More than $2 billion worth of development projects are being released in South Australia to the nation’s property development sector by the end of the year, with investors and developers urged to capitalise on the state’s strong economy, national leading residential construction growth and authentic state government involvement.
Renewal SA, the South Australian government’s property development agency, is releasing five major projects across the state including the Adelaide CBD, inner north-west and Whyalla. Chief Executive Chris Menz said this was the first stage in a pipeline of state-shaping projects, across all asset classes, that would extend well into 2025. He said the process would be as transparent and accessible as possible.
“The five projects set to be released before the end of 2024 are the tip of the iceberg,” Mr Menz said.
The projects are expected to attract local, national and international attention and include a bold, $500 million vision for an innovative, mixed-use precinct near the central CBD precinct and its famed Adelaide Central Markets precinct; the $450 million redevelopment of 274-275 North Terrace on one of the capital city’s most picturesque thoroughfares; and a $1 billion reimagining of the old West End Brewery site on the city’s fringe.
“The message from us is that the state is open for business, brimming with potential, ready for those who dare to innovate and now is the time to break new ground and make your mark in a thriving market, a market we expect to continue to grow for years to come,” Mr Menz said.
The local economy, underpinned by transformational investments in defence, energy, health and infrastructure, is among the best performing in the nation, and is second only to WA in the October CommSec State of the States Report, having been on top for the previous three quarters.
At the same time, residential construction is growing faster in South Australia than any other state or territory, nation, gaining pace by 9 per cent, well above the national average of 2.4 per cent, ABS figures show.
The five key projects:
274-275 North Terrace, Adelaide
This is a highly flexible, north-facing prominent corner development site, which could incorporate more than one tower. The two combined sites offer a rare 2,747m2triple-street frontage on Adelaide’s cultural boulevard and the potential for uninterrupted views of the Adelaide Hills and Park Lands.
Expressions of interest open until 30 January 2024. View details
111-129 Franklin Street, Adelaide
Located close to the CBD’s central precinct at the former Adelaide Bus Station site, immediately adjacent to the famed Adelaide Central Market and Chinatown precinct, one or more private sector partners are being sought to deliver a minimum of 392 apartments, a 200-plus key hotel and complimentary commercial and retail spaces across a consolidated 6,850m2site.
Registrations of interest open until 30 January 2025. View details.
Thebarton
With a project value of more than $1 billion, Thebarton, at the former West End Brewery site, aims to create a world-class, vibrant, mixed-use community on 8.4 hectares of land.
Market sounding expected to begin in December 2024. View details.
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. Now two of its last remaining ‘development ready’ parcels of prime land are being offered for sale.
Expressions of interest open until 12 December 2024. View details.
Kloeden Reserve, Whyalla
An Expression of Interest was launched late last month to develop two major pieces of land on Kloeden Reserve, Whyalla, which could unlock up to 70 new homes to support the growing regional workforce and community.
Expressions of interest open until 11 December 2024. View details.
To find out more about the opportunities to invest in and develop South Australia, and access more information on individual projects, visit renewalsa.sa.gov.au/invest.