News
Issue No. 49 - October/November 2009
Wave and Edge signal CBD strength
Innovative mixed development The Wave and The Edge, nearing completion in Gilles Street, shows how SA’s property market holds better promise for developers than other Australian capital cities.
Rick Graf and Jan Kell of Graf International, JV developers of the sister projects in Adelaide’s CBD, chose Adelaide over their native Sydney for their next step after completing the award-winning Branson Landing project in Missouri in the USA.
“We have total confidence in the Adelaide market,” Rick says. “The SA economy is both strong and stable, and is underpinned by the resources sector and sustained Defence industry expenditure.
“Prime office vacancy, the premium or A-grade level properties, is still at historically low levels of 4% in Adelaide. However, Brisbane and Perth are facing prime vacancy rates above 15%.”
Rick expects the shakeout among property trusts and superannuation funds will reinforce the flight to quality, leading to The Edge and The Wave being built to high development standards with the latest energy and water conservation innovations.
The project includes two towers and a three-level podium housing car parking, restaurant and retail facilities.
The King William street tower has eight levels of office accommodation while the Gilles Street Tower has five office levels and three levels of luxury apartments, all with unrestricted views to the Adelaide parkland and hills beyond. A pool, sauna and entertainment ar...
