$300 million to be invested in city apartment project
Largest single residential investment spells confidence in Adelaide’s future
Development Assessment Commission approval today has paved the way for Adelaide CBD’s largest ever residential investment.
More than $300 million will be injected into the State economy via West Franklin - a two stage apartment project which will deliver a total of 560 apartments on the north-west corner of Franklin and Morphett Streets in the fast-growing and dynamic west end of the Adelaide CBD.
On completion, West Franklin will add more than 1,000 people to the residential population of Adelaide’s CBD and provide significant impetus to the revitalisation of the city’s west end.
The project will meet the full spectrum of housing choices and also include speciality retail outlets, a supermarket and café at street level.
Developer Mr Nicho Teng says the project’s location and product range will make it attractive for owner-occupiers, investors and tenants and serve to provide much needed accommodation for professionals working in the new Royal Adelaide Hospital, SAHMRI and expanding facilities of Adelaide University and UniSA at the western end of North Terrace and Hindley Street.
The location also makes the most of burgeoning entertainment options in the west of Adelaide including the redeveloped Adelaide Oval, the Riverbank precinct, laneway activation and the planned expansion of the Adelaide Casino while also being in close proximity to the Adelaide Central Market, Chinatown and the legal precinct.
“Adelaide’s west is fast coming of age,” Mr Teng said. “The city’s axis is moving steadily west with commercial projects such as the Adelaide GPO redevelopment, the biomedical precinct and the expansion of the Adelaide Convention Centre.
“As a result, residential accommodation such as that which we are providing is needed to ensure that Adelaide can meet the aspirations of the growing number of people wanting to work, live and play in the CBD.”
Speaking following approval, the Minister for Housing and Urban Development, John Rau said the State Government welcomed the investment in the city and the developer’s faith in the future of South Australia.
“This project represents a $300 million investment for Adelaide and a self-fulfilling vote of confidence in South Australia’s future,” Mr Rau said.
“There is no doubt that we would not be seeing this level of private sector investment without the lead provided by the Government through its strategic investment in projects such as Adelaide Oval and the new RAH in tandem with spending by the Universities to expand their presence in the new bio-medical precinct.”
Construction of the West Franklin project could start as early as March, 2016 with the first stage of the project likely to be completed in late 2017. Mr Teng said it was planned that construction would then move seamlessly into the second stage of the development – providing continuity of employment for up to 1,350 construction industry workers until 2019 .
The project has been designed by Adelaide-based architectural firm Brown Falconer which has also designed a 260 apartment mixed use development on Grote Street and the sensitive multi-storey extension of the Queen Adelaide Club on North Terrace. Construction will be overseen by project manager RCP.
The first stage of West Franklin will comprise 280 one and two bedroom apartments over 22 levels priced from $270,000 for studio apartments up to more than $2.1 million for a penthouse.
The project is being marketed by Connekt Urban Projects. Further information is available by visiting www.westfranklin.com.au or calling 1300 992 166. An Information and Sales Centre on the corner of Franklin and Morphett Streets will open next month.
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