[APP] 199-200 North Terrace | 85m | 20lvls | Mixed Use

[UrbanSG]

$300m premium-grade tower for Adelaide
by: Sarah Danckert
From: The Australian April 12, 2012 12:00AM

ADELAIDE is set to get its first premium-grade office building in more than a decade, with Commercial & General, Maras Group and Le Cordon Bleu joining forces to develop a 20-level mixed-use tower with an end value in excess of $300 million.

International hospitality education institution Le Cordon Bleu group will anchor the tower, taking four levels in the 200 North Terrace development for what will be the French-based company's largest education facility in the world.

Commercial & General managing director Jamie McClurg said all three parties to the joint venture would fund the 32,000sq m development.

"South Australia has not seen a new premium-grade office tower in over a decade," Mr McClurg said. "This is sure to be an iconic building on Adelaide's premier boulevard.

Located close to Government House and the University of Adelaide, the development will include more than 20,000sq m of office space across the upper 10 levels, with retail in the building's three lower levels.

...With Rundle Street retail owner Maras Group on board, the building's retail component is expected to attract several luxury labels.

Mr McClurg said the venture was already in talks with some of the world's biggest retail brands but declined to give further details, citing confidentiality agreements.

The building is scheduled for completion in late 2014 or early 2015.

Adelaide's economy is still in the doldrums, but the city's fortunes are set to be lifted by a rush of resource development, including BHP Billiton's $30 billion expansion of its Olympic Dam uranium and copper mine, and mining exploration in the state continues apace.

"South Australia will be propelled into one of Australia's resource prosperous states, with prominence not only in Australia but globally," Mr McClurg said.

"This economic wealth will be an enormous contribution to South Australia and will trickle down to every South Australian."

Mr McClurg said the venture had already drawn inquiries from national and international corporations interested in setting up an office in the city.

News of the development comes as Adelaide property developer Steve Quinn looks to sell an office tower at 22-28 King William Street.

Mr Quinn purchased the 9640sq m building for about $22m in December 2008 from the MacarthurCook Office Property Trust.

The building is home to National Australia Bank, which signed a 12-year lease on the building in 2010 following a $25m refurbishment.

[[Shuz]]

Here's the tiny image anyways...

[UrbanSG]

Bigger version:



Notice Tiffany and Co. branding for retail component.

[Ben]

Great find

[Ben]

What makes a "Premium grade" tower? I would of thought the city central buildings would've been of the highest quality as well as SA Water etc?

[UrbanSG]

Agreed Ben.

It's just bullsh*t talk by the developers to promote their development and probably an interstate reporter.

[AtD]

"Premium" is the top grade of office space, followed by A, B, C, D. It's an actual industry standard. It's based on things like availability of natural light, quality and quantity of amenities, wait time for elevators and so on.

[UrbanSG]

That's correct AtD. There have been many premium grade office towers developed in Adelaide over the past five years alone (eg City Central, Santos etc).

So the developer is definitely talking it up and the reporter has her facts wrong.

[Waewick]

I've seen a number Le Cordon Bleu proposals over the last 5 years all of which sound great....

But from what I have been told by people who have met him, he just loves to buy property and sit on it so it will be very interesting if this one gets up.

I guess it has a few more names to it in terms of industry participation so that is a good sign

In terms of the "premium" A B C and D grades, I thought they were a valuer terminology which has been phased out as building owners got annoyed with the labels (and the grey areas within in them) don't they now usually refer to the location i.e Fringe, core etc.

[crawf]

Either way this development sounds huge, hopefully it includes a major revamp for the forgotten Gallerie Arcade and a much needed cinema complex.

North Terrace is the best location for major international retail brands, it would be wonderful to see the likes of Tiffany & Co, LV or Gucci opposite some of our grand historic buildings. It would strengthen North Terrace as a premium tourist destination and add to the retail mix of the city.

In 10 years we could have this if everything goes to plan. With this, Gawler Chambers redevelopment and possibly another another project that is yet to be released. Meanwhile the once eyesore western end of North Terrace will be covered with outstanding architecture that will also strengthen North Terrace.

AND last but not least the old RAH site, this is an area to watch in the future. North Terrace's future has never looked so bright

[Vee]

In 10 years we could have this if everything goes to plan. With this, Gawler Chambers redevelopment and possibly another another project that is yet to be released. Meanwhile the once eyesore western end of North Terrace will be covered with outstanding architecture that will also strengthen North Terrace.

AND last but not least the old RAH site, this is an area to watch in the future. North Terrace's future has never looked so bright

North Terrace is a treasure trove of fabulous buildings and attractions, great new landscaping/streetscaping and tram access in the western section. It has great promise for renewal and new developments and I support Craw'f's optimism. The 'ugly duckling' western end is being transformed with the Uni SA developments, Medical Research Institute, Convention Centre extension and ultimately the new RAH.

I am also intrigued by what will happen to the site vacated by the hospital. It has some gracious old buildings which could be re-purposed for use by the university to extend faculties, for student accommodation or to house some multi-purpose artsy type facilities to complement the vibrant East End.

Whenever I visit the RAH (not the ugly buildings nearer the Botanic Gardens) but the buildings closer to Frome Rd, I try to visualize the buildings restored and upgraded in keeping with the era. With the ugly eastern wing, emergency buildings hopefully demolished and returned to the Botanic Gardens, this section will add to the impressive North Terrace Boulevarde.

[Wayno]

Remember when the ACC rejected these proposals as not being 'in vogue' with other Nth Terrace buildings. Imagine how they feel today - lol.

I love the use of glass on the boundary wall above the eastern neighbouring heritage listed building. If i remember rightly the ACC rejected the above previous proposals only to approve a dumbed down boxy version with a blank concrete eastern wall.

[crawf]

This was the best proposal by far, still sad this didn't get up though this current 20 level proposal will make up for it.


So seeeeexy, the worst was this with many thanks to the old ACC


Disgusting, glad it was axed.

[Waewick]

I would love some detail into how this building will integrate into the Galleria

but more importantly.....when will construction start.

[Brando]

$300 million seems a lot for a building 20 levels! Either way, exciting news. Hopefully more details will be released soon.