More than $2 billion worth of development projects will be unlocked in South Australia as the Malinauskas Labor Government aims to attract major investment from local and international development partners.
The State Government is releasing five significant projects to the property development sector by the end of the year for offers or market feedback, with the potential to create upwards of 3000 dwellings.
They are:
- 274-275 North Terrace ($450 million)
- Former Franklin Street Bus Station – "Tapangka on Franklin" ($500 million)
- West End - Thebarton ($1 billion)
- Bowden ($110 million)
- Kloeden Reserve, Whyalla ($30 million)
This pipeline of major developments provides transparency to the development industry of the upcoming projects, which stretch across a variety of asset classes.
This is a once-in-a-generation pipeline of development projects which will attract interest from local, national and international developers looking to capitalise on the strength of the SA economy and support of the State Government.
The government initiated projects provide certainty to the industry and will help combat the housing crisis by adding much needed supply at all levels of the market. It will also enable developers and investors to prepare and allocate resources and capital in advance on projects of interest.
274-275 North Terrace
Situated directly across from the Lot Fourteen Innovation District, the State Government has secured the two adjoining sites and is pitching the combined package as a rare chance to help redefine the skyline of one of Adelaide's key boulevards, while also contributing to the life, culture and economic vitality of the city's East End.
The key city-shaping project is being launched to the market via an Expression of Interest.
A highly flexible, prominent corner development site, which could incorporate more than one tower. Combined, these sites offer a rare 2800m2, triple-street frontage site.
Could accommodate a range of potential uses, from market apartments to build-to-rent apartments, to hotel accommodation, to purpose-built student accommodation.
Former Franklin Street Bus Station – "Tapangka on Franklin"
One or more private sector partners are being sought to deliver a minimum of 392 apartments, which could incorporate both market housing and build-to-rent across a consolidated 6,850m2 site.
A vision for a 200-plus key hotel and complementary commercial and retail spaces, centred around a signature building and integrated streetscapes, aims to establish this area as an activated mixed-use precinct for residents, workers, and visitors.
Renewal SA will begin a market sounding and Registration of Interest process for this development next week.
West End - Thebarton
Another key project is the redevelopment of the former West End Brewery site in Thebarton.
With a project value of more than $1 billion, the Thebarton project aims to create a world-class, vibrant, climate-resilient, mixed-use community on 8.4 hectares of land.
It will encompass a minimum of 1,000 homes, and mixed uses that include retail, commercial and hospitality.
The Thebarton site is currently finalising the master planning stage, which following thorough community and stakeholder engagement, and together with feedback from the private development sector will determine the most appropriate development outcomes and the configuration of the site.
Renewal SA will begin market sounding to gauge interest from the property and investment sector in participating in the project before the end of the year.
Bowden
The award-winning Bowden project on the north-west fringe of the Adelaide CBD has set the benchmark for inner-city urban renewal across South Australia's capital city since its inception in 2008.
Two of its last remaining 'development ready' parcels of prime land are being offered immediately for sale. These sites are in Bowden's vibrant, established community, with immediate access to Bowden Park, Plant 3 and Plant 4 amenities, with unobstructed views of the nearby Adelaide Park Lands.
Kloeden Reserve, Whyalla
An Expression of Interest to develop two major pieces of land on Kloeden Reserve, Whyalla, which could unlock to 70 new homes to support the growing regional workforce and community.
At least 10 houses on this site will need to be built immediately. These dwellings will be leased back to the government for a guaranteed minimum period of 10 years to house essential government workers, such as health workers, teachers and police.
As put by Nick Champion
South Australia is ready for investment with projects that will boost our economy and provide thousands of housing options.
We're looking to attract the best proposals from local, national and international developers who are keen to make their mark on our state.
These projects have the potential to help shape South Australia's future and provide much needed housing for the future workforce we will need to help fulfill our potential in the defence, energy and innovation sectors.
As put by Will Frogley, CEO Master Builders Association of SA
These projects collectively represent a massive opportunity to bring these empty blocks and tired old sites back to life by creating a mix of affordable and high-end solutions SA needs.
Well done to Minister Champion and the Malinauskas Government for continuing to change the face of our CBD and show this state's growth intent to the world, while tackling the housing affordability crisis.
The sky is the limit if we can overcome the housing crisis. This pipeline of work will also help us to grow the 80,000 strong building and construction workforce.
