Standard Chartered real estate head Mark Ebbinghaus gets Adelaide tower approval


Standard Chartered Bank's global real estate head, Mark Ebbinghaus, has gained approval for a 20-storey residential tower in his hometown of Adelaide. 

Construction on the $70 million project at the corner of Rundle Street and East Terrace is expected to start late next year after it meets its 50 per cent pre-sales target.  

"This is one of the most important residential development sites in the city and will be a fundamental feature of the East End, underpinned by its integrated and sensitive design," said Mr Ebbinghaus, who assisted Frasers Centrepoint on its successful $2.6 billion bid for Australand in 2014.

"We have received strong inbound interest levels in the apartments at this gateway site to the city and kick starting this project is a significant vote of confidence in Adelaide."

Construction of the 74-<a href=apartment tower is due to start by late next year, subject to meeting the 50 per cent presales ..." width="620" class="lazy620x0" src="src" /> Construction of the 74-apartment tower is due to start by late next year, subject to meeting the 50 per cent presales target. Supplied

Apartment construction in the central state has lagged the eastern states and while approvals of new apartments in SA nearly halved in June, the latest month for which figures are available, they have been holding up on a rolling 12-monthly basis. 

While Adelaide has been slower to pick up on apartments and has been less sought-after by foreign buyers, a number of projects are now underway, including a $150 million two-tower project by Quintessential Equity on the CBD's southern edge. Even as bank financing tightens, agency Belle Property International has secured $1 billion from a US private equity firm to fund foreign buyers with apartment purchases in Adelaide, Brisbane and parts of Sydney.

Prices in the development range between $415,000 for a one-bedroom apartment and $2 million for a three-bedroom penthouse.

Design by architects BDA and Adelaide-based TECTVS, the tower will be set back from the corner and will use moveable screens on the facade to create a changing mosaic on the outside of the building.

"The penthouses are already spoken for and we expect rapid take up at this premium East Terrace prime location," Mr Ebbinghaus said. 

<a href=Monthly apartment approvals: State of the states as of June 2017." width="620" class="lazy620x0" src="src" /> Monthly apartment approvals: State of the states as of June 2017.

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