Building union’s property arm aiming to transform former superclub venue — if it can spark the interest

Less than a year after plans to build a $72 million office tower on the site of the much frequented Planet Nightclub floundered — a new $300 million project at the same venue has been revealed.

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Less than a year after plans to build a $72 million office tower on the site of the much frequented Planet Nightclub floundered — a new $300 million project at the same venue has been revealed.

Cbus Property — part of the giant building union superannuation fund — is planning a state-of-the-art, 17 level building at the former home of Planet Nightclub at 83 Pirie St, 15 years after it shut its doors.

The 30000sq m offering, which has building approval, will include a 300sq m landscaped rooftop terrace and an onsite wellbeing lifestyle centre, as well as 365sq m ground floor retail.

But the project is dependent on sufficient market pre commitment to see it up and running said Colliers’ Jeevan Deut who is part of the leasing team.

The $300 million proposed development at 83 Pirie St by CBUS Property

“It will be a demand driven project,” Mr Deut said. “There are a couple of significant requirements in the market at the moment so we will be doing all we can to be a part of that.”

Cbus Property CEO, Adrian Pozzo, believes there is strong market demand for new, A-Grade commercial workspace in Adelaide.

“There is a distinct lack of supply for contiguous new built commercial stock in Adelaide’s city centre. This demand is driven by positive employment rates and sustained spending

across defence, renewable energy and technology sectors, including the implementation of the 10 Gigabyte Adelaide initiative, which indicates demand will only increase,” he said.

“We recognise that the workplace is changing and tenant requirements are evolving so it was an ideal opportunity to create a new benchmark for office design in Adelaide. Tenants are not only looking for innovative workspaces that offer flexibility and foster a collaborative and engaging work environment but also leading design incorporating innovative technology, sustainability and wellness initiatives.”

Building Adelaide: Our city’s next skyline

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Number 83 Pirie St will include sustainability features such as electric car charging stations, natural light from the building’s three street frontages and drought resistant landscaping on the rooftop terrace. There will be premium end-of-trip facilities.

“The tower will make an enormous contribution to the social and economic fabric of the precinct and our great city,” said Woods Bagot director Thomas Masullo.

A full lease of the building at the touted $300 million value would equate to a price tag of about $8000sq m gross once a top grade fit-out is completed, a state record with the recent sale of 11 Waymouth St for $203 million, equating to about $5500sq m.

However, the boom in market confidence in the Adelaide CBD with the defence and technology uplift, offers hope.

In tandem, the federal government has been seeking a 29000sq m space in Adelaide.

And should Labor’s Bill Shorten win the upcoming federal election …