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$70m, 23-storey Angas St apartment project backed by media and mining magnate Kerry Stokes



Western Core Projects' $70 million apartment development at 27–31 Angas St, Adelaide - artist impression. Source: Supplied


PLANS for a $70 million apartment project backed by media and mining magnate Kerry Stokes have been revealed.

Western Core Projects has submitted a development application for the 83 metre tower, which if approved, will be built adjacent to the Federal Court building on Angas St.

The Woods Bagot design includes 138 one, two and three bedroom apartments across 23 storeys.

Western Core Projects director Steve Wise said Adelaide’s emerging CBD apartment market prompted the developer to kickstart the project.

“I think what’s happening in Adelaide is encouraging - the infrastructure, the trams, the upgrade of Victoria Square, Adelaide Oval - it’s bringing people in and there's a general acceptance that we’ve go to grow the CBD,” he said.

Western Core Projects is a joint venture between international infrastructure investor Plenary Group and Melbourne-based Flagship Property Holdings.

Flagship was established in 2008 by major shareholders including Mr Stokes’ Seven Group Holdings and Melbourne-based property development and project management company Premier Capital Developments.

Seven Group Holdings and Mr Stokes’ private company Australian Capital Equity together hold a 50 per cent interest in Premier Capital Developments, which will manage the Angas St development.

The site was originally acquired by Western Core as part of a failed bid to develop the new SA Police headquarters.

The latest proposal includes “Sky Gardens” - a terrace area atop the building’s five-storey podium aimed at recreating a traditional veranda.

If approved, the apartments will hit the market in the second quarter of next year.

Flagship is also planning for a high-rise development at Kent Town following last month’s $7.53 million acquisition of the Royal Hotel site.

“It’s probably going to be a bit bigger than Angas St - it’s a bigger site and lends itself to more apartments,” Mr Wise said.

“The market generally has a limit of around 200 apartments so it will sit somewhere in that range.”

http://www.news.com.au/national/south-a ... 7138497478

Nathan wrote:I missed that bit about the Royal Hotel site. Combined with the East Park apartments, there's going to be a big increase for Kent Town. Hopefully that spurs on development of the Koreatown building and even North Tce House and Rommily House across the road. Given the location near the botanic gardens, wine centre, Rundle park and the East End, it's almost criminal those buildings are so underused.

Type: Schedule 10

Application Number: S10/36/2015

Lodgement Date: 27/07/2015

Location: 27-31 Angas Street, ADELAIDE SA 5000

Description: Construct 30 Level mixed use development with ancillary car parking and landscaping.

Mountaineer wrote:Interesting, that could nudge it in as the second tallest in Adelaide, third if including the new Sofitel building.

This progress scares me.