# Site Works (On Hold) | River Plaza | 150m | Resi

[docker]

Old Thread: http://www.skyscrapercity.com/showthread.php?t=489495

Official Site: http://www.savilleaustralia.com.au/capital-square

Official Blog: http://www.capitalsquarelounge.com/

http://img518.imageshack.us/img518/7264/image001mm5.jpg (http://imageshack.us)


River Plaza

10/09/2007 98 Mounts Bay Road
PERTH WA 6000
STAGE 1 - 'Capital
Square" Project New
Building
150,000,000.00 BA-PRE 2007/391

06/06/2008 98 Mounts Bay Road
PERTH WA 6000
Main Building for
Residential Units,
Commercial Units & Car
Parking - Capital Square
194,000,000.00 BA 2007/560

26/08/2008 98 Mounts Bay Road
PERTH WA 6000
Development comprising
office, retail, dining,
entertainment and
recreation uses, public
plaza and basement car
park with tenant, bicycle
and service bays.
21,500,000.00 DA 2008/2247

http://i223.photobucket.com/albums/dd202/mdilaz07/IMG_4656.jpg

http://i223.photobucket.com/albums/dd202/mdilaz07/IMG_4657.jpg

http://i223.photobucket.com/albums/dd202/mdilaz07/IMG_4659.jpg

http://www.news.com.au/common/imagedata/0,,5807888,00.jpg


Latest Updates




Old Proposals

http://img184.imageshack.us/img184/2597/303969mf6.jpg

http://img139.imageshack.us/img139/3207/emuwpmb9.jpg

http://img.photobucket.com/albums/v190/Muse11/Capital20Square2012.jpg

http://img253.imageshack.us/img253/796/20414232jv8.jpg

[crave]

you know when we first started bagging out this proposal when it first started and how saville et al lacked detail and that it reflected something that didn't know what tha fvck it were doing and appeared to be a bunch of ass donkey's...

well. it would appear there were good reasons to make those judgements.

[acc521]

It will be interesting to see what the developers of other sites (i.e. treasury, ABC) do if this falls over. Something a bit bigger and bolder on another site perhaps?

[city_thing]

This site is a beacon for hideous proposals.

They're all pretty bloody naff.

[crave]

well if this goes bust.

we can only hope and pray that people have been coming on this site and they'll come up with some truly "iconic"...

:)

we need a tower with curves. curves. i said curves.

[Dilaz89]

As far as we know this is still going ahead.

[WAuzzie]

not without a builder its not.

btw wtf. site works till march! shudnt be that long

[samboy]

still faster than the perth arena.

[WCG]

Im tired of thi project let it collapse and lets start again afresh with something more inspiring.

[Auxodium]

lol this has collapsed many times :P

[Skyline Art]

:lol: If it has been known that this site has become haunted, then the site should be blessed by some priest to remove the spirits, perhaps then the site would be not creating all these problems.. low i don't believe in it, but one should give it a try....

:lol: on the other side, it may allow someone to put forth a better development, hopefully a few towers and of decent bulk not just a bunch of small midrises...

[Skyline Art]

Were'nt people putting bids on the height outcome long ago, for $, :lol:

[Scraperfan]

Were'nt people putting bids on the height outcome long ago, for $, :lol:

that was for bishops stage 2.

perth4life successfully negociated a $2.50 discount from the $5 bet commitment. lol.

[Dilaz89]

pile driver back on site. River plaza could still happen.

[basics]

How many pre-sales have they got?

[Dilaz89]

last time I checked they had presold 240 of about 275.

[basics]

^
Given that, it would make no sense at all to can it. They're no doubt making money from that many sales. They could keep the unsold apartments as rentals for some cash flow.

[perthgazer]

Saville is pretty incompetent if it can't find a builder for this or Altus - particuarly when lots of projects are finishing - Peak, Saffron etc

Yes, things are tight, but if crap like Zenith and Dyons Plaza can get builders theres no excuse.

[Scraperfan]

and youd think builders would also make a priority to grab these projects. being so large, would keep them in good work for ages.

[samboy]

I think things will change slowly. Give it some time and builders will be lining up for te opportunity. The tides are turning. It's already started over East.

[jfc]

Pre-sales only mean so much....
The project was sold at the height of the market when investors were overly optimistic but things are changing fast....
Australian property prices are too high..... The IMF rate them as the 3rd most over valued in the world, behind Ireland & the U.K.
Prepare yourselves for a mighty fall, because reality will hit soon as the property market continues to correct itself.
If Saville build out, they may go under when potential purchasers find themselves in negative equity and fail to complete.....

[Sanj]

this was always really overpriced, even relative to other overpriced perth projects.

[Ipggi]

I am actually wondering if this tower will get up now. As mentioned with falling property prices in this kind of economy, deposits on pre-commitments don't mean much. It was announced last night that the building's financial backers Babcock & Brown are in involved in some serious debt and risked collapsing. They are short of around $1.55 billion owned on their borrowings. So knowing this I can't imagine they would be funding any property projects, specially now when they are looking to sellout of that business?

