Developers pouring millions into North Terrace
One of Adelaide’s most historic streets remains a premier target for builders, figures obtained by The Advertiser show.
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With its wide promenades, grand cultural buildings fringing the Parklands and mix of old and new architecture, North Tce is Adelaide’s premier boulevard.
And it’s also the city’s development hotspot according to near year-ending development approval data held by Adelaide City Council.
There were 688 applications worth nearly $600m approved to the end of November 2020, with 52 of those projects sited on North Tce and valued at $235m.
The month with the highest value of approvals across Adelaide and North Adelaide was June with 56 projects valued at $161.5m.
Developers lodged 964 projects with the council and state commission assessment panel to November 30 last year, according to council figures supplied to The Advertiser.
Those projects were collectively worth $1.376bn, up from $981.47m for the 2019 calendar year, when 1192 projects were lodged for the city.
The figures do however contain applications which had secured extensions to the approvals.
Among projects underway in North Tce include the $100m GSA Australia’s student tower on the corner of Frome St and North Tce and another $30m student housing block at 203 North Tce, which involves renovating a state heritage-listed warehouse.
Property Council SA executive director Daniel Gannon said confidence was lifting across the property sector despite the COVID pandemic.
“SA’s investment market has a lot going for it, including no stamp duty on commercial property transactions which is providing a really big attractor for outside investors,” he said.
“2021 is looking cautiously optimistic given the influx of investors and recent purchases in the CBD.”
Adelaide City Council Lord Mayor Sandy Verschoor said it was fantastic to see increased private investment in the city.
“This clearly demonstrates the high level of confidence business has in Adelaide as a smart, globally-connected and innovative city that is a great place to live, work and play,” she said.
Year/Applications/Value
2017/1215/$740,332,068
2018/1339/$1,262,905,823
2019/1192/$981,469,147
2020/964/$1,376,423,084
RECENTLY COMPLETED
Adelaide Casino, North Tce
Cost: $330m
Developer: SkyCity
The nine-level expansion of the existing casino opened its doors last month after a two-and-a-half year construction program. The curved design and reflective gold glazing is unlike any other project in SA. The project includes new five-star hotel Eos, restaurants, bars, gaming rooms, conference centre and a $5500 a night suite, SA’s most expensive.
Hotel Indigo, Market St
Cost: $60m
Developer: Primefield Property
The IGH Group’s second hotel in Adelaide (it also operates the bigger Crowne Plaza hotel in the Adelaidean tower on Frome St) has 137 rooms and is scheduled to open in February.
Wingfold Tower, 114-122 Waymouth St
Cost: $60m
Developer: Wingfold Holdings
A project that has been a painful birth after previous owners went broke. Originally planned as residential apartments now opens as a serviced apartment building with ground floor retail and restaurant.
20 Toms Court
Cost: N/A
Developer: Karidis Corporation
A 48m-high serviced and short-stay apartment development on a narrow block. Completed in August. It will next month become SA’s dedicated COVID-19 facility for infectious patients.
102-120 Wakefield St
Cost: $70m
Developer: Kyren Group
A 14-storey office tower providing about 14,000 sqm of accommodation was completed in June. Rare project in that no tenants were secured prior to construction.
250 East Tce
Cost: N/A
Developer: 250 East Pty Ltd and Pajo Projects
Luxury apartment development overlooking Victoria Park and the Mt Lofty Ranges. Was beset with lengthy delays after work started in 2016.
Belvedere on Park, South Tce
Cost: $10m
Developer: Australia CPB Investments
Six storey apartment complex overlooking the Parklands.
NEARLY THERE
Luminesque/Sofitel, 108 Currie St
Cost: $140m
Developer: Palumbo
Est completion: 2021
Financed by SA owned company Palumbo this apartment and hotel building has given some added height and prestige to a rather dull part of the city. The 32-storey building was topped out in August and will include Adelaide’s first Sofitel hotel and fist internationally recognised five-star hotel to be built in Adelaide in 30 years. The building is due to open for business in 2021, adding 257 hotel rooms to the market.
Penny Place apartments (off Angas St)
Cost: $48m
Developer: Flagship Property Holdings
Est completion: 2021
A neighbour to its sister apartment building Kodo, next to the Federal Court building, Penny Place is expected to begin welcoming residents from mid-2021. The 24-storey building with 152 apartments was topped out in October and all one-bedroom apartments sold out in June.
