Global real estate services firm JLL is continuing to spruik Adelaide in an article acknowledging the increasing local and international investment being seen across the CBD landscape.
JLL points to the City Council’s Laneway Master Plan, which will connect under-utilized laneways running from North Terrace to the Adelaide Central Market, as a sign that Adelaide may soon rival Melbourne in the Global Liveability Report.
Adelaide already has a strong reputation as food and wine haven, and other projects around the city are further increasing its appeal. The Riverbank Precinct, the Adelaide Central Market and Adelaide Casino are all listed for significant upgrades and the $2.3 billion Royal Adelaide Hospital has opened its doors.
“When a city is in a state of transformation like Adelaide is, this presents more opportunities for investors and developers to enter or expand in the market – not specifically in the projects being redeveloped, but across the whole spectrum of the market,” said Jamie Guerra, Managing Director of JLL Adelaide.
Guerra also noted that investment is happening on both a local and international level.
“Investment from offshore capital represents around 25 percent of the total investment into Adelaide over the last 10 years,” Guerra added. “What’s really interesting is that the average investment from foreign parties sits at around AU$75 million per asset, which is very heavily skewed to the larger end of the market, demonstrating that offshore buyers in particular gravitate towards larger, flagship assets to own and redevelop. This has been enhanced by the broader sense of global economic uncertainty and the stability of Australia’s office market.”
JLL identified Adelaide as reemerging onto the investment landscape in June, praising the robustness of the CBD office market and liveability offered by the city.
In August, Melbourne was ranked number one for the seventh year in a row and Adelaide came in at sixth. Adelaide may not have beat Melbourne for the most liveable city this year, but at least we can say we have the best footy team (if everything goes well this Saturday).