City to build new $5 billion CBD development on the edge of CBD

Adelaide, Australia – The Adelaide City Council is set to approve a $5.5 billion development on an abandoned industrial site in the CBD.

Key points:The city council has announced it will buy the industrial property from a developer for $1.5bnSource: Adelaide City Planning CouncilKey points:”It is important to recognise the importance of the industrial site to the CBD and to the broader community,” a council statement said.

“The council has purchased the industrial development property, which is owned by a development company, for $3.1 billion, in order to enhance the economic and social wellbeing of the city, and to support the continued growth of the CBD.”

The site will be used for the development of two office blocks, a residential complex and a retail precinct.

“I am pleased to confirm the City Council has been granted permission to purchase the industrial land for the purpose of the redevelopment of the site,” council spokesman Matt Poulter said.

“The purchase of the property will allow the council to develop the site in a more sustainable manner.”

The council plans to redevelop the site, which will include an existing industrial building and a shopping precinct.

The redevelopment will involve a mix of public, private and residential uses, including a hotel and retail centre, the council said.

Key point:The site is about 50 kilometres north of Adelaide.

The council says it will redevelop the industrial complex for office and residential buildingsThe council is planning to redevelop this site for office, residential and retail usesThe development site is near to the site of the former Woolworths industrial complex, which was closed for almost two decades.

The city’s plan to redevelop a vacant industrial site has drawn considerable opposition from community groups and a number of people in the area.

The council’s planning committee approved the development last month and is due to formally approve it on Friday.

The land, which the council has leased for nearly three decades, has been abandoned for almost a decade and is owned entirely by the developer, and it has been vacant for more than five years.

“We’ve been able to build up the site to a point where we are able to complete the redevelopment,” Mr Poulters said.

He said the site was suitable for commercial and industrial use, including residential, but not commercial offices.

“It is not going to be an office site, it is going to have commercial uses, residential, retail and a mix,” he said.

The development has been criticised by the Aboriginal Land Council and the City of Adelaide, which has been working with the city on the redevelopment.

The Aboriginal Land Community of South Australia (ALCSA) said the land was “devastating” to Aboriginal people and would be used by the community to further the commercial development of the area and to prevent it from becoming a “ghost town”.

“The land is also a major access point for Aboriginal people to the Adelaide CBD, so it is essential that it is developed in a way that is not detrimental to Aboriginal rights,” ALCSA director, Sarah Young, said.

Alicence to buy landThe city plans to sell the land to the developer for about $1bn.

“This land will be sold to the development company for $5bn, so this will be the largest development project undertaken in the city for over two decades,” Mr Young said.

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