ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Adelaide Hotels Out of Hibernation

6a7537e3-79fb-4f6c-a195-0a786ebd8986

The Punvec Group are pushing ahead with plans to create a twin tower development in Adelaide CBD as the state's hotel sector picks up pace.

The South Australia Commission Assessment Panel gave approval to the Melbourne-based developer for two 19-level towers on 108 Franklin Street, the site of The Publisher’s Hotel.

The towers include 150 hotel rooms and 128 serviced apartments over a single podium containing a restaurant and retail space on a 2,112sq m site.

The design by Hassell will retain the majority of the existing brick-building facades at ground level along Cannon and Tatham Streets for the development which will have a height of 68-metres.

▲ The Punvec Group's hotel development in Adelaide on the site of The Publisher's Hotel. Image: Hassell
▲ The Punvec Group's hotel development in Adelaide on the site of The Publisher's Hotel. Image: Hassell

Meanwhile, construction continues on the Australian Bragg Centre which was picked up by Dexus for $446.2 million to add to its healthcare property portfolio.

Adelaide's commercial building approvals are bucking the trend and continue to climb through the testing Covid-19 period.

The latest stats from the Commonwealth Bank show South Australian activity picking up from a lull in 2019 while the other states continue to fall.

There are also promising conditions for the residential and accommodation sectors with Adelaide recording some of the highest occupancy rates for the first eight months of the year.

Rental properties recorded 4.9 per cent growth over a 12-month period for houses and 8.8 per cent units, while dwelling prices jumped 3.6 per cent.

South Australian building approvals steady in 2020

7afcf86f-287e-4bc0-a21f-9e17062a0906

^Source: CBA, ABS (excluding residential, industrial approvals)

These trends are expected to continue with premier Steven Marshall declaring the state’s tourism and hotel industry was out of hibernation with triple the amount of interest seen on southaustralia.com compared to last year.

“What is even more exciting to see is that accommodation occupancy in our regions are reaching almost the same levels as this time last year–and that’s without international visitors and only some interstate.

“Some operators in the regions are reporting their ‘best winter trade ever’ and Adelaide hotels are also showing very positive green shoots.

“In the 36 hours immediately after the New South Wales border announcement, Qantas and Jetstar recorded 20,000 seat sales, and searches for South Australia on Expedia from NSW lifted 160 per cent,” Marshall said.

South Australia also ran a $20 million Great State Tourism Voucher campaign giving residents discount vouchers to holiday in the regional area.


ADVERTISEMENT
TOP STORIES
CONTRIBUTE TO THE CONVERSATION
Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://www.theurbandeveloper.com/articles/adelaide-market-out-of-hibernation

NEWSLETTERS

Join 50,000+ property professionals who subscribe to our email briefings.

Australia’s most trusted source of property news and intelligence.