Adelaide CBD’s Optimistic Growth Attracts Major Property Developers

Last updated 01 Aug, 2023

The Adelaide CBD is not just a place, but a beacon of "optimism" and an ideal destination for business according to David Harrison, the Managing Director and Group CEO of Charter Hall. Charter Hall, the major development company behind the impressive $450 million 60 King William Street project, was drawn to Adelaide for its remarkable growth and potential for the future.

“Our investment in Adelaide reflects the growth of the city in recent years and our optimism about the future of the Adelaide CBD,” Mr Harrison said.

As of January 2021, Charter Hall's total investment in South Australia had exceeded $2 billion, a testament to their confidence in Adelaide's flourishing economy.

The Adelaide Economic Development Agency (AEDA) unveiled its first post-pandemic prospectus, "Invest Adelaide", to showcase the city's allure for business ventures. The prospectus highlights various sectors, such as property, retail, tech, education, creative industries, defence, and space, offering potential investors, both local and international, a glimpse into the opportunities that the city has to offer.

The momentum built by Adelaide is evident in its recent growth, which owes credit to its competitive cost base, progressive mindset, and ease of doing business. The city currently boasts impressive, world-class projects valued at a staggering $12 billion, either recently completed or in the pipeline. For instance, the Entrepreneur and Innovation Centre at Lot Fourteen is an ambitious $400 million undertaking by Quintessential Equity.

Concept of Entrepreneur and Innovation Centre at Lot Fourteen
Concept of Entrepreneur and Innovation Centre at Lot Fourteen

This 16-level office tower will be complemented by six newly refurbished heritage buildings, fostering collaboration between businesses, research institutions, and the government to drive the development of new technologies, products, and services.

Shane Quinn, the Executive Chairman of Quintessential Equity, echoed Charter Hall's sentiment, expressing, “Our company has become an active investor in Adelaide. We see it as a city with an enormous future.”

Adelaide's appeal and competitive edge are becoming increasingly known, according to Greg Ratsch, the Acting Managing Director of the Adelaide Economic Development Agency. “Adelaide’s becoming increasingly competitive and confident, and these attributes are reshaping the City’s economy,” Mr Ratsch said.

Discover AEDA's Investment Prospectus, offering a comprehensive insight into the investment opportunities in Adelaide. Download a copy here. Additionally, check out what major projects are currently underway, here.