Pelligra takes over Monument apartment project

It’s been plagued by delays, but a new developer wants work to start early next year on a luxury apartment project in the East End – with penthouses set to cost $8m.

Plans for a luxury apartment tower in the heart of Adelaide’s East End have been revived, with a new developer promising to start work on the project early in the new year.

Formerly known as Monument, the project on the corner of Rundle St and East Tce has been plagued by sluggish sales and a series of delays, but property developer Ross Pelligra is confident the market will buy into his new $105m vision for the site.

Pelligra Group has paid $12.25m to take over the 1350sq m corner site, currently occupied by dessert bar San Churro, the Sicily pizza restaurant and offices.

It’s planning to make minor amendments to the existing development approval, which was granted by the Development Assessment Commission (DAC) in 2017.

An artist's impression of the previous plans which secured development approval in 2017.

The previous $70m design included 74 high-end apartments across 20 storeys, and featured a striking “movable mosaic” through the use of adjustable architectural screens on the building facades.

Mr Pelligra, who owns the former Holden factory in Elizabeth, the Adelaide Giants, and a growing portfolio of commercial properties across Adelaide, said amendments would be submitted for approval in the next couple of weeks, and the project would take Adelaide’s apartment market to “another level”.

Included in the redesign will be a concierge service for residents and their luxury cars, and the most luxurious penthouses are expected to fetch a price tag of up to $8m.

“We’re going to rebrand it and we’re also going to look at how we can put a bit more style into it and give it a real uplift in the finishes,” he said.

“We’re going for that high-end product and that’s what I think Adelaide needs – I think this will set a major trend for the market.

“I think this area is the next mover and shaker when it comes to high-end apartments.”

The new plans come amid a boom in apartment projects in Adelaide’s East End, following the recent Realm and Adelaidean projects which have increased density in the precinct.

Singapore-based financier Mark Ebbinghaus and Adelaide developer Stephen Connor’s C Projects launched Monument in 2017 promising an “iconic” project in “arguably the most coveted address in Adelaide”, but it failed to get off the ground.

However, Mr Pelligra said he was committed to getting the project going early next year, and would retain one of the penthouses for his own personal use during business visits from Melbourne.

“It’s designed for the Baby Boomers moving in, the downsizers moving in and also the interstate corporates with all the business that’s going on in Adelaide at the moment,” he said.

Pelligra Group chairman Ross Pelligra. Picture: Peter Ristevski

“Being across the road from Lot Fourteen I reckon there’s an opportunity to attract those CEOs and people coming from overseas – that’s why I’m in a hurry to get it up.

“We’re going to build it and they’re going to come.”

Commercial Adelaide director Remo Russo, who brokered the sale to Pelligra, said it was a sign that eastern seaboard investors had “woken up” to investment opportunities in Adelaide.

“We’re receiving heaps of inquiries in Adelaide from interstate groups because Adelaide is going to be the next great centre for investment – Melbourne and Sydney have reached their peak,” he said.

“I think the apartment market is going to pick up here because you’ve got a lot of people returning from interstate and overseas and they want to live close to the city.”