Hines Property announces $140M Landmark Project.
Hindmarsh Square to benefit from $420 million of new developments
The north-eastern corner of Hindmarsh Square will be revitalised with the construction of a $140 million new landmark hotel and luxury residential apartment complex.
The project, to be known as 20 Hindmarsh Square, will be developed by the Hines Property, and will be built on the site of the Academy cinema complex. The site benefits from more than 75 metres of direct frontage to Hindmarsh Square. The project will comprise two towers located over a three-level podium, including ground-floor retail facilities.
A 15-level tower will house a hotel of more than 250 rooms. It will be operated by a leading international hotel group, with a separate announcement to follow.
A unique 14-level tower will include 66 luxury residential apartments with stunning views of Hindmarsh Square, the city and Adelaide Hills.
Hotel and resident facilities will include a resort-style day spa with gymnasium, pool and treatment rooms, as well as premium conference and meeting facilities.
Hines Property Director, Mr James Hines, said the project would further add to the appeal of Hindmarsh Square and complement three other major new buildings under construction and planned for Hindmarsh Square which could see $420 million worth of investment in the Square over the next three years.
"There is an ongoing demand for quality apartments in the CBD and this project will transform this corner of the square and continue to build the reputation of Hindmarsh Square as Adelaide's premium residential and commercial precinct," he said.
Construction of the 20 Hindmarsh Square development is expected to commence in early 2008 and be completed by the end of 2009.
The Hines Property has recently completed or has under way city projects worth more than A$150 million, including the Pacific International Suites Hotel and Apartments, the Domain Apartments and the 19-level Conservatory Apartments and Office development.
"There has been a massive sentiment swing towards investment in South Australia, underpinned by some major projects and the state's extensive mining opportunities," Mr Hines said.
"The current wave of new office developments, both planned and under way, will help reinforce the CBD as a premier residential location and increase the already growing demand for hotel rooms.
"This, combined with reducing supply, is also assisting significant growth in this sector."