Construction of one of the city’s most exciting mixed-use developments, 70 Franklin Street, is well underway as it moves past the half way mark on track for its completion early 2013.
National Director of Office Leasing at Colliers International Nicholas Shinnick said the project is reaching an exciting stage in the development process.
“This is a substantial mixed-use development, one of the biggest to get underway in the city for at least a decade,” he said.
“The adjoining 700 bay car park in Young Street, Young Street Car Park, is already complete and as well as the 20,000sq m office component and retail offering of some 700sq m, the development will incorporate 131 serviced apartments.”
He said the decision to include a residential component comes of the back of Adelaide’s high occupancy rates for short term apartments.
Quest Serviced Apartments General Manager – Locations, Andrew Weisz has confirmed that the Quest Group recently signed an Agreement to Lease for the entire serviced apartment component of the development.
"Quest is thrilled to be leasing the serviced apartments in this premium CBD location. Adelaide is fast becoming an international hub for the corporate sector, so it’s imperative that our business follows corporate travellers as they move into the city.
"This development, along with other major projects in Adelaide, represents a great opportunity for the serviced apartment industry and Quest will continue to respond to corporate demands for quality accommodation," said Weisz.
Mr Shinnick worked with owner and developer Theo Samaras of Kyren Group through the development of 400 King William Street.
“400 King William Street has become a benchmark for Kyren Group, says Mr Shinnick, the success of the project can be measured by the fact it is now 100 per cent leased.”
"In addition, the development was successful in capturing global best practice for green building principles by reaching well-above its targeted National Building Energy Rating Scheme (NABERS) rating by recently achieving a 5 Star NABERS rating.
In the case of the development of 70 Franklin Street, the challenge to achieve this has been met by the integrated design team of Lucid Consulting Engineers and Cheesman Architects.
70 Franklin Street has just achieved a Green Building Council of Australia 5-Star rating and a modelled NABERS 5-Star rating.
70 Franklin Street developer, and Kyren Group Managing Director, Theo Samaras said energy efficient green buildings translated to greater rental values, higher occupancy rates, and, ultimately, higher asset prices.
“Investing in 5 Star Green Star buildings is a way to stand out in the marketplace and to attract premium tenants,” Mr Samaras said.
“In the future, a 5-star build is likely to be the normal benchmark. With the right project team, these developments can deliver on the bottom-line.
Mr Shinnick said Piper Aldermann has pre-committed to lease two floors and further announcements regarding other tenant commitment is imminent.
“This section of Franklin Street is undergoing an incredible transformation at the moment and this site is positioned to take full advantage of that opportunity.
“70 Franklin Street is also ideally located to benefit directly from access to Victoria Square, Adelaide’s Central Market and Chinatown, all of which are situated only short walk away; this type of amenity is highly regarded.”
Source = Colliers International