A $150 million two-tower project on the southern edge of Adelaide's CBD is set to launch thanks to the joint effort of Investor Quintessential Equity and development manager Sinclair Brook.
According to The Australian Financial Review, The PARK SQ development at 211-215 South Terrace will comprise 18-storey and 15-storey towers and is the first of many recent high-rise projects in the SA capital to pitch a product focusing on downsizers rather investors.
The site owned by Greenbelt Developments is currently occupied by a Country Comfort-branded motel.
The AFR said the project priced in the "mid-$8000s per square metre" was likely to sell 80 per cent of its apartments to Adelaide and interstate Australian buyers, with the remainder going to overseas buyers who would be targeted with a sales campaign in the second half of the year.
"Overseas buyers are starting to discover Adelaide in the way they discovered Melbourne eight years ago and Sydney six years ago," Sinclair Brook director Phil Burns said.
He said the building would take roughly 18 months to construct, and the sales ambition is high.
Mr Burns said Investor Quintessential Equity and Sinclair Brook are aiming for 70 per cent presales before starting construction, with construction scheduled to start by year's end.
"Sales of the second, shorter, tower in the project would likely lag the first by six months," Mr Burns told the AFR.
Prices in the first tower will reportedly start from $335,000 and go up to $1.6 million for the top-level, three-bedroom apartment with private terrace.