Cbus to build $300 million CBD office building for SA Government
16 April 2020, Written by Business News Australia
Cbus Property will deliver a $300 million 20-storey CBD office building in Adelaide for the South Australian Government.
The build will be managed in partnership by the SA Government and Cbus Property, and the building will house the South Australian Department of Planning, Transport and Infrastructure (DPTI) as an anchor tenant.
Cbus Super CEO David Atkin says the office building, to be built on 82 Pirie Street, will support up to 2,000 construction jobs during the Covid-19 recovery phase.
"This landmark project comes at such an important time for the construction industry in South Australia," says Atkin.
"Building and construction will be the frontline of Australia's economic recovery.
"Cbus has supported over 95,000 construction jobs through Cbus Property while delivering strong returns for our members. [We are] in a strong liquidity position and we are determined to play our part in ensuring a strong pipeline of construction work to help secure the economic recovery."
An artist's impression of the new $300 million office building (via DPTI)
The new building, to be constructed on the site of former nightclub Planet Nightclub, will consolidate the DPTI's seven city locations and deliver savings to taxpayers according to Minister for Transport, Infrastructure and Local Government Stephan Knoll.
"The new ten-year lease will see DPTI occupy less than 18,500m2, reducing the department's footprint and delivering savings of more than $50 million over the term of the lease," says Knoll.
"Not only will this project support thousands of jobs during construction, but it will also save taxpayers tens of millions of dollars over the next ten years.
"DPTI will be the anchor tenant for this new building and occupy ten levels of the 20-storey complex when the lease agreement begins in 2023."
An artist's impression of the interior of the proposed Pirie Street tower (via DPTI)
Business News Australia
Author: Business News Australia