Precision Group Lifts Cover on $260m Rundle Mall Highrise

A 31-storey tower, the city’s second highest, would rise from Adelaide’s Rundle Mall under plans filed by Precision Group. 

The developer has proposed demolishing sections of Adelaide Central Plaza at 100 Rundle Mall to make way for the $260-million highrise.

Parts of the existing David Jones department store—the current home of Tiffany & Co among other premium retail brands—would be razed to make way for the 132m-high development.

The tower would comprise 26 levels of commercial office space totalling more than 34,000sq m as well as expanded retail areas, cafes, restaurants and wellness facilities.

An entrance lobby on North Terrace and a food and beverage precinct on the second level are also proposed, as are a retail component on the third level; and health and wellness, and end-of-trip facilities on the fourth.

Precision Group managing director Shaun Bonett said the project would “make a significant contribution to Adelaide’s remarkable transformation”.

“We are focused on how we can create substantial long-term growth for the group by adding density to our large and ... strategic holding,” Bonett said.

The Adelaide Central Plaza runs the length of Charles Street between North Terrace and Rundle Mall. David Jones and more than 40 specialty retailers occupy its 27,847sq m of gross lettable area.

▲ A rendering of the ground-floor entrance and lobby that would lead to retail and food and beverage areas.

Precision Group acquired the site in 1999 for $85 million. In 2023 it announced a $125-million investment to reimagine the plaza as Adelaide’s first dedicated luxury shopping precinct.

The State Planning Commission will assess the highrise application. The proposal has been referred to several agencies including Adelaide City Council, the Government Architect and heritage authorities.

The application comes as Adelaide experiences significant commercial growth, including Walker Corporation’s 38-level Festival Plaza tower that will become the city’s tallest building at 160 metres.

That project will accommodate 5000 office workers.

Bonett said Adelaide had more than 30 major projects, worth more than $9.1 billion, either planned, approved or under construction on the horizon.