One of Adelaide’s most exclusive parcels of prime land will be unlocked for a significant new development opportunity, which will demand vision, innovation, creativity and speed.

Situated directly across from the Lot Fourteen Innovation District, Renewal SA has secured two adjoining sites at 274 and 275 North Terrace and is pitching the combined package as a rare chance to help redefine the skyline of one of Adelaide’s key boulevards, while also contributing to the life, culture and economic vitality of the city’s East End.

Renewal SA will demolish the building at 275 North Terrace and has settled on the neighbouring property at 274 North Terrace. This creates a highly flexible, prominent corner development site, which could incorporate one or more towers.

Combined, these sites offer a rare 2800m² triple-street frontage site and the potential for uninterrupted views of the Adelaide Hills and Park Lands.

Early indications suggest the project could generate more than $250 million in construction activity and potentially up to $450 million in market value.

Renewal SA Chief Executive Chris Menz described the opportunity as a compelling proposition for a range of potential uses, from market apartments to build-to-rent apartments, to hotel accommodation, to purpose-built student accommodation.

Mr Menz said the agency would strongly support an outcome where these kinds of uses were delivered in combination. This, he said, would enhance the delivery of the project, while also adding to the diversity of living and accommodation options offered in the city.

Accommodation will be the primary focus but there is also the opportunity for ground floor retail, commercial and hospitality spaces, which could take advantage of the growing Lot Fourteen community and foot traffic from the nearby CBD and university.

Mr Menz emphasised that the project should be driven by market demand.

“We have worked to secure the strategic corner site to provide 3 street frontages in a prime location. We believe the private sector is best positioned to deliver a timely and high-quality development outcome for the site,” Mr Menz said.

“We will provide some high-level guardrails but are really looking for development partners who can articulate a strong and compelling vision for the site; development partners who have an excellent track record on these kinds of projects, can take ownership and is prepared to commit to outcomes in a timely manner that will help benefit and grow our city.

“Opportunities like this do not come along very often.”

The building at 275 North Terrace was previously owned and occupied by SA Health. Renewal SA purchased the site to enable them to relocate closer to the Royal Adelaide Hospital. Meanwhile, 274 will continue to operate as a Budget Car Rentals under a leaseback arrangement for a short period of time to ensure business continuity while they consider relocating their business. Angela Murphy said the site had been home to their business for more than three decades and they were “happy to be moving to support the progress of our city”. The business is a South Australian-owned franchise and they hope to relocate in the vicinity later next year.

Renewal SA will soon be inviting offers from the market to purchase the site and a commitment to deliver on some minimum requirements. More details can be obtained by contacting sales agents JLL Australia or on our website.

A single-stage Expression of Interest process and will be seeking submissions from interested parties from 7 November 2024.