Babcock to cut itself in two

EMBATTLED investment company Babcock & Brown will slash 850 jobs by 2010, hive off half its business and refocus as a specialist infrastructure company — all while trying to keep the banks at bay.

As the effects of the global financial crisis push the already precarious Babcock to the edge, the company has pleaded for clemency with its banking syndicate, which is expecting payment on its $3.1 billion corporate debt facility.

In calling for mercy, Babcock said it would "find it difficult to meet (its existing corporate facilities) in the near term given the continuing and substantial deterioration in market conditions". It forecast its restructure would pay for only about half the $3.1 billion debt.

The company is holding discussions with its 25-member banking consortium, including the Big Four, but a decision may not be reached until next year.

The plea was part of a wide-ranging restructure plan resulting from a strategic review that Babcock began in June.

Businesses and assets outside the infrastructure business, including Babcock's real estate and leasing businesses, investments and loans to Babcock & Brown Power and other infrastructure assets already up for sale, would be separately managed but would be sold "when opportunities arise".

Babcock said there was no timetable for the asset sales but the segregation of the infrastructure business should be completed by mid-2009.

As a result of the downsizing, Babcock will reduce its workforce from 1450 to 600 by the end of 2010. It said it would try to negotiate any sale of its businesses to include the retention of key staff.
http://business.theage.com.au/business/babcock-to-cut-itself-in-two-20081119-6bme.html

[Swan]

B&B should go under and/or the site disposed of for cheaply so that a new developer can start planning for the next cycle....

the longer it stays with B&B the longer it will just be site works.....

[WCG]

Yes I think this project needs an extreme makeover! Never like the design of these residential blocks, no love loss.................

A prominent site deserves more!!!!!!!!!1

[stadiumdesigner]

well the site offices have been removed...its once again just an empty block...this time with a bit of sand shifted

[Urbania]

and so the curse continues...

We need to find a way to break it!

Step 1: Find the jade monkey before the next full moon...

[Homeroids]

So not even the resi looks secure anymore? The one they are/were doing the site works on up to a few weeks ago?

[samboy]

According to Saville this is still going ahead. Forward works by John Holland is finished and they're looking to start first quarter of next year once they secure a builder (big ask I know). Not totally dead in the water yet.

[Swan]

But Babcock is dead in the water!

[samboy]

But Babcock is dead in the water!

Not (yet).

Also Saville may be able to make other financial arrangements.

Bottom line - Who knows. Their official line at the moment is that it's going ahead. Remains to be seen.

[Ipggi]

Not (yet).

Also Saville may be able to make other financial arrangements.

Bottom line - Who knows. Their official line at the moment is that it's going ahead. Remains to be seen.

Other financial arrangements, even BHP tower doesn't have financial arrangements atm

[crave]

i'm confused as to how tha media or external bodies could actually know 100% whether bhp do or don't have "financial arrangements"

[samboy]

I don't think BHP has a firm financial arrangement (by their own admission). Which Is essentially impossible to predict in this environment. That's not to say they can't get it.
The rest is all speculation which pretty much what the media does anyway.

[WCG]

Either way the BHP project is moving strides ahead this project. Obviously, whether BHP has secured 'financial arrangmets' or not the tower is on its way up!

This project still 'appears' to be going no where fast!

I hope the residential and the entire project doesnt go ahead and new development is started from scratch! Just because the residential tower is at 41 stories, it doesnt= wow great building, gotta go ahead for the skyline, na gotta go LOL

[jfc]

Altus has been cancelled.....
Who knows the future of Capital Square....
I expect the same next year

[Ipggi]

Yes it doesn't help when you see stuff like this ...

BABCOCK & Brown last night mounted a last-ditch bid to convince its banking syndicate to approve a short-term $100 million funding lifeline.
http://www.theaustralian.news.com.au/business/story/0,28124,24717685-643,00.html

[Nate Von Longneck II]

Anyone know about the financial state of Saville????

I am saying no more, I have just heard a rumour or two... strictly rumours I must say...

[docker]

i've heard that they have already gone under...

[jphlau]

i've heard that they have already gone under...

I heard any day now

[desperaterobots]

Do they have any/many apartments in mid-construction? I'm curious as to what would happen to those buildings.

[basics]

Local market gains ground

Posted 1 hour 0 minutes ago

The Australian share market is higher in early trade this morning.

Investment bank Babcock and Brown more than doubled in value after its banks agreed to an emergency lifeline to keep it afloat.

At around 10:20am AEDT the All Ordinaries Index was up 57 points to 3,533. The ASX 200 had put on 64 points to 3,598.

The Australian dollar was trading at just over 65 US cents.

ABC.net.au/news

[dallastexjr]

That's a surprise. I thought Babcock were sunk for sure.

[basics]

Lol, there's still time...

[Ipggi]

Scott Murdoch | December 04, 2008

Article from: The Australian
BABCOCK & Brown's emergency funding lifeline has breathed life into the struggling investment bank's shares, as the market digests the new loan.

