Construction of the $85 million Penny Place apartment development in Adelaide’s CBD has reached topping out stage, with buyers expected to benefit from a sharp rise in city apartment values.
Despite the onset of COVID-19, Adelaide’s property market has remained resilient with CBD apartment values rising by 24.7 per cent over the past 12 months according to the latest Valuer-General’s figures.
Topping out at Penny Place comes just 10 months after construction started. The milestone follows the completion of the final concrete floor pour by builder Maxcon and was marked by a large pine tree being raised from the ground to the top floor of the building by a 83m crane.
Developed by Flagship Property Holdings, the 24-storey, 78m high Penny Place development will comprise 152 apartments and feature a ground floor lobby, resident lounge and kitchen, space for a retail outlet, and a public plaza, as well as car parking for residents and a bike store.
The majority of Penny Place apartments have already been sold off the plan.
The first residents are expected to move into their apartments when the project is completed by early Q2 2021.
Flagship Property Holdings’ Chief Executive Officer Mark Jarman said topping out is a major milestone for the development.
“Our builder, Maxcon, has done an incredible job to keep construction not only on-track but ahead of schedule whilst ensuring the safety of their team during COVID-19,” said Mr Jarman.
“It’s exciting for our buyers and future residents to see Penny Place taking shape and we’re confident that the project will be one of the best apartment developments the city has ever seen. It is the perfect sister project to Kodo next door.
“Penny Place has been meticulously designed to provide future residents with an enviable lifestyle and a solid investment.
“Adelaide CBD apartments continue to perform well for investors with strong year on year growth.”
Penny Place has created more than 150 jobs during construction ensuring ongoing employment during a challenging time for the industry in South Australia.
Maxcon Constructions Managing Director Anthony Elzain stated this achievement is testament to the collaborative process of design and construction.
“Through careful design consideration and construction sequencing we have implemented new construction methodologies to meet delivery targets. Topping out this project after 10 months of construction during a pandemic was only possible with the support of South Australia’s construction community and our client Flagship,” said Mr Elzain.
Penny Place forms the second stage of Flagship’s masterplan for the inner-city Angas Street site with residents moving into its neighbouring apartment development Kodo last year. At 103m, Kodo was Adelaide’s tallest apartment building at the time of completion.