Precision Group lodges plans for $260m transformation of David Jones site

Parts of the David Jones site in Rundle Mall, including the home of Tiffany, would be razed to make way for a 31-storey tower under an ambitious $260m plan.

Artist's impression of the tower, which would become Adelaide’s second tallest. Picture: Supplied by Precision Group

Parts of the David Jones department store site in Rundle Mall, including the current home of Tiffany, would be razed to make way for a 31-storey office and retail tower under an ambitious $260m plan unveiled by owner Precision Group.

The property and development company has lodged plans for a 31-storey building on the northern portion of its Adelaide Central Plaza site, at the North Tce end, featuring expanded food court and retail spaces, cafes, restaurants, wellness facility and 26 levels of office accommodation.

Precision Group said the 132m tower, which would become the city’s second tallest, would take up around a third of the site, leaving most of the existing David Jones department store at the Rundle Mall end unaffected.

The building would include a new food court space connected to the existing food court, a lobby area at the ground floor entrance from North Tce and a new food and beverage precinct on the second floor.

The new-look entry from North Tce. Picture: Supplied by Precision Group

The current Tiffany & Co. entrance from North Tce.

A new retail area would take up the third floor, while end-of-trip and wellness facilities for corporate tenants would feature on the fourth level. The upper levels would provide more than 34,000sq m of office space.

Precision Group managing director Shaun Bonett said the project would “make a significant contribution to Adelaide’s remarkable transformation”.

“We are focused on how we can create substantial long-term growth for the group by adding density to our large and uniquely located strategic holding,” he said.

“Adelaide is paving the way for a dynamic economic future with more than 30 major projects, worth more than $9.1bn, either planned, approved or under construction on the horizon.

“The city’s highly competitive cost base, combined with its supportive and business-friendly environment, is driving significant growth across a wide range of key sectors.”

The Adelaide Central Plaza site runs the full length of Charles St, from North Tce to Rundle Mall, and is currently occupied by the David Jones department store, Adelaide’s only Tiffany store, a food court and more than 40 specialty retailers.

Precision did not confirm whether Tiffany would relocate to another part of the precinct as part of the development plan following speculation the iconic jewellery brand – famous for its sparkling engagement rings – could be shifting its Adelaide store to Burnside Village.

A multimillion-dollar upgrade of Charles St, a covered street besides Woolworth and David Jones, was completed in March, featuring new stone paving and lighting, pedestrian-friendly upgrades and improved stormwater drainage.

Originally published as Precision Group lodges plans for $260m transformation of David Jones site