Adelaide’s tallest building, Realm Adelaide has started construction and to mark the occasion both The Honorable Jay Weatherill MP and the Lord Mayor of Adelaide Martin Haese attended the Ground Breaking Ceremony held last week.
The construction of Adelaide’s most exclusive apartment tower will see a 40 level building boasting 314 apartments built over the iconic Renaissance Arcade creating approximately 1800 jobs throughout the build.
Premier Jay Weatherill expressed his support for the project at today’s event.
Realm Adelaide developers, Parallel Property have appointed Maxcon Constructions Pty Ltd to build the tower which will hit 132 metres high, and will not only be Adelaide’s tallest building but set a benchmark as Adelaide’s highest residences.
More than 75% cent of the apartment development has sold since being released on the market in February earlier this year. With a build cost of $100 million and a total project cost of $200 million, Adelaide is set to receive a building unparalleled in quality, design and amenities.
With improved planning systems as well as the financial incentives introduced by the State Government like savings on stamp duty, a $10,000 pre-construction grant* from the State Government and the $15, 500 first home owners grant, there has never been a better time to buy in the City of Adelaide.
City of Adelaide Lord Mayor Martin Haese said that the Adelaide City Council is working with the State Government and committed to facilitating the growth of supply and demand for residential growth in the City.
“Owner-occupiers who purchase new ‘off-the-plan’ residential apartments can now apply to Council for a rates exemption period of five years. Combined with a range of State Government incentives, it means people looking to buy and live in new apartments within the City of Adelaide council area could save tens of thousands of dollars in concessions,” he said.
The Lord Mayor said the initiative is part of a comprehensive strategy that supports Council’s aim of achieving a residential population growth target of 50,000 residents by 2040 as well as improving housing affordability. Matt George, Realm Adelaide’s National Sales Director said that buyers have been a mix of young professionals, retiree’s, empty nesters and families looking to downsize from big suburban homes.
“The low maintenance appeal of a lock and leave lifestyle, that has convenience and a cosmopolitan lifestyle on their doorstep is making local investors take notice – especially in the baby-boomer category,” he said.
Designed by award-winning architectural firm, Elenberg Fraser, Realm Adelaide will feature two separate and exclusive 6-star world-class wellness and entertainment retreats modeled on the best hotels internationally. One, two and three bedroom apartments are still available and the tower is crowned by two double story penthouses boasting features not seen before in Adelaide.
The development is set to revive Adelaide’s historic Assay House which was built in 1858, and pay homage to its history. Realm Adelaide’s geometric golden form will stand out on the Adelaide skyline, creating a strong architectural statement in the city. The apartment tower has gone where no local development had gone before, in height, amenities and design. For more information or to register your interest, please visit: www.realmadelaide.com
Photos by Meaghan Coles