UNDER WAY
Global Student Accommodation Australia, North Tce
Cost: $100m
Developer: GSA Australia
Est completion: 2022
Construction of what will be among Adelaide’s tallest buildings is progressing with speed.
SA contractor Synergy Construct hit level 18 of the 36-storey building in early December and is expecting to top out on the building in the first half of 2021.
The 118m tall building with a head-turning ‘skeleton’ concrete facade is expected to be completed in 2022 welcoming international students into one of its 725 beds.
203 North Tce, student accommodation
Cost: $30m
Developer: 203 North Tce Pty Ltd
Est completion: 2022
SA contractor Synergy Construct is also building this 115m tall student tower, which also involves retaining and restoring the facade of an existing State Heritage listed 1878 warehouse associated with merchant firm G & R Wills and Co.
The 35-storey tower will have 367 beds and is expected to be topped out in the second-half of 2021 and be completed the following year.
73-85 Pirie St
Cost: $300m
Developer: CBUS Property
Est completion: 2022
The former Planet Nightclub building has been reduced to rubble and will be replaced by a modern 20-storey office tower. Staff from the Infrastructure and Transport Department will occupy 10 floors of the building, with construction to begin early this year.
SAHMRI 2 (Australian Bragg Centre), North Tce, Adelaide
Cost: $500m
Developer: Commercial & General
Est completion: August 2023
The crane is up so expect to see work begin apace this year on this companion to the original SAHMRI building located next door.
The 12-storey building will house Australia’s first proton therapy unit and was originally forecast for a 2022 completion date.
COMING SOONER OR LATER
56 King William St
Cost: $470m
Developer: Charter Hall
Est completion: TBA
The biggest office development in Adelaide, ever, according to the Property Council’s Daniel Gannon. Charter Hall secured planning consent in November for a 15-storey office tower to replace the existing Southern Cross Arcade. The project will include retaining and restoring the state heritage listed facade of the former Sands & McDougall building.
Quest North Tce, 100 North Tce
Cost: $18m
Developer: BYLD
Est completion: TBA
The 17-storey serviced apartment building opposite the Adelaide Convention Centre will have 127 apartments and incorporate the existing Art Deco facade of the 1920s Metters Building. Again, construction timelines contingent on refining the design to the satisfaction of the state planning commission.
Hyatt Regency Adelaide, 51 Pirie St
Cost: $160m
Developer: CEL Australia
Est completion: 2023
Where others have retained heritage, this project sacrifices a 1920s locally-heritage listed bank facade for a 21-storey 285-room five-star hotel, which will be mark Hyatt’s return to Adelaide. Company director Robert Lee anticipates construction to begin first-half of 2021 pending final design documentation.
Festival Plaza tower, Festival Plaza, Adelaide
Cost: $600m
Developer: Walker Corporation
Est completion: TBA
The 27-storey tower, initially approved in 2016, has been redesigned four times, the latest changes approved in November. Work is now underway on the imposing landmark, which will occupy a slab of public land.
Westin GPO Hotel, King William St
Cost: $200m
Developer: Greaton
Est completion: 2022 and beyond
The first Westin hotel in Adelaide was initially approved in May 2018. Subsequent variations have been approved for the 285-room 15-storey project. Consent for demolition works to begin were granted in May 2020 but have been put on hold in light of COVID. It is unclear when work will begin.
Wyndham Hotel, King William St
Cost: $150m
Developer: Equinox Property
Est completion: 2024
Topping out at 120m, this slender building will occupy a small corner block replacing the old Adelaide Metro office. It will include 347 rooms, an infinity pool, day spa, fitness centre, rooftop restaurant and sky bar facing the Adelaide Hills.
Central Market Arcade
Cost: $400m
Developer: ICD Property
Est Completion: TBA
A partnership with Adelaide City Council involves construction of 11,200 sqm of retail space, new food hall, childcare centre and a tower with 5000 sqm of office space. Behind this is a 38-story tower with a 249-room hotel and up to 210 apartments.
Construction slated to start in 2021.
62 Currie St
Cost: $180m
Developer: Axiom Properties
Completion: TBA
Boutique hotel operator QT Hotels has agreed to manage 200 rooms in the 23-level tower, which also includes office space. SA-based Axiom Properties general manager Paul Rouvray said the company hoped to start construction this year.
“But it really depends on what happens with COVID and the resulting border /travelling restrictions. We need some confidence here before committing,” he said.
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