Construction of the $116 million U2 on Waymouth development in Adelaide has started

CONSTRUCTION has started on the $116 million, 25-storey U2 on Waymouth development which will feature a rooftop cinema.

CONSTRUCTION has started on the $116 million U2 on Waymouth development which will feature a rooftop cinema.

The 25-storey building, which is being developed by Datong Australia, will include 257 apartments ranging from one-bedroom studio apartments to three bedroom penthouses with views over the city.

The smaller apartments can be bought under a “dual title” arrangement with one title covering two apartments.

Datong Australia chairman Jin Liang said the feature, which inspired the name “U2” name, meant buyers had various options for how they used the apartments.

Buyers could live in one apartment and rent out the other, or open an interconnecting door to create a two-bedroom apartment.

“It is ideal for first-home buyers, students, co-mortgagees seeking individual homes, owner-occupiers seeking an investment property, or business travellers,” Mr Liang said.

“It is also an attractive proposition for parents of international students as it will enhance Adelaide’s attractiveness as an education destination.

“U2 on Waymouth is perfectly positioned in the middle of the city, offering easy access to the

Central Markets and China Town but also the university, hospital, Adelaide Oval and all of the

enticements of the inner city.

“Adelaide’s CBD is becoming a world-class city setting. This is a very exciting time to be in Adelaide as one significant investment seems to encourage another. We are delighted to be a part of it.”

Apartments start from $300,000 for one bedroom options up to $620,000-$650,000 for the three bedroom apartments.

Premier Jay Weatherill welcomed the new development, which he said would contribute to the vibrancy of the CBD.

“This is a fantastic example of the sort of inner city living that we want to encourage her in the city of Adelaide

“We have a really ambitious target of growing the city population to 30,000 (from 22,000 by 2017) but it will be developments like this which will allow us to achieve that objective.’’

Construction is expected to be completed by late 2017.

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