Sensational-Adelaide.com

Controversial Le Cornu site in North Adelaide is back on developers' agenda



AFTER more than 20 years and a series of failed proposals, another attempt is being made to develop the controversial former Le Cornu site at North Adelaide.

Billionaire property developer Lang Walker has breathed life back into the O'Connell St project, joining the Makris Group in a joint venture arrangement to develop the site, which has been vacant since 1989.

Together, the two developers are preparing new plans for a $200 million mixed-use project, comprising high-end boutique retail shops, cafes, restaurants and office accommodation.

Final designs are being prepared and will include a mix of one, two and three-bedroom apartments and penthouses on upper levels.

In November, Makris Group chairman Con Makris said soft apartment and retail markets meant the site would remain a grassy lot until economic conditions rebounded. But yesterday he said the involvement of a major, national residential player meant the latest plans were sure to get off the ground - by the third quarter of next year.

"He's a straight shooter like myself," he said.

Mr Makris said he would retain ownership of the retail, office and car parking components of the development, with Mr Walker responsible for selling the apartments. Tenants have not yet been secured, but Mr Makris said he was in final negotiations with a major European department store to anchor the retail space.

"It's one of the best in Europe with more than 200 stores," he said.

"It (the project) was worth waiting for. I can thank all my enemies over there who delayed the project because it was worth the wait - I'm happier now."

Walker Corporation executive chairman Lang Walker said the State Government's recent changes to CBD planning had inspired him to get involved in the project.

"The project is well positioned to capitalise on the growing demand from buyers who want to live in the highly sought after North Adelaide precinct," he said.

Property Council SA executive director Nathan Paine was confident the project would get off the ground, despite difficulties facing the residential market.

"It's been a blight on the psyche of Adelaide," he said.

in November, Makris Group chairman Con Makris said soft apartment and retail markets meant the site would remain a grassy lot until economic conditions rebounded

by the third quarter of next year

Nort wrote:

in November, Makris Group chairman Con Makris said soft apartment and retail markets meant the site would remain a grassy lot until economic conditions rebounded

Statements like that are unacceptable really, on sites like this I would be completely in favor of a "use it or lose it" rule.

As for the department store, anyone got any guesses? With the size of the site a Marks & Spencer would be a good fit but that has a lot more stores than 200.

rev wrote:

Nort wrote:

in November, Makris Group chairman Con Makris said soft apartment and retail markets meant the site would remain a grassy lot until economic conditions rebounded

Statements like that are unacceptable really, on sites like this I would be completely in favor of a "use it or lose it" rule.

As for the department store, anyone got any guesses? With the size of the site a Marks & Spencer would be a good fit but that has a lot more stores than 200.

How many residential developments in the CBD have fallen through because apartments weren't selling?
You can't really blame him, or any developer, for not wanting to invest their money in projects that aren't viable. If apartments aren't selling, there's not much point investing in a development featuring apartments.

I agree it shouldn't have been left like that for so long. At the very least open it up to the public as a green space till a development is ready to go ahead.
Too late now though.