Glad I’m not a developer in Perth
By
In the Perth news yesterday is a fascinating article around property developments that have stalled in WA.
Glad you’re not involved in any of these 
Swanbourne Hospital, sold to developers for 6.6 million. Vacant for 24 years, unable to get council consent to develop.
Old Fremantle wool stores. Bought by developers in 1998 for 10 mil, 12 years vacant and unable to get council approval.
The same article lists quite a few government owned buildings vacant for up to 30 years literally rotting away because of no ability to redevelop including the East Perth Power Station, (pictured), vacant for 29 years and valued at 200 million.
So the next time you’re having a bad day think of the guy servicing 10 mil of debt for 12 years trying to get local council to be reasonable, then buy yourself something to celebrate it ain’t you
Stay Inspired and Stay Safe ~ Dean Letfus
The Wandering Investor
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1 Comments
May 31st, 2010 at 9:49 pm
Yes there are other circumstances associated with these developments, but the simple answer is to stay small.
Perth is a great place to live and develop in, I moved here from ChCh this year having had a fifo job here prior to then, my whole family are now moving here, 1st one moves 7 Aug with his young family, having studied some 4 yrs for the career of choice and the NZ economy not being able to provide him or any young person with options for any type of life – shades of the time when a Labour Govt. implemented GST & other user pays schemes thus stalling the economy for years then too…. I can not see any short term improvement (2 – 5 Years?) in NZ’s ability to provide young people any hope of a life sustaining career.