After 33 years, the wait is finally over as Commercial & General today commence construction at Eighty Eight O’Connell.
The previous site of SA furniture retailer Le Cornu has had several failed attempts at construction after the property was sold in 1989.
The $250million development will deliver apartments across three buildings that are connected by a multi-functional podium.
An active retail focus will bring together a café and restaurant, health and beauty, fashion and homeware tenancies as well as a yoga/Pilates studio, with wide thoroughfares to entice visitors.
The start of the major works comes as apartment sales surge past $110 million just six months after the project was launched to market. This represents in excess of 55% of the available properties by value.
In addition, more than 50% of the 8,500sqm of commercial and retail spaces available across the three-level podium are either secured or under negotiation.
“Today, we start a new chapter in the O’Connell Street story,” Commercial & General Executive Chairman Jamie McClurg said.
“I’m incredibly proud to lead a team that has overcome the self-interest, bias and narrow mindedness that has stalled progress on this site for more than three decades.
“And not just the stalling of works on this site but the stalling of progress in Adelaide more broadly – progress that enables economic prosperity and opportunity while creating compelling reasons for people to visit and stay in Adelaide.
“As the State’s largest developer, we invest our own money in our projects because we want our children to have a future in South Australia.
“Eighty Eight O’Connell is being delivered by an experienced and passionate local team and that’s fitting because this is a project of pivotal change for our State.”
Amenities will include indoor/outdoor swimming pools, a premium gym and day spa. A large outdoor terrace will also be accessible to the public and can be used to host community events.
The building will be home to 160 apartments (one, two and three-bedroom) and five penthouses, with all residences boasting views of the ocean, city and Adelaide Hills, 405 parking bays and three levels of active retail, commercial, resident and community amenities.
Lord Mayor Sandy Verschoor said the community had been waiting a long time for this moment.
“After 30 years, we are finally seeing a development that will deliver a new landmark in the heart of North Adelaide and be a catalyst in the revitalisation of the O’Connell Street precinct,” she said.
“It will be incredibly exciting to see this project start to take shape and deliver an outcome that will benefit the community for generations to come.”
Eighty Eight O’Connell Sales Director Georgie Taarnby said the sales surge was being driven by demand for larger residences.
“The apartments are significantly larger than those previously offered across projects in Adelaide and it’s the larger residences that have been the initial fast movers at Eighty Eight O’Connell,” she said.
“We’ve already sold three penthouses and we’ve also had greater than anticipated demand for three-bedroom apartments.
“What we’re seeing are people who are downsizing from large houses because they can capitalise on the value of their property and stay in the same area while having access to all the benefits and amenities Eighty Eight O’Connell can offer them.
“Based on current demand, those seeking single or two-bedroom apartments are best not to wait – especially now that construction is underway.”
Excavation works for the carpark and building foundations are anticipated to take approximately 12 months before the building starts its upward journey.
Project completion is currently scheduled for the first half of 2025 and is estimated to support 430 jobs with up to 500 ongoing roles created once the project is complete.
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