Cbus Property has revealed plans for a $300 million (US$213 million) office tower on Pirie Street in Adelaide’s city center.
The developer says it is looking to address the current lack of supply of commercial stock in Adelaide’s city center, with strong tenant demand driving potential new projects.
CTBUH Member Companies
(showing member level)
Stronger demand from the defense, mining and health industries has reignited Adelaide’s CBD office market, with vacancy rates currently sitting at 14.2 percent.
Cbus Property purchased the former Planet Nightclub site last year from the Adelaide Development Company, after the site was approved for a commercial plan of up to 21 stories in March 2018.
Cbus recently developed a 21,500-square-meter office tower at 50 Flinders Street, located behind the Pirie Street site.
The 17-story tower, designed by architecture firm Woods Bagot, will offer approximately 30,000 square meters of office space into what has been dubbed the city’s new Central Lifestyle District.
The building will have flexible floor plates, averaging 1,750 square meters in size, which can be merged to create vertical communities and .
The building will be topped with a 300-square-meter rooftop terrace and feature an onsite well-being lifestyle center, as well as 365 square meters of ground-floor retail.
“There is a distinct lack of supply for contiguous new-built commercial stock in Adelaide’s city center,” Adrian Pozzo, Chief Executive of CBUS properties said.
“This demand is driven by positive employment rates and sustained spending across defense, renewable energy and technology sectors, including the implementation of the 10 Gigabyte Adelaide initiative, which indicates demand will only increase.”
The building will target a GOLD WELL rating and include sustainability features such as electric car charging stations and premium end-of-trip facilities.
Woods Bagot director Thomas Masullo highlighted that the building’s design was intentionally restrained to complement the existing streetscape and nearby heritage buildings.
Cbus Property outlined that construction would commence once a pre-commitment is secured. The building is expected to take around two years to construct.
For more on this story go to the Urban Developer.