecting this project and the Central Market redevelopment across the road.

[dbl96]

Just to let you know that this site will come to a pause after demolition awaiting pre sales to increase. Anticipated to be 4-5 months.

Source?

There are some serious problems in the Australian construction industry right now which are delaying the start of construction for many new builds. Rising labour and material costs combined with labour shortages are driving up the build costs and drawing out many project timeframes.

It would not surprise me if those factors are also affecting this project and the Central Market redevelopment across the road.

It is a real concern for the current generation of projects which did their pre-sales in the pre-inflation environment. Their pre-sale prices would have been based on recovering their costs at the time of sale, but now their costs are so much higher, and presumably there will be a shortfall, unless they built in big margins.

[mattblack]

Just to let you know that this site will come to a pause after demolition awaiting pre sales to increase. Anticipated to be 4-5 months.

Source?

Site supervisor from Synergy

[Prodical]

Drove past today and all that is left of the buildings are a pile of bricks.

Such a pity the site will lie dormant now - I am always uneasy when buildings are demolished and the work stops - if the project falls over, there is yet another ugly vacant block, like we have in Hutt Street, Gouger Street, New Mayfield etc etc

[Prodical]

From today

I guess we now wait.

[VinyTapestry849]

This tower's penthouse, "Victoria Tower Penthouse" is now the most expensive property on the market in South Australia, asking $6,100,000 AUD

[Jaymz]

This tower's penthouse, "Victoria Tower Penthouse" is now the most expensive property on the market in South Australia, asking $6,100,000 AUD

Close... actually not even close. The penthouse in the Market Square development was going for an asking price of $10 million. By far the most expensive in Adelaide ever.

[VinyTapestry849]

This tower's penthouse, "Victoria Tower Penthouse" is now the most expensive property on the market in South Australia, asking $6,100,000 AUD

Close... actually not even close. The penthouse in the Market Square development was going for an asking price of $10 million. By far the most expensive in Adelaide ever.

Then theres Sydney and melbourne selling houses for 60 million, we're so small

[Prodical]

All quiet on the western front...

The demolition is pretty well completed - as mentioned earlier, looks like this site will stay dormant like this for a while.

[SRW]

I imagine if the developer were cheeky enough to apply to convert to carparking the council would have a hard time refusing given the noise the market traders would make. Still, it ought be refused due to the awful precedent it'd set for the central city.