The bank's stock is now up 120 per cent, after the shares began trading again, following its suspension for more than a week.

Babcock will suspend the dividend payments on its ordinary shares, as part of a deal with the banks to channel funding into interest repayments.

Babcock & Brown secured a short-term $150 million loan from the Australian participants in the lending syndicate - it was agreed to late last night by two German banks.

Under the new deal, the interest repayments will be restructured to give Babcock an immediate cashflow injection into the business. The Australian yesterday afternoon reported Babcock had secured the lifeline.

The financial covenants on Babcock's two existing corporate facilities will be suspended while the new loan is not due for repayment until December 2009.

As part of the funding agreement, Babcock will undergo a capital restructure, which is thought to have been a demand of the banks.

The retail banks have also appointed McGrathNicol to examine the Babcock model to identify value, and potential assets which could be sold.

Babcock said in a statement to the ASX: “A group of BNB's existing lenders under the corporate facility have agreed to provide the additional $150 million facility to assist with funding the business through to December 2009.

“This facility will rank ahead of existing corporate facilities. This facility will be available to be used to fund certain infrastructure asset development projects in North America and planned cash outflows.”

Babcock shares were trading at 55 cents this morning, up from its last quoted trade of just 25c. At the same time, the benchmark S&P/ASX 200 index had gained more than 1.2 per cent.

http://www.theaustralian.news.com.au/business/story/0,28124,24749590-36418,00.html

[AWOL]

Got letter from Saville stating that are working on getting a builder by Feb 09. I seriously have my doubts now and if nothing is has come to light by end of Jan I will try to get out of my contract as this is just going from bad to worse.

Anyone know how I should go about getting out of this contract and getting my 10% deposit back?

[samboy]

Saville have time and time again re-assured investors that this site will start in Feb/Mar 09. I'm normally very sceptical but in this case I'm giving it an 80% chance this will go ahead.
As for your deposit. Why would you pull want to pull out and not give it a chance? Is it because the deposit is not secured? (I think Sanj may know more on this topic). If it's secured I'd be inclined to sit on my hands for a while.

[AWOL]

Yeah it is secure as it is a lawyers trust and safe as houses. The problem is the stamp duty is due at the end of 2009 and if this project is going to the wall then would rather get the cash back and stick it into a house for ourselves as property investing at the moment seems to be going no where.

I am just getting frustrated and pissed off with Saville as any contact they do give to us creates only more questions than answers. After seeing what happened to Altus I am less than optimistic right now.

If CS is going to the wall then fine just give us our deposits back and no harm. But to drag things on when there is a good chance it is not going ahead annoys me.

[Sanj]

it is hard to comment as i habvent seen contracts but i would be very surprised if saville let u out of the contract. they need the contracts in place so that they can sell it as land with plans approved and buyers contracted. i doubt they are going to have much luck anyway, but the fact that they have sold some apartments is one of their few trump cards and they will probably want to hold on to that for as long as it remains of some benefit.

they will probably only let u out once they know for sure that there is no chance of them finishing the building before u can invoke the sunset clause. have a look at your contract and find out when that is. if construction is estimated to takie 3 years but they have got 4 years left then there is really no incentive for them to release you.

[AWOL]

Fair points, will have another read over the contract. Would just be good if they provided more details rather than open ended statments all the time.

The CS website forum has not been updated since 18th Sept, what does that tell u?

http://www.capitalsquarelounge.com/

Thanks for your replies.

[samboy]

The CS website forum has not been updated since 18th Sept, what does that tell u?



what do you expect to see on the website (if it were updated)?

[perthgazer]

well, in the current market, perhaps saville maybe able to get a better price for building the tower

fingers crossed

[Sanj]

that is also possible i guess. i spoke to an architect today who said he is seeing tenders come in with up to 25% differences in price, with around 3 or 4 being close in price and the last one being 20-25% lower due to that builder not having any work.

i know ill be looking to get new quotes myself.

[Phoenix_1]

Interesting last paragraph to this article. I don't remember either of the two lots 'officially' being cancelled.

http://img300.imageshack.us/img300/5177/tower800x600rl6.jpg

EDIT: Sorry forgot to reference the article, from today's West, page 11 I think.

[samboy]

yeah the above article is WRONG on so many different levels. Just pure drivel.

[ryan79]

Fuck thats what I was worried about. I don't remember hearing this going on hold or being cancelled. I thought this was a sure thing.

[Citystyle]

Demand for commercial space is not the issue, a potential fall is. Given the towers coming onstream over the next four years and that construction are still high allot have been put on hold. Still could get built though.

You would think however that construction costs should level out given that the housing market is flat, you would also think they would quit at housing and start doing somthing worthwhile.

[samboy]

They're not talking about river plaza, I'm guessing they're referring to sky plaza when they say caiptal square.
Remember guys, we know a lot more here and a lot earlier than what laymans get from The west. There has been no official cancellation of sky plaza.