“Off-plan sales booming as the Bowery takes shape” by The Advertiser

18 Aug 2015

Construction has been brought forward on an upmarket residential development set to continue the regeneration of the Bowden area on the fringe of Adelaide’s northwest CBD.

The sale of 31 of a projected 54 apartments at the Bowery since it was first marketed in April this year has persuaded developers Hindmarsh to push ahead with building, scheduled to begin next month.

Prices at the seven-storey block range from $270,000 for a one-bedroom apartment with three-bedroom apartments breaking the $600,000 barrier at the top end, said Hindmarsh SA development manager Morry Canala.

The Bowery, on Sixth St and within walking distance of the new RAH and North Terrace, has appealed to buyers off different demographics to generate sales to date of about $12 million Mr Canala said.

“The Bowery fuses smart and elegant design in a way that sensitively responds to the urban revival happening more broadly in Bowden,” he said.

“This combination has seen the apartments sell rapidly with a range of buyers drawn to the unique offering.”

“Bowden is an area undergoing careful transformation for the long-term future and the Bowery is at its centrepiece. Future development opportunities in the precinct will be limited so the capital growth potential of the Bowery apartments is substantial.”

Sales of apartments to date have been across the board, said Mr Canala, with first-time buyers, the 55-plus age group and owner-occupiers all in the mix for the one plus study, two and three-bedroom apartments.

Construction is expected to take around 18 months with completion scheduled for early 2017.

In the heart of the revitalised Bowden precinct, the Bowery responds to and enhances the vision for Bowden’s continuing evolution into a vibrant, sustainable, liveable community, Mr Canala said.

Named after the iconic lower Manhattan precinct of New York, its facade and design is put forward by Hindmarsh as an example of excellence and innovation in medium density housing.

Fronting Sixth St with an aspect overlooking Kevin Taylor Park, the apartments will have a commanding position with parkland and city views.

Hindmarsh partnered with Renewal SA in the early design phase to ensure the project would assimilate with and enhance the Bowden precinct.

Hindmarsh has an extensive track record in developing and constructing residential buildings that leave a positive legacy in the local community. In Adelaide, the company has delivered the highly successful Ergo Apartments and is currently completing the luxury Palladium on Light project in the CBD.

Founded over 35 years ago, Hindmarsh Development has experienced steady growth, delivering more than 4000 residential units and $3.5 billion of construction work.

Author: Richard Evans

(Article attribution to: ‘Adelaide Advertiser, Sourced on 18 August 2015, Business Journal Section’)

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