Peel off a floor in Peel Street!

This exciting new project at Peel Chambers offers opportunities for individuals, families and businesses to create and live their inner city dreams.

Buyers can have the whole floor of this unique building on its own Title to create an their completely individualised apartment, studio, office or home/office.

The ground floor is currently designated commercial and covers 124 m2 with a basement space of some 67m2, while the 5 upper floors are 152m2 to 164m2

Priced from $600,000 to $700,000 each single floor shell provides:

• Upgraded building services including a new lift, soundproofing, plumbing, fire protection and communication services
• Repainted and restored building facade and windows, including replacing all west facing windows
• Strata titling of complete floors to enable buyers to pursue their vision for either residential or commercial purposes
• A covenant that allows the owners to "do their own thing" while safeguarding the other members of the community title scheme

Peel Street and Leigh Street is where it's all happening in the City with this precinct benefitting from the Council's new lane way strategy, the redevelopment of the Adelaide Oval and the new Royal Adelaide Hospital on North Terrace.

More mixed use buildings

Following on from our earlier features on mixed used buildings, last month saw 2 transactions in other mixed use buildings. We sold a top floor 2 bedroom Mantra apartment for $500,000. This 80 square metre apartment had a wrap around balcony and overlooked Hindmarsh Square with the Adelaide Hills in the background.

We were also instrumental in acquiring a 3 bedroom apartment in the building known as 22 The Square, which is part of the Garden East project sitting between the Rundle Street East Cafe Precinct and Grenfell Street. Our client paid $825,000 for this large apartment with 2 carparks and we facilitated foreign investment approval for the transaction.

We love doing these kind of deals in the city and equally love sitting down with our clients having cappuccinos in the ground floor cafes situated in these buildings while we are doing the deals!

Mixed Use Buildings

It doesn't seem that long ago when Peter was advising the owners of Ruthven Mansions at 15 to 27 Pulteney Street on the feasibility of selling off the apartments on separate strata titles while having a retail arcade in separate ownership at ground level. This all seemed so novel (not to mention risky) back in 1993!

Ruthven Mansions was built in 1911 and was a very early venture in apartment living in the City of Adelaide. This obviously fell out of fashion it later became home to the Government Chest Clinic in 1953 and was then refurbished in 1980 by architect John Chappel to operate as an apartment hotel.

Now mixed use buildings are quite common place, because multiple uses are often the most economic use of expensive city land. According to the Adelaide City Council the city population in 2010 is 21,000 and forecast to increase by another 20,130 over the next 21 years. This means that many more mixed use buildings are going to be built and we hope that they involve some new and exciting architecture!

Click on these links for more information on real life examples of mixed use buildings in the city:

223 North Terrace

23 King William Street

Mixed Use Building - 223 North Terrace

Construction on this building commenced in 1969 as a next door carpark for the South Australian department store John Martins. The iconic store closed in 1998, but the North Terrace car park remained to service the new David Jones store which opened in its place.

The Haywards, a wealthy merchant family that owned "Johnnies" had originally planned to build an international hotel on the rooftop of the carpark. The structure was designed with additional reinforcement to take the extra weight, and the lift shafts were strategically positioned so that they could be extended.

In 2001, Buchan Lee in consortium acquired the air rights above the car park and developed the "Martin Towers" apartment project, which later became known as "223 North Terrace". Construction of the 2 apartment buildings (the "North Tower" and "South Tower") commenced in 2003. The transfer zone of the existing carpark roof between the 2 buildings was developed into a recreational area with a lap pool, spa, sauna, gym and skygarden while the sub-basement of the carpark was set aside for apartment resident parking.

In addition to the carpark and apartment mix, the third use of the building is retail shopping, with many shops in the ground floor arcade joining Rundle Mall, as well as several fronting to Charles Street and North Terrace.

Mixed Use Building - 23 King William Street

This is a heritage listed building which was built for the AMP Society in 1936 and was completely refurbished and converted a couple of years ago from its office use into studio, 1 and 2 bedroom apartments focussing on our growing international student market. Re-branded as UV Apartments (University Village), the building also contains 4 common area facilities incorporating TV lounge, reading room, study room and a games room.

The ground level is mostly taken up with an interesting tea room, restaurant and martini bar called Saldechin.