GPO precinct development to refocus the business heart of Adelaide’s city centre

THE $235 million development of the General Post Office precinct is set to realign the heart of the Adelaide CBD, says the agent responsible for bringing in a state government department as anchor tenant.

The GPO precinct is getting a major facelift.

THE $235 million development of the General Post Office precinct is set to realign the heart of the Adelaide CBD, says the agent responsible for bringing in a major state government department as the anchor tenant.

The Attorney-General’s Department will occupy the top half of the new 20-storey building on Franklin St (overlooking Victoria Square), said CBRE director Andrew Bahr, and will help foster the laneway culture favoured by the State Government and Adelaide City Council.

“This isn’t just another glass building, it’s all about the precinct,” Mr Bahr said. “There will be retail and food and beverage built into the design via the Telephone Exchange building next door. It will refocus the CBD, dragging people back to the GPO, to the true and literal centre of Adelaide. The GPO precinct will be the final piece in the puzzle.”

Mr Bahr, who began a soft search for new tenants around 18 months ago, said interest in occupying the remaining 12,000sqm of the new 24,500sqm tower had intensified since last Friday’s announcement.

“There’s been much interest, this is now a project that is going to happen. This is the biggest pre commitment deal in Adelaide since the ATO moved to Tower 8 (adjacent the GPO precinct on Franklin St) four years ago. Prior to precommitment, it’s very difficult to sell a plan to tenants on paper.”

A dearth of major transactions in Adelaide this year has been in part due to a shortage of large leases approaching their end date, he said, but will not impact upon the Precinct GPO.

“A lot of major leases are expiring in the city in 2019,” Mr Bahr said. “I have had a half a dozen calls and messages this morning already because of what is now happening.”

The new tower — a second and smaller tower of 15 storeys with a King William St address is also being planned — will have a floor plate of 1460sqm, Mr Bahr said, and will boast a unique podium design.

“There will be podium level car parking above the ground floor, the actual office space will start on Level 3,” he said. “From the low levels up, the tenants will all have the same experience throughout the building, sitting above the heritage GPO. This will not be just another office tower, but something that will redefine the modern workplace.”

The landmark GPO opened in 1872 and was the tallest building in Adelaide at the start of last century. A refurbishment (including the Telephone Exchange building) by national property conglomerate Charter Hall which owns the site, is part of the overall place making exercise, Mr Bahr said.

The Charter Hall plan can be best compared to Brookfield Place in Perth, which provides a heritage retail area for the city plus food and fashion options in some of the that city’s sympathetically restored historical buildings, Mr Bahr said.

Architects Hassell and Fitzpatrick and Partners have been charged with the building design and construction is expected to begin in the second quarter of next year with completion expected by July, 2019.