[COM] 73-85 Pirie Street | 89m | 22 Levels | Office

[Mpol03]

Have we seen renders of the full building?
I agree this needs to be taller for this area.

[Jaymz]

Have we seen renders of the full building?
I agree this needs to be taller for this area.

Not really much point in making it taller when there's already a lack of demand for new office space.

[Ben]

Approved

[wilkiebarkid]

This development is actually 73 - 85 Pirie Street and will be numbered 83.

[rev]

Have we seen renders of the full building?
I agree this needs to be taller for this area.

Not really much point in making it taller when there's already a lack of demand for new office space.

They could by making the floor heights bigger then the standard...say double

[Shano696]

Planet nightclub site sold to Cbus Property, construction on $72 million office tower to start next year

THE former Planet nightclub site has been sold to the property development arm of superannuation fund Cbus which plans to start construction of a $72 million office tower on the Pirie Street site next year.

Cbus Property made an off-the-market purchase for a 2911 sqm parcel of land, owned by the Adelaide Development Company, including the nightclub.

ADC secured development approval in March for a Woods Bagot-designed 21-storey 30,000sq m office tower on the site spanning 73-85 Pirie Street

Cbus Property is expecting to pre-commit the development and begin construction in 2019, capitalising on what it says is the lack of “new generation” office stock in Adelaide.

The company intends on marketing the new office space immediately.

“The site at 73-85 Pirie Street, Adelaide is arguably the best office development site in Adelaide,” Cbus Property chief executive Adrian Pozzo said.

“We are extremely pleased to have secured the properties and are excited about the opportunity to develop a new generation office building for Adelaide which will offer occupants all the key amenity features and efficiencies necessary to attract Adelaide’s best talent.
“We believe in the growth of the Adelaide economy which will translate to the office leasing market in the short to medium term.

“Growth in mining, defence and renewables in Adelaide are all reassuring, plus the City of Adelaide’s investment in the 10 Gigabyte Adelaide project is progressive thinking that will encourage further private investment in the city.”

Floors on the proposed building are about 1800 sqm. The tower will also feature a podium carpark and has potential for a rooftop outdoor terrace.

It is the second major acquisition by Cbus Property, which made its first foray into the Adelaide property market in 2013 with the purchase of the People’s Choice Credit Union site on Flinders Street.

The ADC, owned by the Roche family, was founded in 1922 and holds a number of properties in the Adelaide CBD, including the state heritage-listed Gawler Chambers on the corner of North Tce and Gawler Place.

Company chief executive said it was “mutually beneficial” to sell the Pirie St sites to Cbus Property.

“These sites were strategically identified and

acquired by ADC as long-term investments, with 81-85 Pirie Street having been ADC’s head office for nearly 40 years,” he said.

[Ho Really]

I hope they re-think and add more floors to this development. This prime site deserves much more than a 21-level building.

Cheers

[Will]

I was going through the planning documents for this one, and the actual height is 89m (including lift overrun).

[wilkiebarkid]

Article today. Talking $300m for this development. Not sure about it being 17 levels though.

https://theurbandeveloper.com/articles/ ... 300m-tower

[Smithy85]

Article suggests the previous $72m plan by CBUS has been shelved and this $300m 17 level building is now proposed instead. Still reliant upon securing an anchor tenant before proceeding.

$300m for 17 levels... Gold plated toilets??

[Smithy85]

Sorry, it’s the article in the Tiser today which is more specific about the $72m proposal being shelved.

[Jaymz]

Article suggests the previous $72m plan by CBUS has been shelved and this $300m 17 level building is now proposed instead. Still reliant upon securing an anchor tenant before proceeding.

$300m for 17 levels... Gold plated toilets??

The floor plates are huge though.... 1750 sqm. But yeah, $300 million does sound a bit excessive.

[Ben]

I don’t like the solid brick wall on the podium. Very in your face and unwelcoming.

[ml69]

Article suggests the previous $72m plan by CBUS has been shelved and this $300m 17 level building is now proposed instead. Still reliant upon securing an anchor tenant before proceeding.

$300m for 17 levels... Gold plated toilets??

It’s 30,000sqm which is very big by Adelaide standards, that’s the size of the Westpac building.

Also it’s clearly going to be A grade office accomodation, which is in shortest supply. Having said that, yeah I take you’re point that it a heck of a lot of money. I think the Tax Office building on Franklin St cost $200M for a 37,000sqm building?

The fact that a major super fund would consider investing $300M for an Adelaide office building is a BIG vote of confidence for Adelaide.

[how good is he]

The article also says “Construction of the 83 Pirie tower will kick off once the developer has secured a sufficient pre-commitment.” So now it’s up to the market if/when it happens. These 30,000 sqm new A Grade offices will be competing against other new proposed A grade buildings like Festival Tower, 200 North Tce, Wakefield St and a few others. Does the forum think there is/will be the demand?