Colliers International expands Residential Project Marketing services into South Australia
Colliers International’s new Residential Project Marketing team in Adelaide has been appointed as exclusive residential selling agents for the city’s most exciting new project.
The Makris Group has appointed Colliers International to drive residential sales for its landmark $200million mixed use development project at 88 O’Connell Street in Adelaide.
88 O’Connell will consist of eight buildings containing:
• 131 residential apartments spread over three separate buildings. This will include an elegant curved building on the corner of O’Connell and Tynte Streets; a tiered building above retail and commercial tenancies at the southern end of the site; and four levels of studio style apartments on boundaries adjacent to an existing development on Centenary Street;
• A 160-room, five star full service Sheraton Adelaide hotel, by Starwood Hotels and Resorts, which will open on the corner of O’Connell and Archer Streets in 2019;
• 3,000sqm of premium office space;
• 3,000sqm of retail space framing a landscaped piazza providing public space which in total comprises about 35% of the site;
• 441 car parks over three basement levels
John Blunt, Makris Group Chief Executive, said the appointment of Colliers International, alongside RCP as project managers, was an important milestone for the project.
“Having amalgamated a very significant site over time, we are in the fortunate position of being able to deliver a coordinated development which integrates uses and buildings in a manner which is complementary to each of the project components and respectful of the people who live, shop, work, relax and operate businesses in the precinct,” Mr Blunt said.
“We are proud to have chosen the best teams to guide the project into its next phase, including Colliers International as the Australian leader in multi-residential sales."
Last year, Colliers International was responsible for the sale of more than 9,000 apartments and land lots, totalling over $4billion in sales.
The 88 O’Connell project marks Colliers International’s expansion into Adelaide’s continually evolving residential apartment market.
Nick Pelvay has been appointed to lead the company’s new Residential Project Marketing team in South Australia and will lead the sale of the residential component of 88 O’Connell Street, supported by Justin Hazell.
“Colliers International is proud to be associated with this visionary project, which we are confident will not only transform the O’Connell Street precinct into a world class destination for visitors and residents but also assist in positioning South Australia on the world stage,” Mr Pelvay said.
“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."
James Young, Colliers International State Chief Executive – South Australia, said it had been identified as an ideal time to expand the company’s existing, market-leading Residential Project Marketing services into the Adelaide market.
“We have identified a strong need for a highly capable and experienced tier 1 team to support the growth of Adelaide’s apartment and infill markets and are pleased to now be offering that service,” Mr Young said.
88 O’Connell is designed by Ignite Architects and shaped through the State Government’s planning process. It was granted development approval in mid-2015 and is scheduled to begin construction later this year.
For more information on 88 O’Connell Street, got to www.88oconnell.com.au or contact Nick Pelvay (0423 644 429) or Justin Hazell (0414 232 022) at Colliers International.