The state government’s property development agency Renewal SA is inviting Registrations of Interest (ROI) for the Tapangka mixed-use Build to Rent development in Adelaide.
It is targeting a blend of residential dwellings, short-term accommodation, commercial and retail spaces across multiple towers.
The developer appointed Colliers as the sales agents for the development, which will lead the ROI process.
Colliers are seeking early market engagement from visionary development partners with demonstrated capability and experience in built form projects of this scale and land-use mix.
Located at the former Adelaide Bus Station site at 111-129 Franklin Street, immediately adjacent to the Adelaide Central Market and Chinatown precinct, Tapangka comprises a minimum of 392 Build to Rent and market housing apartments and 35% affordable housing across a consolidated 6,850m2 site.
It also includes a hotel/short stay accommodation element and complementary commercial and retail spaces centred around a signature building, which is envisioned to make Tapangka an activated mixed-use precinct for up to 1,000 new residents, including workers and visitors.
The development has a potential market value of up to $500m, aimed to provide a benchmark for sustainable and viable development investment in Adelaide’s CBD.
“Our plans for Tapangka aim to bring together home ownership and a range of housing tenure mix, sustainability, reconciliation and partnership by creating an entire precinct boasting a mix of market sale and rental apartments, visitor accommodation, commercial workspaces, café’s, restaurants, and retail.
“In addition to delivering more housing options in the CBD, we think that the space outside presents the opportunity to create a street culture that blends between the Adelaide Central Market precinct, and adds further activity while setting a unique identity, with lifestyle, art and sustainability.
“The precinct will leverage Adelaide’s new confidence and investment outlook by being bold in design, clear in purpose, and focused on making people’s lives more sustainable and connected.”
Chris Menz, Chief Executive, Renewal SA
Renewal SA completed due diligence on the site and engaged global architecture studio Woods Bagot to design Tapangka.
The developer will also co-ordinate and partner with one or more selected development and investment partners to deliver the vision for the scheme.
Renewal SA state that Tapangka is inspired by the experience of going on a journey: following a path to home ownership, towards sustainability and partnership. In the Aboriginal Kaurna language, this experience is known as Tapangka (Tup-un-gar).
“Renewal SA has a proven track record of successful partnerships on market-leading projects.
“We do this by working with the development industry and seeking their input and helping them succeed.
“With Tapangka there is a genuine opportunity for a development partner or partners to incorporate further innovation and development intelligence to the vision to bring the precinct to life.
“The opportunity is significant, as is the timing.
“Development partners who join with us in building some of these state shaping projects need to realise that this is just the tip of the iceberg.”
Chris Menz, Chief Executive, Renewal SA
Through stage one, the developer is actively seeking feedback from the industry on all aspects of this opportunity to realise the vision for Tapangka.
From there, qualified participants in the ROI stage will be invited to participate in a stage two Request for Proposal (RFP) process.
The outcomes of the ROI will inform the timings of the RFP process, which is earmarked for the first quarter of 2025.
