Twin apartment towers for affordable housing to be built on Franklin Street bus station site
The state government has announced almost 400 new apartments in the heart of Adelaide’s CBD in a bid to improve affordable housing.
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Two apartment towers will be erected in the heart of the Adelaide CBD in a bid to boost affordable housing.
The former Franklin St bus station will be the site for a 392-apartment community, which will be made up of 35 per cent affordable housing after the state government bought the land from Adelaide City Council.
The state government has announced at least 137 affordable studio, one- and two-bedroom apartments will be included – 51 for sale and 86 for rent by 2028.
This development is set to be CBD’s first build-to-rent project aimed at improving rental outcomes.
Executive director of the Property Council of Australia said it is “exciting to see that this development will include a significant build-to-rent component”.
Build-to-rent are properties with the intention to be owned by institutional investors and rented out to increase rental supply.
The 14-storey west tower of the development, which includes 196 apartments, will be built to rent while the 18-storey east tower will be resident-for-sale and rent apartments.
The west tower will also include four levels of commercial space and a further eight levels of hotel accommodation.
Construction of the apartment towers is expected to begin in early 2026 with the entire project is anticipated to be completed in 2029.
More than 1300 jobs are expected to be created during construction with the project set to contribute more than $161m of gross value add to the state.
“Now is the time to bring to life land across our state to provide a boost to the housing market – we want to increase stock and drive down prices,” Premier Peter Malinauskas said.
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