200 East Tce luxury apartment development under way in Adelaide’s east end
Could this become Adelaide’s most expensive apartment on record? See inside the $9.6m offering under construction near the east parklands.
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Construction has started on a luxury $130m apartment development along Adelaide’s east parklands, featuring a $9.6m penthouse priced to set a new record in the city.
Spanning the entire top floor of the eight-storey building, the four-bedroom penthouse features 492sq m of living space with six car parks, private wine fridge and an expansive private terrace that wraps around to offer 360 degree views.
Developer Garry Minuzzo said the penthouse had already generated interest from local and interstate buyers before a formal release to a VIP database in the coming weeks.
At $9.6m, the penthouse would smash the current record price for an Adelaide apartment, which was set in 2020 when one of two penthouses in the Realm tower on Austin St sold for $5.29m.
However developers of the $400m Market Square development are also looking to break the current record with a $10m penthouse listed for sale in 2021. A buyer is yet to be found for the 935sq m residence, which will occupy the top floor of a 37-storey tower currently being built on the Adelaide Central Market Arcade site.
Mr Minuzzo’s Minuzzo Project Management has joined forces with international investment group Global Intertrade on the development at 200 East Tce, which is designed by Adelaide-based architecture firm Aplin Cook Gardner Architects.
It features 33 luxury apartments across eight levels, with residents to have exclusive access to a wine room and private lounge area, as well as a luxurious BBQ and entertaining space.
Global Intertrade is backed by Spanish media mogul Javier Moll, and controls a significant portfolio of commercial property across Adelaide and vineyards in the Barossa Valley.
It previously partnered with Minuzzo – a local family-owned construction firm – on a $32m luxury apartment project on East Tce, just 100 metres south of their latest project. That was completed in 2020.
Global Intertrade managing director Manuel Ortigosa, a local resident of Adelaide’s east end, said that after 27 years of ownership of the site at 200 East Tce, it was the right time to deliver more luxury apartments into the Adelaide market.
“We’ve owned the site for 27 years and I’ve lived in the east end for 22 years,” he said.
“We’re passionate about the incredible lifestyle opportunities in this unique spot – never to be repeated – from the deep culture of lifestyle, wine and amazing restaurants on your doorstep.
“The chance to own a home-sized residence with unparalleled quality and with sweeping panoramic views of the adjoining eastern parklands is truly unique – it promises a lifestyle unsurpassed and we are looking forward to bringing this project to life.”
An earlier proposal to build up to 11 storeys on the site was scaled down after it was rejected by the State Commission Assessment Panel last year.
The final design features ground floor apartments with private gardens plus a selection of two and three-bedroom apartments priced from $1.355m.
Two sub-penthouses provide parking for four cars and are priced from $5.6m.
The apartments will be released for sale in the coming weeks.
Mr Minuzzo said they would be among the largest to be offered in the Adelaide market.
“Our team is excited to have broken ground for this luxury project and it’s exciting to see so much interest from people driving past the site and watching things start to happen,” he said.
“Building a project like this is something special. The sheer size and dimensions of these residences set them apart from anything else available.
“Early interest from interstate buyers, even some with no previous connection to Adelaide, has been overwhelming following the success of 217 East Terrace.”
The project is expected to be completed by the middle of 2025.
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