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A developer’s plans to demolish part of Adelaide’s David Jones department store to make way for a 30-storey commercial tower have been approved.
Sydney-based Precision Group’s proposal won consent from the State Commission Assessment Panel on September 3, joining a string of recent approvals for sites in and around Rundle Mall.
The $260-million tower will rise at the rear of 100 Rundle Mall, facing 210 North Terrace, in the Adelaide CBD.
The northern portion of the five-storey Adelaide Central Plaza building will be razed to make way for the new highrise on the 6670sq m site.
The private property investment and management company, helmed by Shaun Bonètt, acquired the site in 1999 for $85 million and unveiled plans for a luxury shopping precinct in 2023.
The new PACT Architects-designed scheme will deliver 33,960sq m of net lettable office space, 2541sq m for food and beverage, and 2318sq m of retail space.
This compares with the existing 27,847sq m gross lettable area, which generated $126.5 million in sales to December last year.
While the new plans do not include car parking, 236 bicycle spaces will be added, predominantly within end-of-trip facilities on level four of the tower.
The Government Architect has called for the removal of a pedestrian bridge across Charles Street to the Shahin-Properties-owned Wilson Parking site to improve pedestrian amenity.
But the bridge will be retained and upgraded, due to contractual reasons between the owners of the two sites.
Development around Rundle Mall is accelerating.
In June, Walker Corporation’s 38-storey commercial skyscraper was approved, while Centennial made its largest office acquisition to date, paying $50.5 million for an 11-level tower linking to the mall.
Precision Group has two years to move ahead on its Rundle Mall tower before the SCAP consent lapses.
The company owns a further 10 properties across Australia and New Zealand and has plans to revamp the Brisbane CBD’s oldest pub, the Victory Hotel.
It acquired the site in 2005 for $22 million, filing redevelopment plans in early 2024.
Brisbane City Council approved the proposal at the end of the year.
A new verandah, rooftop bar, awnings and entry will be added to the 1855-built pub, along with beer garden upgrades and a basement expansion.
