Kyren Group sets wheels in motion with appointment of Colliers International
A new 36-level project planned for Frome Street, just off North Terrace, in the Adelaide CBD is set to become the city’s tallest residential tower.
Developer Kyren Group has appointed Colliers International’s Nick Pelvay and Aimee Guo to market the slender mixed use building which is set to occupy a 4163sqm site at 11-27 Frome Street in the Adelaide CBD.
The project will yield 88 apartments, with the residential component of the building occupying levels 22 to 36.
“All 88 Apartments will all have completely unobstructed, outstanding views in all directions, so we’re anticipating strong interest from the local market and Asian markets, particularly in the two and three bedroom dwellings.” Mr Pelvay said.
Levels 11 to 21 will comprise 60 one, two and three bed serviced apartments, while the ground floor to level nine will be home to a 150-room hotel.
“The residential and serviced apartments will have separate car parking, entrance lobbies, and lift access from the residential,” Mr Pelvay said.
The project will also incorporate a separate 21 storey student accommodation tower fronting Synagogue Place, which will incorporate approximately 268 beds with a ground floor cafe.
Mr Pelvay said the project would be integral to the activation of the eastern end of the Adelaide CBD, including the activation and development of a key laneway, Travistock Lane.
“It will also benefit from the $50million expansion of the AdeLINK tram network, which will see trams extended along North Terrace to the East End, and the forthcoming redevelopment of the Old Royal Adelaide Hospital,” he said.
“Kyren Group has developed in excess of $500million worth of local projects to date and has a strong reputation as a developer who moves quickly on projects and delivers on time.
“Adelaide offers a magnificent and convenient lifestyle increasingly facilitated by the convenience of apartment living in inner city locations close to shops, restaurants, cultural and sporting venues and entertainment facilities and we expect strong interest from potential residents as a result.
“These factors are driving the significant growth of the local sector, with South Australian apartment approvals now representing 31% of the residential building market – an increase from 20% in 2012. Adelaide apartment approvals have nearly doubled in the past three years from 1695 in 2012 to 3385 this year."
Last year, Colliers International was responsible for the sale of more than 9,000 apartments and land lots nationally, totalling over $4billion in sales.
The new project at 11-27 Frome Street marks Colliers International’s second major residential appointment in Adelaide’s continually evolving residential apartment market, following the launch of its local Residential team earlier this year.
Mr Pelvay said it was an ideal time to expand the company’s existing, market-leading Residential Project Marketing services into the Adelaide market.
“We identified a strong need for a highly capable and experienced tier one team to support the growth of Adelaide’s apartment and infill markets and are pleased to now be offering that service,” he said.
The project is expected to create in excess of 350 construction jobs.