http://www.adelaidenow.com.au/news/sout ... 6311364109
INVESTORS may target mid-rise apartments after the State Government announced CBD planning changes, including buildings above 30 storeys.
Planning Minister John Rau yesterday announced details of the long-awaited planning reform, which the Government claims will unlock hundreds of million of dollars in investment.
The population target for the city has been increased from 47,000 people to 55,000 by 2040 and a proposed, but unfunded, tram loop has been included in future plans.
Property Council of Australia SA executive director Nathan Paine yesterday told The Advertiser the new rules were unlikely to spark a growth of skyscrapers in the CBD, but demand was high for quality apartments.
"The first move will be on multi-level residential or apartment blocks in the southeastern and southwestern parts of the city like Sturt St and Pulteney St," he said. "I think medium-rise is probably going to be the predominant style of development."
Mr Paine said many developers were attempting to maximise rentable floorspace with buildings like Tower 8, and Westpac House was unlikely to have a rival as Adelaide's tallest building in the short-term future.
Mr Rau said the changes would promote a safer, more vibrant and populated CBD.
Opposition planning spokesman David Ridgway said the Government needed to cut taxes including land and stamp duties if it were serious about removing impediments to city living.
Building heights are limited by factors including Adelaide Airport emergency routes and council rules.
Buildings of 30 storeys or more will now be allowed in King William, Morphett, Pulteney, Grote, Wakefield, Currie and Franklin streets with approval from Adelaide Airport.
They are now limited to as little as 15 storeys.
Hindley and Gouger streets will be allowed to go up to 15 storeys and 12 storeys are permitted on Rundle St.
The terraces will be allowed buildings up to 15 storeys and the squares and parkland-fronting streets will be targeted for development that creates common space or includes retail and commercial outlets.
Sites larger than 1500sq m will have no mandated height restrictions in a bid to encourage development.
However, they will be required to win approval from a dedicated design panel assessing their impact on nearby structures.