Sky’s the limit for new city projects

The first of two key Adelaide City Council projects totalling $650m is about to become reality, with site works starting this week on the former Le Cornu site at North Adelaide. Lord Mayor Sandy Verschoor will attend an official sod turning ceremony to mark the start of a $250m redevelopment of the site, which has remained vacant for more than three decades. The project is a joint venture between the council and property developer Commercial & General to build three high-rise apartment towers above a two-storey podium containing specialty shops, cafes, bars, restaurants, commercial offices, consulting rooms and an outdoor plaza. C&G chief executive Trevor Cooke said a display apartment on the corner of O’Connell St and Archer St was being dismantled to allow excavation of a three-level basement carpark to begin.

“Major earthworks will commence within days, putting us another step closer to delivering this transformational project for Adelaide,” he said. Mr Cooke said the project was expected to create 430 construction jobs, with completion expected in late 2025. Work also is scheduled to start within weeks on the demolition of the Adelaide Central Market Arcade, which will become the site of another joint venture involving the council and a private developer, ICD Property Ltd. The site’s major tenant, Coles, has announced it will close a supermarket next to the arcade on May 22, with other tenants due to vacate the site by early June.

Three towers containing apartments, offices, a creche, boutique hotel and outdoor terrace will be built above an expanded Adelaide Central Market, with construction of the $400m project, Market Square, expected to be completed by late 2025.

ICD Property managing director Matthew Khoo said there had been strong interest in the project, with only 14 out of 251 apartments and a $10m penthouse atop a 37-storey tower still available. “We’re thrilled to see Market Square has drawn the attention of those seeking un-paralleled investment opportunity and luxury lifestyle,” he said. Preliminary site works are expected to start later this year on a third commercial development involving the council and Australian data centre operator, NEXTDC. The company will build a data centre on land currently used for the city beach volleyball site and Pirie St-Flinders St U-park. Ms Verschoor said the three projects would “deliver hundreds of jobs and hundreds more residents to the city and North Adelaide”. “It’s hard to recall a more exciting period of development in the City of Adelaide with these three truly city-shaping projects nearing construction start dates,” she said.

“We’re thrilled to see Market Square has drawn the attention of those seeking un-paralleled investment opportunity and luxury lifestyle,”

– ICD Property managing director, Matt Khoo

Preliminary site works are expected to start later this year on a third commercial development involving the council and Australian data centre operator, NEXTDC. The company will build a data centre on land currently used for the city beach volleyball site and Pirie St-Flinders St U-park. Ms Verschoor said the three projects would “deliver hundreds of jobs and hundreds more residents to the city and North Adelaide”. “It’s hard to recall a more exciting period of development in the City of Adelaide with these three truly city-shaping projects nearing construction start dates,” she said.