One of the most exclusive parcels of premium real estate on Adelaide’s main boulevard will be unlocked for a significant new development opportunity, as the State Government calls on developers to put their best foot forward for a project set to redefine the city’s skyline.
The State Government has secured two adjoining sites at 274 and 275 North Terrace on the corner of Frome Road and situated directly across from the Lot Fourteen Innovation Precinct and the new Adelaide University.
The State Government is pitching the combined package as a rare opportunity for the development sector to both shape the city skyline whilst providing critical housing stock for the CBD.
Combined, these sites offer a rare 2800m2 triple-street frontage block and the potential for uninterrupted views of North Adelaide, the Adelaide Hills and Park Lands.
Renewal SA will demolish the building at 275 North Terrace and has settled on the neighbouring property at 274 North Terrace. This creates a highly flexible, prominent corner development site, which could incorporate one or more towers.
Early indications suggest the project could generate more than $250 million in construction activity and approximately $450 million in market value.
From today, Renewal SA will be inviting offers from the market to purchase the site with a commitment to deliver on some minimal conditions and some design requirements.
The State Government will work closely with the successful purchaser to increase the maximum building height, making it possible for this site to one day be the location of the city’s tallest tower.
The site could accommodate a range of potential uses, including market apartments build-to-rent apartments, hotel accommodation or purpose-built student accommodation and affordable housing.
Whilst accommodation will be the primary focus, there is also the opportunity for ground floor retail, commercial and hospitality spaces, which could take advantage of the growing foot traffic in the area.
The building at 275 North Terrace was previously owned and occupied by SA Health. Renewal SA purchased the site to enable the health services to relocate closer to the Royal Adelaide Hospital.
Meanwhile, 274 North Terrace will continue to operate as a Budget Car Rentals under a leaseback arrangement to ensure business continuity while they consider relocating their business.
A single-stage Expression of Interest process will be seeking submissions from interested parties from today, 7 November 2024 with the process expected to extend into the new year.
View: