Sensational-Adelaide.com

Matt wrote:Well this looks familiar...

Adelaide developer Palumbo has been given the green light to build high-rise apartments at Kent Town

Giuseppe Tauriello
The Advertiser
September 02, 2014 12:00AM





Artist impression of Palumbo's East Park -





Managing director of Palumbo Daniel Palumbo at the site for the first high-rise apartments for the city fringe. Picture: Stephen Laffer



A HIGH-RISE apartment development at Kent Town has become the first to be approved under new planning regulations for the city’s inner rim.

The 11-storey tower, known as East Park, is valued at more than $70 million and will be built by Adelaide developer Palumbo.

It will be located on the corner of Dequetteville Terrace and King William St and will push the boundaries of new height limits imposed under planning changes introduced by the State Government late last year.

Scaling the precinct’s new 36-metre height limit, the project will include four towers linked by a series of open walkways.

Eleven townhouses will occupy the first two floors of the building with 95 apartments planned for the upper nine levels.

Palumbo managing director Daniel Palumbo said the project would offer something new to the Adelaide market, and support more than 400 jobs during construction.

“City fringe living is popular in major cities all over the world and with Adelaide again voted

one of the most livable cities in the world, East Park is a proposition that will attract a lot of

interest from buyers,” he said.


“I’ve got a really positive feeling about this project - it’s one of those locations that doesn’t come up often enough and I really think it’s going to be eaten up.”

“A lot of what’s on the market at the moment is investor product - dual key or 37sqm - we’ve aimed ours at the owner occupier market - some of our living areas are 10 metres long.”

The apartments will be priced from a little more than $300,000 up to more than $2 million for luxury penthouses planned for the top floor.

Established around 25 years ago, Palumbo is a family owned development company with a diversified project portfolio.

The jewel in the crown is a five-star hotel planned next to the Adelaide TAFE campus on Currie St.

Mr Palumbo confirmed the company was in final talks to secure an operator for the 32-storey mixed use tower which would include 252 rooms and 80 apartments, and become the city’s second tallest building.

“We felt like Adelaide needed a five-star so that was what we targeted,” he said.

“I don’t think there are any comparable five-star hotels in Adelaide at the moment - we don’t have the calibre here.”

Palumbo is also in early planning for a 1200-home subdivision at Dublin north of Adelaide, and has been given approval for a 6000sqm office tower adjacent to the former Bendigo and Adelaide Bank headquarters on Pirie St.

“Part of the strategy is to be diversified because I don’t think the Adelaide market allows you to be only concentrated on one area,” Mr Palumbo said.

“We plan to roll on projects after these - we’ve set up a pipeline of around five years and the idea is we’re not going to go on holiday with the money - we’re going to reinvest it back into the state.”

The East Park display centre will be established in early October with construction expected to commence next year.

Will wrote:Now on realestate.com:

http://www.eastparkkenttown.com.au/

ghs wrote:I received an email today saying that $26 million worth of apartments have been sold.

According to my estimates that would mean approximately 40 - 50% sold.