A sod-turning event was held today to mark the beginning of construction on the $300 million West Franklin apartment complex in the city’s west end.
Minister for Investment and Trade Martin Hamilton-Smith said the Franklin Street project is the result of significant investment from China’s Zhengtang Group, which has indicated the project will create 1350 construction jobs and provide accommodation for more than 1000 people.
“With two residential towers to be constructed, the West Franklin project will be a great addition to the city and help complete the redevelopment of the historic Balfours site,” Mr Hamilton-Smith said.
“The complex will offer a broad range of apartment styles. At least 15 per cent of the apartments will be made available as affordable housing for low-income earners while also offering a number of exclusive penthouses.
“The complex will provide a self-contained community for residents including a supermarket, café and specialty shops at street level, a glass-sided swimming pool, spa and health club and a roof-top outdoor entertaining area.
“West Franklin is being developed by the Adelaide-based Australian arm of Chinese property group, Zhengtang Group and I applaud Zhengtang for devising such a bold and impressive vision for the site.
“The State Government welcomes all investment into our State, particularly from China, and I was pleased that the newly established State Government agency Investment Attraction South Australia supported the Zhengtang Group throughout the investment process.”
Zhengtang Group Australia Operations Manager, Mr Nicho Teng, said the first stage of West Franklin will comprise 280 one and two bedroom apartments over 22 levels priced from $270,000 for studio apartments up to more than $2.1 million for a penthouse.
“The South Australian Government’s vibrant city agenda is bringing additional people to live in the city and has stimulated flow-on investment in projects such as ours,” Mr Teng said.
“Zhengtang Group is grateful for the practical support it has received from the South Australian Government and its agencies.”
Mr Hamilton-Smith said today’s event is a timely example of the benefits of South Australia’s ever-expanding business and cultural ties with China, ahead of a State Government led business mission to Shandong next week.
“The 300-strong delegation will participate in tailored business fairs that will provide them with the opportunity to meet face-to-face with key Chinese investors and company representatives,” Mr Hamilton-Smith said.
“Our ongoing relationship and collaboration with China is extremely important, particularly given the positive impact the China-Australia Free Trade Agreement will have on our State. We therefore want to ensure we are on the front foot in our efforts to engage with the region.”
The project is expected to be completed in 2019.