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Pitcher Partners were delighted to see the successful launch of the CityPark development opportunity on South Tce, Adelaide. With a total land holding of over 12,000 sq.m. it is the largest privately held development in the Adelaide CBD. Having worked on the IM for several months, Pitcher Partners were excited to see the response from a select group of international developers at a private showing in early August.
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CityPark, 216-235 South Terrace, Adelaide
CityPark
• Overview
• The site
• Zoning
• Market conditions
• Development options
• Projected outcomes
• EOI process
• Discussion
CityPark - Overview
• The largest privately owned site in the city of Adelaide
• In total approximately 12,000 sqm (1.2ha)
• Three key existing elements
• Grand Chifley
• Country Comfort
• Chifley on South Terrace
• Excluding Grand Chifley approximately 8,300 sqm
• Combined frontage to South Terrace over 125 metres
• Flexible zoning
CityPark – The Site
CityPark - Zoning
• City Frame Zone – Catalyst Site
• ‘Medium to high scale residential development supported by a mix of shops, personal services, restaurants, cafes and community and hospitality uses.’
• Uses envisaged in the zone
• Aged persons accommodation Consulting rooms
• Dwellings Hotel
• Offices Schools
• Retirement villages Tourist accommodation
CityPark – Market Conditions
Vue on King William
• 27 levels
• 207 apartments
• 89% sold off the plan
Courts Precinct
Proposals formally requested
Shortlist of three consortia
Quest King William
Ibis Grenfell Street
Quest Franklin Street
Mayfair King William Street
CityPark – Market Conditions
Over 900 new apartments either recently completed, under
construction, or pre-selling – all within 500m of the property
- will create a vibrant residential precinct
1. New Mayfield – 400 apartments 4. Quest – 105 keys
2. Gilbert Street – 30 apartments 5. Ergo – 178 apartments
3. Vue – 205 apartments 6. The Storeys – 46 apartments
CityPark
CityPark – Major Drivers
• Medical precinct – SAHMRI, RAH, Cancer Research, Dental School
• University Growth
• City Living
• Mining Expansion
• Convention Centre
• What does this mean for CityPark
• Post hospital care Residential Accomm Retirees
• Student accommodation Tourist / Business short stay
• Other medical uses University additional campus
CityPark – Development
• Revert to Walterbrooke Presentation at this point
• Identification of key ‘development partners’
• Shared vision
• Input into the master planning of the site
• Funding options including JV, Equity, Sale, Lease
• Portion or whole of the site
• Unlocking the development potential of the site
• Likely staged outcome
CityPark – Projected Outcomes
• Expression of Interest
• Non binding
• Closes Friday 19th September 2014
CityPark – EOI
CityPark, 216-235 South Terrace, Adelaide