Former city bus station joins SA’s $2 billion development pipeline
Five projects worth more than $2 billion make up Renewal SA’s “significant” development pipeline, with developers now being sought to rejuvenate a key CBD parcel of land.
One or more private sector partners are being sought to deliver a major housing project in the CBD as part of Renewal SA’s multi-project state development plan.
The former Adelaide Bus Station site on Franklin Street will become a mixed-use precinct, including a minimum of 392 apartments which Renewal SA envisions could incorporate both market housing and build-to-rent.
A hotel and complementary commercial and retail spaces are also being sought by the state government agency, which will begin a “market sounding and Registration of Interest process” for the project called Tapangka next week.
Tapangka means “on a path” in Kuarna, with the project to be centred around a signature building and integrated streetscapes.
Responsibility for the former bus terminal site’s future was passed from the city council to the state government in 2023.
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It has been largely vacant since 2008 and currently holds car parks, electric vehicle chargers and a community space run by Conservation SA called The Joinery.
Adelaide City Council put 111-129 Franklin Street up for sale in 2022 through real estate agents JLL.
The $500 million project is part of a more than $2 billion pipeline of development projects being released to the property development sector by the end of the year.
Renewal SA claims the five projects could create upwards of 3000 dwellings.
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Alongside Tapangka, the other projects include the recently announced 274-275 North Terrace project ($400 million), the former West End Brewery site in Thebarton ($1 billion), the two last remaining “development ready” parcels of prime land in Bowden ($110 million), and a home building project at Whyalla which could unlock 70 new homes in the city ($30 million).
The last two development-ready sites in Bowden are now on the market. Photo: Renewal SA.Renewal SA chief executive Chris Menz said there was a “once-in-a-generation pipeline of state building projects well into 2025 and developers needed to seize the moment on the back of a strong local economy”.
“South Australia is primed and ready for forward-thinking developers who are able to get on board now and take advantage of the unparalleled opportunities available in this state,” Menz said.
“The message from us is that the state is open for business, brimming with potential, ready for those who dare to innovate and now is the time to break new ground and make your mark in a thriving market, a market we expect to continue to grow for years to come.”
He added it was vital for developers to have “transparency around the pipeline of projects”, and that “there also needs to be confidence in a process with state government support in the planning of capital allocation in South Australia”.
“The five projects released before the end of 2024 are the tip of the iceberg,” Menz said.
“We have a strong pipeline identified across all asset classes listed online and understanding that providing the market with foresight and transparency as to what is coming is critical to getting the best outcomes for our projects.”
