Adelaide CBD retail and hospitality businesses will benefit from the significant wave of new investment in apartment buildings, office towers, hotels and retail developments completed or in the pipeline according to David West, the director of Retail Adelaide City. The city skyline has been transformed by new developments and it will continue to change as projects are completed.
Adelaide has shown consistent growth and rates as the world’s third most liveable city and is fast becoming the best destination for retailers wanting to expand their businesses and make the most of the new developments underway in the CBD. The city residential population and workforce continue to grow due to staff transferring to Adelaide and suburban residents moving into the city.
Several developments including 88 O’Connell, 60 King William and the Central Market Arcade projects include major retail components. North Adelaide will come alive now that the 88 O’Connell Street development has been given the green light and O’Connell Street businesses and North Adelaide Village will also benefit from new opportunities that are created in the area. More foot traffic will be generated at a street level due to the additional residents and visitors attracted to the area for shopping and dining.
Rundle Street and Rundle Mall will feel the impact of the new Entrepreneur & Innovation Hub and Aboriginal Art and Cultures Centre on North Terrace. Leasing agents and property owners have seen the rate of enquiries increase substantially. Maras Group Managing Director Steve Maras said that the positive impacts of the Lot Fourteen development (pictured at the top of the page) were already being felt and the planned developments will add even more vibrancy to the East End. The new developments bring creative businesses and their talented staff to the area.
In Rundle Mall, City Cross will receive a $25m upgrade, the former Southern Cross at 60 King William is home to a new $470m office tower and retail complex and the Myer Centre is making room for Adelaide’s first Uniqlo store occupying 1000 square metres. Evans + Ayers General Manager Andrew Jonats said he was looking forward to new unique attractions including Uniqlo and the Rebel Sport Concept Store opening in Rundle Mall to complement the many unique independent retailers that position the historic Arcade as an iconic attraction.
In the South-West Quarter, the $400m Central Market Arcade development between Gouger and Grote Streets will include a completely new Market Square that will integrate with the Adelaide Central Market. Demand for hospitality and retail premises in the South West has increased significantly over the past six months. Director of Belle Property Commercial David Buenfeld said he had not witnessed the current levels of commercial confidence for many years. Enquiries for investment properties and development sites in the CBD continues to increase each week and the laneways adjacent to Gouger Street continue to develop and grow.
The newly opened $150m 251 room Sofitel luxury hotel on Currie Street is a stand-out development and will soon be joined in the City West Quarter by the Walker Corporation tower next to the train station, Skycity Casino, EOS Hotel and Festival Square. The total project is worth over $650m and includes eight levels of offices leased by Flinders University.
The city workforce will also be bolstered with major companies such as Accenture bringing 2000 IT jobs to SA, Cognizant creating 1600 new digital jobs, Deloitte and MTX Group both adding 500 new jobs in the city. The significant boost to the number of city residents and city workers will be complemented by the return of overseas tourists and students to the city university campuses.
Retail and hospitality businesses can plan their next move into Adelaide city by using the Retail Adelaide City website that exclusively specialises in retail and hospitality leasing opportunities in city streets, precincts and shopping arcades. “The city centre is the retail capital of Adelaide as it provides many unique opportunities not available elsewhere,” says David.