Adelaide to Undergo $1.9 Billion New Makeover
The South Australian capital will play host to some exciting upgrades and redevelopments over the next several decades. The city of churches is currently Australia’s fifth largest city, with a population of 1.28 million. A great location for investment property, Adelaide was ranked an equal eighth with Perth in the Economic Intelligence Unit’s (‘EIU’) World Liveability Index in 2011. In this article, we take a closer look at some of Adelaide’s most exciting new development projects.
Projects
Some of the projects that have been ‘green-lighted’ include upgrades to the Riverbank Precinct, Rundle Mall, and private developments in the CBD. In total, the projects will amount to a minimum of $1.9 billion being injected into the state’s economy, creating jobs and providing opportunities for astute long-term property investment.
Adelaide Riverbank Precinct
The projects slated for the Riverbank Precinct will see a complete overhaul of the edge of the River Torrens and a $350 million Convention Centre. There’ll also be a $535 million upgrade to Adelaide Oval which will transform the Oval into a multi-purpose site and increase its seating capacity to 50,000.
Private Developments in the CBD
Possibly in response to the government’s announcements for redeveloping the Riverbank Precinct, private investors have lodged CBD building proposals worth a total of $700 million. Around 1,135 applications were submitted to the City Council for private development projects, an indication that the state government’s efforts to boost industry growth have succeeded.
Regulators have been urged to consider lifting height restrictions and widening building guidelines like Brisbane to further boost Adelaide’s infrastructure development and potential for economic prosperity.
Retail Developments
Rundle Mall is Adelaide’s most famous CBD shopping strip, with over 85 per cent of all visitors to Adelaide paying it a visit. Currently there’s a $385 million development plan to bring ‘Rundle Place’ to the strip. The multi-storey complex, to be completed in 2013, will include over 85 retail stores across four levels.
The new complex is set to cater to both grocery and other shopping, with a full-time Coles as well as local, national, and international brands. Incorporated into the new retail complex will be an 11 level green office building. The Bendigo and Adelaide Bank will be the new resident of the five-star rated office building.
With the addition of Rundle Place, Adelaide is looking to revitalise its CBD shopping strip and create a strong focal point for visitors and locals.
Other Notable Projects
Skycity has indicated that it will pursue a proposed redevelopment to Adelaide Casino while the Grand Medina Treasury Hotel is set to become the fourth largest building in Adelaide. The $80 million expansion of the tower will create a 100 metre, 27-storey building for top-end hotel facilities and office spaces.
It appears that the regulatory environment will broaden for developers. The Planning Minister, John Rau, has committed to improving South Australia’s infrastructure and residential planning policies. In a speech to the Urban Development Institute of Australia, Mr Rau has also committed to changing the residential code and reducing the number of zone categories to streamline approvals.