Application Details: Proposed mixed-use development consisting of three towers containing 30 office levels, 120 hotel rooms, 268 multiple dwellings with a podium containing a public plaza and 761 car parking bays – Bonus Plot Ratio
Property Location: 98 (Lot 200) Mounts Bay Road, Perth
DAP Name: City of Perth LDAP
Applicant: Rowe Group
Owner: AAIG Pty Ltd
LG Reference: 2013/5097
Responsible Authority: City of Perth
Authorising Officer: Martin Mileham – Director Planning and Development
Department of Planning File No: DP/03/00263
Report Date: 24 June 2013
Application Receipt Date: 25 March 2013
Application Process Days: 98 days
Attachment(s): 1) Location Map 2) Perspectives 3) Development Plans
Building Height:...........Proposed: ..............Required/Permitted:
- Tower 1 (31 levels) 148.5m AHD ............28.55m AHD
- Tower 2 (35 levels) 125.1m AHD ............25.94m AHD
- Tower 3 (41 levels) 155.3m AHD ............29.42m AHD
- Podium ................... 22m to 25.6m AHD 25.29m to 29.66m AHD
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.
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?
: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...
^
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.
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.
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.....
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.
Step 1: Find the jade monkey before the next full moon...
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