Construction of one of Adelaide’s most exciting mixed-use developments, 70 Franklin Street, is well underway as it moves past the half way mark on track for its completion early 2013.
And Quest Serviced Apartments will take over the lease of the residential component.
National director of office leasing at Colliers International Nicholas Shinnick said the project is reaching an exciting stage in the development process. “This is a substantial mixed-use development, one of the biggest to get underway in the city for at least a decade,” he said.
“The adjoining 700 bay car park in Young Street, Young Street Car Park, is already complete and as well as the 20,000m² office component and retail offering of some 700m², the development will incorporate 131 serviced apartments.”
He said the decision to include a residential component comes of the back of Adelaide’s high occupancy rates for short term apartments.
Quest Serviced Apartments general manager – locations, Andrew Weisz, has confirmed that the Quest Group recently signed an agreement to lease for the entire serviced apartment component of the development.
“Quest is thrilled to be leasing the serviced apartments in this premium CBD location. Adelaide is fast becoming an international hub for the corporate sector, so it’s imperative that our business follows corporate travellers as they move into the city. This development, along with other major projects in Adelaide, represents a great opportunity for the serviced apartment industry and Quest will continue to respond to corporate demands for quality accommodation,” said Weisz.
Mr Shinnick said for the developer, Kyren Group, it is about achieving best practice in terms of green credentials, building design and operation while still being commercially viable in today’s market.
Mr Shinnick worked with owner and developer Theo Samaras of Kyren Group through the development of 400 King William Street. “400 King William Street has become a benchmark for Kyren Group, says Mr Shinnick, the success of the project can be measured by the fact it is now 100% leased.”
“In addition, the development was successful in capturing global best practice for green building principles by reaching well-above its targeted National Building Energy Rating Scheme rating by recently achieving a Five-Star NABERS rating.
In the case of the development of 70 Franklin Street, the challenge to achieve this has been met by the integrated design team of Lucid Consulting Engineers and Cheesman Architects.
70 Franklin Street has just achieved a Green Building Council of Australia Five-Star rating and a modelled NABERS Five-Star rating. 70 Franklin Street developer, and Kyren Group managing director, Theo Samaras said energy efficient green buildings translated to greater rental values, higher occupancy rates, and, ultimately, higher asset prices.
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