Builder announced for $85m Penny Place Development


Leading national builder Maxcon has been appointed to construct the new $85 million Penny Place apartment development in the Adelaide CBD.

Developer Flagship Property Holdings says the appointment of Maxcon paves the way for construction to commence on Penny Place later this year, which will create approximately 150 new construction jobs.

“Maxcon has proven itself as one of Australia’s finest construction companies, so we’re pleased to partner with them to help us deliver on our exciting vision for Penny Place,” said Mark Jarman, Chief Executive Officer of Flagship Property Holdings.

“We’ve already put in an enormous amount of design and planning work on Penny Place alongside our architect Woods Bagot, so appointing Maxcon rounds out an outstanding delivery team and paves the way for construction to soon get underway.”

Located on Angas Street near Victoria Square, Penny Place will comprise 152 apartments, car parking and a bike store. There will also be a ground floor lobby, resident lounge and kitchen, and space for a retail outlet, as well as a public plaza.

The 24-storey, 78m high Penny Place development forms the second stage of Flagship’s masterplan for the inner city site where it has just completed its Kodo apartment development which – at 103m high – now stands as Adelaide’s tallest residential building.

Mr Jarman says construction of Penny Place will start later this year and provide a major boost to the local building industry.

“Penny Place will create around 150 jobs throughout the construction period, which we anticipate will span between 18-24 months,” he said.

“This is great news for local construction workers and their families, and is also great news for the broader South Australian economy.”

Flagship Property Holdings