Efforts are underway in the Adelaide CBD to make the city an investment hot spot for the future, as extensive redevelopment works are being carried out.
The South Australian government has so far received applications for 65 projects, which are collectively estimated to be worth $3 billion.
Changes to the state planning system have made this possible and it’s hoped the city will benefit from new projects as a result.
Planning Minister John Rau explained how assessment time frames have been lowered by an average of 58 per cent, which should make businesses realise now is the time to invest.
“More than 30 projects are approved and ready to begin and currently we have nine projects under construction with an estimated value of $182 million,” Mr Rau commented.
“These figures show a renewed interest from the development industry to invest within inner metropolitan Adelaide since the government introduced planning reforms.”
Opportunities could therefore be opened up for anyone pursuing a real estate career, not least because new properties are soon likely to be emerging throughout the city.
Members of the public can even keep up to date with what’s going on in their city, as a new interactive Adelaide Investment website has been set up to keep track of the developments.
It provides information on projects that have been approved, as well as those that are currently being constructed throughout the city.
Among the projects that have already been given the green light is the construction of high end-residential properties and a ground floor office space at 138 South Terrace.
Meanwhile, a state heritage building at 203 North Terrace will be revitalised with the aim of reviving its economic fortunes following 10 years of underutilisation.
It is proposed the space will be used for high-end apartments, retail and office space.
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