This article is from the Australian Property Journal archive
KYREN Group is looking to sell its proposed 36-level Frome St project, which could become the Adelaide CBD’s tallest residential tower.
Colliers International agents Nick Pelvay and Aimee Guo will market the mixed-use building, which will occupy the 4,163sqm site at 11-27 Frome St.
The current proposal is before the Development Assessment Commission and includes 88 apartments across levels 22 to 36, with levels 11 to 21 comprising 60 one, two and three-bed serviced apartments, and the ground floor to level nine will utilised as a hotel.
“All 88 apartments will all have completely unobstructed, outstanding views in all directions, so we’re anticipating strong interest from the local market and Asian markets, particularly in the two and three bedroom dwellings,” Pelvay said.
The serviced apartments have separate car parking, entrance lobbies and lift access. The project would also include a separate 21-storey student accommodation tower, fronting Synagogue Place and comprising 268 beds and a ground floor café. It also includes plans to make the adjacent Tavistock Lane a public lane.
Pelvay said the project wouldbenefit from the $50million expansion of the AdeLINK tram network, which will see trams extended along North Terrace to the East End, and the forthcoming redevelopment of the Old Royal Adelaide Hospital.
“Adelaide offers a magnificent and convenient lifestyle increasingly facilitated by the convenience of apartment living in inner city locations close to shops, restaurants, cultural and sporting venues and entertainment facilities and we expect strong interest from potential residents as a result.” Pelvay said. “These factors are driving the significant growth of the local sector, with South Australian apartment approvals now representing 31% of the residential building market – an increase from 20% in 2012. Adelaide apartment approvals have nearly doubled in the past three years from 1,695 in 2012 to 3,385 this year.”
Australian Property Journal
