04 October 2011

The SA Government will seek up to $1 billion in private sector investment to help redevelop Adelaide’s Riverbank precinct.

A new concept plan, released this week by SA Infrastructure Minister Patrick Conlon, would see a new footbridge between the railway station and Adelaide Oval, a redesigned plaza area at the Festival Centre and provision for substantial commercial development.

"The opportunities include new multi-storey commercial buildings, potential for expansion for existing operators such as the casino and the Intercontinental and new food and beverage outlets," the Minister says.

“We also believe there is room for associated and appropriate retail activity to make the area more attractive for visitors, tourists and residents.”

A notable business opportunities is flagged as "River West: Creating a new vibrant area between the Convention Centre and Festival Centre. Would enhance the riverbank experience by integrating food and beverage outlets into the grassed riverside with a new boardwalk and gently sloping terraces to the river edge".

Property Council of Australia (SA Division) Executive Director Nathan Paine welcomed the release of the consultant’s report on the built form and content of the Riverbank Development but urged planners to look at the proposed precinct as one part of our evolving city rather than a standalone precinct.

“We have always maintained that the Riverbank represents a once-in-a-lifetime opportunity to provide a uniquely South Australian space for tourism, leisure and recreation activities for people to enjoy all year round," Nathan says.

“But as we strive to make that dream a reality we must keep front of mind the need to balance these goals against the existing public assets we already have in the CBD, and the risk that an enhanced Riverbank may detract from, or spell the death of, some of those public assets.

“We mustn’t chase these goals without thinking about the exceptional retail offering we already have in Rundle Mall, the boutique food, wine and shopping experience of Rundle Street and the vibrancy created by existing office and mixed use developments across the city."

Meanwhile, SA public input to Riverbank proposals has called for more activity opportunities.

Consultation feeding in to the Riverbank Master Plan has shown restaurants, cafes, open spaces and places to enjoy the natural beauty of the area are high on the South Australian public wish list.

“Many people said while they would be disappointed if nothing was done, they did not want to see the area compromised by over-development and a loss of the natural elements of the area,” an SA Government consultation report states.

“Almost 50% of respondents said they would be attracted by festivals, events, arts, culture, leisure, entertainment, shopping and markets in the Precinct. More than 20% of people said they would be attracted with more bars, cafes and restaurants.

“Public transport featured highly, with more than half of respondents wanting to arrive by bus, train or tram.”

The full master plan draft is due for completion in late 2011.