Maxcon has been appointed to construct the new $85 million Penny Place apartment development, which is primely located in the heart of the Adelaide CBD.
Developer Flagship Property Holdings says the builder’s appointment paves the way for construction to commence on Penny Place later this year, which is anticipated to span between 18-24 months and generate approximately 150 new construction jobs.
Chief Executive Officer of Flagship Property Holdings, Mark Jarman, said they are pleased to partner with Maxcon to help bring their exciting vision for Penny Place to life.
“We’ve already put in an enormous amount of design and planning work on Penny Place alongside our architect Woods Bagot, so appointing Maxcon rounds out an outstanding delivery team and paves the way for construction to soon get underway,” Mr Jarman commented.
Located on Angas Street near Victoria Square, Penny Place will comprise 152 apartments, car parking and a bike store. There will also be a ground floor lobby, resident lounge and kitchen, and space for a retail outlet, as well as a public plaza.
The 24-storey, 78 metre high Penny Place development forms the second stage of Flagship’s masterplan for the inner-city site where it has just completed its Kodo apartment development which – at 103 metres high – now stands proudly as Adelaide’s tallest residential building.