An AUD$150 million (USD$114 million) two-tower project on the southern edge of Adelaide’s CBD is set to launch thanks to the joint effort of Investor Quintessential Equity and development manager Sinclair Brook.
According to The Australian Financial Review, The PARK SQ development at 211–215 South Terrace will comprise an 18-story and 15-story tower and is the first of many recent high-rise projects in the South Australia capital to pitch a product focusing on downsizers rather than investors.
The AFR said the project, priced in the “mid-AUD$8,000s (USD$6,000s) per square meter,” was likely to sell 80 percent of its apartments to Adelaide and interstate Australian buyers, with the remainder going to overseas buyers who would be targeted with a sales campaign in the second half of 2017.
“Overseas buyers are starting to discover Adelaide in the way they discovered Melbourne eight years ago and Sydney six years ago,” Sinclair Brook director Phil Burns said.
He added the building would take roughly 18 months to construct, and the sales ambition is high. Burns said Investor Quintessential Equity and Sinclair Brook are aiming for 70 percent presales before starting construction, with construction scheduled to start by year’s end.
“Sales of the second, shorter, tower in the project would likely lag the first by six months,” Burns told the AFR. Prices in the first tower will reportedly start from AUD$335,000 (USD$255,000) and go up to AUD$1.6 million (USD$1.2 million) for the top-level, three-bedroom apartment with private terrace.
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