Renewal SA reached commercial terms with the leading national developer on 15 December, in a deal that will inject almost half a billion dollars’ worth of investment into South Australia.
MAB will now take immediate steps to begin the process of remediating the 5.81-hectare parcel of its legacy contamination in preparation for its transformation into Bowden’s next bourgeoning residential and entertainment precinct.
Key highlights of the landmark development include:
- More than 800 new homes made up of approximately 200 townhouses and 600 apartments, including a commitment to deliver more than 15% affordable housing via partnerships with groups like not-for-profit housing provider Nightingale, and aspirations to target build-to-rent opportunities
- The adaptive reuse and restoration of former Gasworks structures including the iconic chimney stack, Chief Street wall and heritage-listed Retort House into a vibrant Heritage Quarter, which will include a bevy of bars, cafes and restaurants, commercial office space, and a 120-room hotel
- An average of 190 South Australian construction jobs supported per year over a projected 12-year development lifecycle, with an expected 310 jobs on site during the peak year and a further 730-1,000 ongoing jobs once the project is complete
- Around 1.5 hectares of high-quality, publicly accessible open space for people to relax, meet, exercise and play, equating to more than 25% of the project site, and substantial investment committed to public infrastructure
- A 6 Star Green Star Communities certified rating across the development, which represents ‘World Leadership’ in environmentally sustainable practices
- Seamless integration with the existing Bowden project including open space connections, bike paths and walkways that connect with Adelaide’s Green Way network.
An estimated $459 million in capital expenditure will be invested across the lifetime of the project to revitalise the long-dormant site, with more than 1,200 residents to call the Gasworks development home. Once complete, the master-planned community will lift the population of the entire Bowden project to around 3,200 residents.
Remediation works – led by a Tier 1 group of environmental specialists including Enviropacific, Senversa and BlueSphere – will commence in early 2023 and are expected to take approximately 24 months. The first stage of the redevelopment, including the delivery of affordable housing, large areas of open space and activation of the Heritage Quarter, is anticipated to start in 2025.
Minister for Housing and Urban Development Nick Champion said the market-leading project would be invaluable in unlocking much-needed housing supply in the medium-to-long term.
"Turning this site from contaminated land into a thriving precinct with more affordable housing and green space is a win for the western suburbs,” Minister Champion said.
“It will help unlock vital housing supply and ease long-term pressure on the market.”
MAB Chief Operating Officer David Hall said the project will generate significant economic, social and environmental benefits for South Australia, including a commitment to remediate the site.
“We are proud to be revitalising the former Brompton Gasworks site. This unique opportunity for urban renewal in Adelaide is of both city significance and heritage significance, and we understand the importance of the project for South Australia,” Mr Hall said.
“We will invest almost half a billion dollars over the life of the project to deliver the vision for the former Brompton Gasworks site.
“We are drawing on our depth of experience in remediating complex sites and have a proven track record when it comes to creating outstanding places for people to live, work and visit.”
MAB Director of Acquisitions Jamie Buxton said the Brompton Gasworks revitalisation project was an exciting and unique acquisition for MAB.
“It will hopefully be the catalyst to undertake further projects in Adelaide and across the state,” Mr Buxton said.
“MAB’s commitment extends beyond this project with the establishment of a local office and local team that will enable MAB to grow and expand our investment into the future.”
Renewal SA Chief Executive Chris Menz said it was Renewal SA’s role to deliver lasting economic, social and environmental outcomes through its projects and the opportunities unlocked via this development do just that.
“This is a tremendous outcome for South Australia,” Mr Menz said. “It not only delivers much-needed housing stock and jobs at scale – up to 1,000 ongoing jobs will be created as a result of this mixed-use development – but it introduces a new developer to the state, which brings the potential for a wealth of future opportunities.”
Credit: Artist impressions courtesy of MAB Corporation.