Buildtec’s $7m serviced apartments to open next week in Kent Town
A local developer has set its sights on more development in Kent Town ahead of the opening of a $7m serviced apartments complex.
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The developer of a $7m serviced apartments project in Kent Town believes the area is ripe for development as he prepares to open the doors to the complex’s first guests next week.
Anthony Carrocci, who heads family-owned construction and development company Buildtec, said the company was on the lookout for more sites in Kent Town, given its close proximity to the CBD and desirable location in Adelaide’s inner east.
The company is putting the finishing touches to its KT Apartments project on Little King William Street, which will open its doors on April 1.
The tower, one of the tallest in Kent Town, comprises 10 two-bedroom apartments catering to corporate and leisure travellers.
It adjoins to Buildtec’s corporate headquarters, where around 25 staff are employed.
Buildtec acquired the site around four years ago, relocating from its CBD premises a year later, while planning to build the six-level tower following the introduction of new height limits in the area.
Mr Carrocci said Kent Town had remained under-developed in recent years, and was keen to pursue more projects in the precinct.
“We are looking at other projects in the area,” he said.
“Kent Town got rezoned in about 2015 to the current height limit that we’ve built to - we knew the new zoning was coming through.
“We are looking at other sites - we think Kent Town has a good story to tell and there’s not enough people having a crack here.”
Mr Carrocci said future development in the area would likely be a mix of residential and commercial projects.
“Low rise commercial, office of any type, there’s a bit of medical moving in, residential yes, but it won’t be solely residential because you’ve got the likes of our Norwood Green project, you’ve got The Parade where Pep’s (Pep Rocca) got plenty of residential coming online over the next two to three years,” he said.
“Kent Town’s on the edge of the city but you’ve still got car wreckers here. You’ve seen it (city fringe development) happen in Melbourne and elsewhere - I reckon it’s one of the best places to live - you’ve got access to Rundle Street and The Parade.”
KT Apartments will be managed by local hotel management group 1834 Hotels.
The company’s chief executive Andrew Bullock said the opening came at a good time given the strong rebound in local tourism from the COVID-19 pandemic.
He said the new accommodation offering was likely to attract both corporate and leisure travellers.
“South Australia’s trajectory coming out is really strong - I’m pretty bullish and I think there’s a lot to be said for tourism in the state,” he said.
“The opportunity for tourism in Kent Town is quite interesting because you open up all of this end of the city.
“If you think about Lot Fourteen and the development that’s gone on in the east end - there’s going to be a lot of activity coming through from Sydney, Melbourne, Brisbane and I see those people as a real target market.
“There is also such a good vibe going on now in Kent Town that you’ll see there will be a leisure based market that comes here as well.”
Buildtec recently started work on a $20m townhouse and apartment joint venture on Anzac Highway in Camden Park, with social housing group Junction Australia, while it will soon start work on the first stage of apartments at its $120m Norwood Green development.
Around 90 per cent of the 108 apartments in the first stage are sold out, following the completion of townhouses on Stephen Street at the former Caroma site, which is being developed in a joint venture with local developer Catcorp.
Mr Carrocci said the company was also focused on ramping up commercial and industrial projects.
“Everything’s firing on all cylinders at the moment - all sectors are doing really well,” he said.
“We’re looking to get back to not being primarily residential, which is what we are at the moment. Ten years ago we were probably 20 per cent residential, and around 80 per cent commercial and industrial, so now we’re trying to rebalance the projects we’ve got on the go.”
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