Receivers Move Into Alderley Square

This blog reported recently that PCN's Alderley Square development was on hold.  The AFR reported on Thursday that receivers have moved into Alderley Square, due to a significant slow down in sales.

• Developer owes Westpac $12 million.
• Construction has not yet started.
• Off-the-plan purchases have dried up.
• Colliers reports 30 months of supply of new apartments in Brisbane.
• Alderley Square had 234 apartments across 3 buildings.
• In the first 12 months, $55 million of contracts, mostly to locals.
• In the next six months, only $4 million in sales, even with the $10,000 building boost.
• The AFR reports that buyer fatigue extends throughout south-east Queensland.
• At Australand's Yungaba project at Kangaroo Point, only 37 out of 167 lots have been sold, or about $33 million out of $150 million of stock.
• What will happen to PCN's El Dorado Indooroopilly development?
• See also story here and here.

Alderley Square on hold

PCN's Alderley Square project is on-hold.  See Quest story.  PCN's El Dorado Indooroopilly project seems to have stalled.

There are a number of other projects where the developer is trying to off-load the whole project to another developer.  Buyers beware!

El Dorado Indooroopilly Delayed?

It appears that PCN's project on the El Dorado at Indooroopilly has yet again been delayed. On the second or third attempt, it was due to start in November 2010, but has been pushed back until 2011, according to workers in the cinema complex. I wonder if it will ever get off the ground. PCN is also developing Alderley Square. PCN did not proceed with its apartment project at Graceville. As far as I can tell, PCN has never completed an apartment project that it has attempted.

Alderley Square Update

"Alderley Square is a village-style, mixed-use community inspired development set to reinvigorate the heart of one of Brisbane's most established suburbs. It combines the finest of residential apartment living, a thriving retail centre and a bustling commercial precinct.

The 241 residential apartments comprise a mixture of studio, 1, 2 and 3 bedroom residences over two towers and a terrace homes complex.

Both owner-occupiers and investors alike will appreciate the open plan designed apartments with generous sized balconies to take advantage of the prevailing breezes. Breathtaking views to the CBD, North-East and over the mountain will significantly enhance the 'Queensland lifestyle' feel of Alderley Square."

Alderley Square

PCN Projects, who are the developers of the proposed El Dorado Village at Indooroopilly, have launched a website for a new project at Alderley, called Alderley Square. There are little details about the project on the website.

"Alderley Square will provide a village-style, mixed use community that is set to revitalize and reinvigorate the heart of one of Brisbane's most established suburbs. It will combine the finest of residential apartment living, a thriving retail centre and bustling commercial precinct, all centred around a fully integrated transport network. Its restaurants, cafes and public gathering spaces will be evocative of those found in European capitals. And it's all just 15 minutes from the CBD."