This article is from the Australian Property Journal archive
SINGAPOREAN backed Adelaide-based developer LGB Australia has unveiled a $200 million mixed-use development on the corner of North and West Terraces.
The historic Newmarket Hotel will be restored as the centrepiece of the new One North Terrace project, which will comprise of 401 apartments over two 23-level buildings, with medical suites on the ground floor.
The project was approved by the Development Assessment Commission and construction is scheduled to start in February 2017.
LGB Australia director, Jonathon Lee, said the One North Terrace project was spurred by the state government’s significant investment in the new Royal Adelaide Hospital, the federal government’s investment in SAHMRI and the Universities’ expenditure in revitalising the western end of North Terrace as part of the health and biomedical precinct.
Adelaide born Lee has built strong links to Malaysia and Singapore and he said the city was increasingly attractive to Asian investors.
“South Australia boasts a combination of stability, affordability and potential which makes it attractive as investment destination when compared to the cyclical highs and lows of the eastern States and the often prohibitive cost of entry to those markets,” Lee said.
“We recognise this as a landmark site in the development of a growing precinct so the quality of the hotel’s restoration will be exemplary,” he added.
GHD Woodhead’s Adelaide practice and heritage specialists DASH Architects have been leading the design process.
The project is expected to generate up to 1,000 direct and indirect jobs during construction as well as several hundred jobs on an ongoing basis. The medical consulting suites are likely to attract medical services which complement those provided by the new Royal Adelaide Hospital less than 100 metres away.
Australian Property Journal
