$300 million development of Adelaide GPO precinct to create 500 construction jobs
http://www.adelaidenow.com.au/news/sout ... 7436020831
TIM WILLIAMS THE ADVERTISER JULY 09, 2015 10:41PM SHARE
A $300 million development of the Adelaide GPO precinct will create 500 construction jobs by transforming the landmark heritage building and its surrounds into a food and retail hub flanked by office towers.
Major property group Charter Hall has lodged plans for the development which it describes as a “game changer” for the Adelaide CBD and, pending approval, construction is expected to start in the first half of next year.
The proposal features two office towers for up to 3800 workers, eateries and shops within a refurbished GPO and, around an adjoining plaza, laneways enlivened with retail outlets and a makeover of the old Telephone Exchange building.
Charter Hall state manager Matthew Lane said the project would “restore the former glory of the GPO” and even reactivate its basement level.
“We think it will be a game changer. There’s nothing like it in the city,” he said.
“The whole site’s been neglected for years now.
“We are excited by turning that around and reinforcing this property as the heart of the commercial precinct.”
Mr Lane said the development, to be known as Precinct GPO, would activate the area from early morning to night time and complement Adelaide City Council’s overhaul of Victoria Square.
“The success of this project is based on what we can deliver to the public and that means interesting piazzas and laneways,” he said.
The 21-storey GPO Tower will face Franklin St while the 15-storey GPO Plaza building will “look like it’s floating above the GPO” from Victoria Square, though in reality it will only slightly overlap two edges of the 19th century building.
More than 3000sq m of retail space will be spread among the main and basement levels of the GPO, around the plaza, at the base of the new GPO Tower and face onto a reopened lane between the GPO and Telephone Exchange.
Mr Lane said the focus would be on food and drink and he was hoping for a quirky mix of offerings to rival those on Leigh and Peel streets.
What the project involves.
What the project involves.
A post office will be retained within the complex, though not necessarily within the GPO itself.
The upper levels of both the GPO and Telephone Exchange buildings will be refurbished as boutique office space.
The plaza will connect to the existing one behind ANZ House.
Last year Charter Hall paid Aspen Group $29.5 million for a half stake in the Franklin St Property Trust, owner of the neighbouring Australian Tax Office Building. As part of the deal the trust bought the GPO and surrounding land for $12 million.
The Charter Hall proposal will effectively complete the broader development formerly known as City Central, which saw the rise of the ATO Building, ANZ House and the Ernst & Young Building.
“This is essentially the icing on the cake for the larger development,” Mr Lane said.
Major tenants will need to be secured before construction begins, but Mr Lane was confident that would not be a problem given the prime position of the site.
“We have had early meetings with (potential) tenants and we have had a lot of interest. There is a wow factor to it,” Mr Lane said.
“We’d be looking to start in the first half of next year.” Completion is scheduled for 2018.
Mr Lane praised the State Government’s Budget announcement to phase out stamp duty on non-residential property transfers, saying it would be a driver for investment and jobs.
“(It) will provide the state a significant competitive advantage nationally, especially where retail and wholesale investors are seeking exposure to investment grade property investments,” he said.
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