Adelaide primed for two telling new developments
Adelaide's CBD is set to welcome the arrival of two new developments; one the city's first Indigo Hotel and the other a sizeable new student accommodation complex.
It was revealed yesterday that Hotel Indigo will gain access to the Adelaide market via 23-29 Market Street which will host a 17 level purpose-built hotel. Adjacent to Adelaide's Central Market, Indigo Hotel Adelaide Markets is backed by Primefield Property who will develop the tower for InterContinental Hotels Group who will assume management rights.
137 rooms are included, supplemented by meeting spaces, a gym, pool and sun deck, café and rooftop bar.
Construction on the Market Street site will begin shortly, ushering in what will be the sixth Hotel Indigo in Australasia, adding to existing Brisbane, Sydney, Auckland and dual Melbourne locations. Another Melbourne presence has been mooted in South Yarra.
For Primefield Property Director Nick Lee the signing underpins Adelaide's strong hotel development credentials. “Adelaide is currently one of the more stable Australian hotel markets and the Central Market is the most visited place in South Australia, with approximately 8 million visitors per year.
We are thrilled to partner with IHG, one of the world’s leading hotel management companies, to bring the Hotel Indigo brand to Adelaide."
Indigo Hotel Adelaide Markets joins an already crowded Adelaide hotel development scene. Among other developments in the works are Westin Adelaide on King William Street, Tribe on Wakefield Street, Quest's continued expansion to a new North Terrace location and Adelaide Casino's new addition which is at construction.
The City of Churches highest profile hotel in waiting is the proposed six-star Riverbank hotel which would cost up to $300 million and span 27 levels.
Close to Market Street, 124 Waymouth Street is also subject to development with Intergen Property Group securing the site for Singapore-based Wee Hur.
In line with Wee Hur's rapid expansion into the Australian student accommodation market the Waymouth Street site is earmarked for a new $90 million build. Spanning 1,836 square metres, as many as 721 student beds are expected onsite by late 2021. Design's for Waymouth Street have yet to be revealed.
124 Waymouth Street was purchased for $9.275 million and follows on from 89-109 Gray Street. Currently under construction, the Grey Street site is Wee Hur's initial Adelaide project and will see 772 beds created over 17 levels.
Wee Hur's latest Adelaide play comes on the tail end of a rash of additional student accommodation projects being built across the city. More recent applications have become taller and more sophisticated, as evidenced by GSA Australia's approved North Terrace Tower; the project involves 680 student beds over 34 levels.
In a sign of the underlying strength of demand for student accommodation within Adelaide, an application submitted during August for 29 Twin Street is seeking to go even higher, providing accommodation for 510 students over 36 levels.
