A work in progress

Quite a few years ago, our group developed and sold off-the-plan a building containing 56 apartments,140 carparks and 8 shop/offices at 237 Wakefield Street Adelaide.

It was well known because of its warehouse style and gave buyers the opportunity to purchase an apartment shell then design and build their own interiors. This doesn't happen very often in Adelaide and it resulted in some really stunning apartments with unique contemporary spaces.

One shell was purchased but never developed, and some months ago our good friend Graham at Urban Edge acquired the shell and started working his design magic.

It is still a work in progress, but is starting to take shape over 2 levels and containing 3 bedrooms, 3 bathrooms, open double height living and a huge roof deck with great views of the City and hills. We can't wait till its finished - we'll keep you posted...

How's the market looking?

We are definitely feeling more optimistic than a few months ago and the level of enquiry from investors and owner occupiers is increasing. We also recently completed 2 significant apartment sales at 223 North Terrace for $720,000 and in The Conservatory at Hindmarsh Square for $725,000.

The Australian Financial Review has written about a recent report which says that the value of home loans increased by nearly 33% from August 2008 with first home buyers responsible for 28% of mortgages issued in May 2009. Also, according to the National Bank's latest quarterly report, business confidence has jumped substantially in the 3 months to June 2008. When you factor in the Reserve Bank of Australia's interest rate cut from 7.25% in August 2008 to 3% in April of this year, as well as the impact of the first home owners boost of up to $21,000, sales activity just had to get better.

So all the ingredients for an increase in residential sales activity are present - low interest rates, government grants, and increasing business and consumer confidence.

If only the Crows and Power could win every week our local market would be back in boom mode by late spring!

Breathing new life into old structures

Chesser Street is one of my favourite places in the City of Adelaide and is famous for Chesser Cellars and the fabulous old grape vine canopy that extends across a large section of the street. The precinct is architecturally very interesting, with lots of stone and red brick warehouse buildings now used as offices, shops and design studios.

The opportunity came up to get the building on the corner of Chesser and French streets and we ultimately secured it for our client and good friend Graham. He is a designer/developer, and his company is called Urban-Edge. The name might give you a clue to his mission in life - rehabilitating city buildings by fusing the old with stunning new contemporary design.

We introduced a lift to the building and created 3 separately titled office floors all sold to owner occupiers who run their businesses from their fabulous new spaces.

The French Street frontage now comprises of a 5 storey structure with the ground floor space holding 3 cars and the upper levels containing 3 two level apartments.

We talked Graham into keeping the biggest apartment as a long term investment and we leased the space to a boutique legal firm....a very happy ending to some great old buildings!

A great 1960's block of units

It's not often we see units from this era and we thought this group was worth highlighting.

It is situated in Da Costa Avenue in the near city suburb of Prospect, where most of the houses are 1920's "State Bank" bungalows that have been gentrified over the years. This group of units constructed of cement blocks (besser block was the term used back then) are still in good condition and are a great example of the contemporary style of architectural design of the times. Our client is a young lawyer and this is her first investment property (first of many we hope) and the rental is very reasonable.

Just think these units were almost new when Neil Armstrong walked on the moon!

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