Work has started on the Adelaide CBD’s largest single site residential community – the West Franklin project in Adelaide’s west end.
South Australian Minister for Investment and Trade, Martin Hamilton-Smith, used a golden shovel to break ground on the first stage of the $300 million, 560 apartment, three building residential complex on the corner of Franklin and Morphett Streets today.
The ‘city village’ will offer a broad range of apartment styles – from affordable studios to exclusive penthouses – and will provide a self-contained community for residents including a supermarket, café and specialty shops at street level; a glass-sided swimming pool, spa and health club on the seventh level; and a roof-top outdoor entertaining area on Level 22.
West Franklin is being developed by the Adelaide-based Australian arm of Chinese property company, Zhengtang Group, which views South Australia as a high potential investment market based on its lifestyle advantages and strong focus on economic development.
“There are a number of social factors which bind South Australians together – among them the environment and lifestyle we enjoy here and the shared imperative to improve our economic fortunes,” says Zhengtang Group Australia Managing Director, Mr Nicho Teng.
“I have no doubt that these two factors will combine to drive the State forward, and that this has the potential to happen quickly due to the State’s relatively small size and the high level of agility that enables.”
Mr Teng said the positive impact of major projects such as the new Royal Adelaide Hospital, SAHMRI and bio-medical research precinct on North Terrace was magnified in a relatively small economy – with far more flow-on benefit than a similar investment might have in a much larger economy such as Victoria, NSW or Queensland.
“Adelaide’s Vibrant City agenda and strategic investment in an emerging industry is bringing additional people to live in the city and has stimulated flow-on investment in projects such as ours. The opportunity for South Australia rests in replicating this strategy across other sectors to gain real economic momentum.”
Mr Teng said Zhengtang Group was grateful for the practical support it had received from the South Australian Government and its agencies.
He said the West Franklin project would create 1350 construction industry jobs between now and completion in 2019 and increase the CBD population by more than 1000 people.
Minister Hamilton-Smith congratulated Zhengtang Group on the milestone and said the West Franklin project will contribute to a rejuvenation of Adelaide’s west end with a number of significant projects in the works.
“The South Australian Government welcomes all investment into our State, particularly from China, and I was pleased that the newly established Investment Attraction South Australia was able to support the Zhengtang Group throughout the investment process,” Mr Hamilton-Smith said.
“This is a timely example of the benefits of South Australia’s ever-expanding business and cultural ties with China with the Government leading a large business mission to Shandong next week.
“South Australia enjoys a robust bilateral dialogue with China and there is already a comprehensive program of people-to-people, education and cultural exchanges between the two regions. As the relationship grows deeper, there are considerable opportunities for trade and investment.”
The first stage of West Franklin will comprise 280 one and two bedroom apartments over 22 levels priced from $270,000 for studio apartments up to more than $2.1 million for a penthouse.
The project is being marketed by Connekt Urban Projects and DG Real Estate. Further information is available by visiting www.westfranklin.com.au.