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Cbus Property has revealed plans for a $300 million office tower on Pirie Street in Adelaide's city centre.
The developer says its looking to address the current lack of supply of commercial stock in Adelaide’s city centre with strong tenant demand driving potential new projects.
Stronger demand from the defence, mining and health industries has reignited Adelaide's CBD office market, with vacancy rates currently sitting at 14.2 per cent.
“Over the past few years, we have seen an increased appetite from domestic institutional developers and investors in Adelaide, which was once traditionally dominated by private developers,” Cbus Property chief executive Adrian Pozzo said.
Related: Cbus Property Appoints Construction Partner on Triple Tower Project
Cbus Property purchased the former Planet Nightclub site last year from the Adelaide Development Company, after the site was approved for a commercial scheme of up to 21-levels in March of last year.
The super developer is familiar with Adelaide's commercial centre, developing a 21,500sq m office tower at 50 Flinders Street, located behind the Pirie Street site.
The 17-level tower, designed by architecture firm Woods Bagot, will offer approximately 30,000sq m of A-grade office space into what has been dubbed the city's new Central Lifestyle District.
The building will have flexible floor plates which can be merged to create vertical communities and averaging averaging 1,750sq m in size.
The building will be topped with a 300sq m rooftop terrace and feature an onsite wellbeing lifestyle centre, as well as 365sq m of ground floor retail.
Related: Cbus Buys Chip Eng Seng’s Embattled Tower Melbourne
“There is a distinct lack of supply for contiguous new-built commercial stock in Adelaide's city centre,” Pozzo said.
“This demand is driven by positive employment rates and sustained spending across defence, 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 and is expected to take around two years to construct.
