21 June 2017

Adelaide’s first CBD high-rise retirement development attracted strong interest from dozens of potential ‘downsizers’, when the apartments in the new 20 storey U City building were released for sale in June.

The 41 retirement apartments are part of the unique mixed development on offer in U City, currently under construction in Franklin St, in the vibrant market precinct of Adelaide’s CBD.

The $80 million project is part of the redevelopment of the headquarters of leading South Australian welfare organisation, Uniting Communities.

An Australian first, the U City building will feature two levels of underground parking, seven floors of a unique mixture of retail and commercial opportunities, a 400 seat function centre and CBD operations for Uniting Communities’ services; five floors of specialist disability accommodation and the retirement residences on the top six floors.

“We know that the downsizers of today are looking beyond the traditional model of retirement housing,” said Simon Schrapel, Chief Executive of Uniting Communities.

“Baby boomers are better educated, internet savvy, enjoying better health and working longer.   They’re looking for security, amenity and independence. And we think that’s just what we can deliver at U City,” he said.

The U City retirement complex will have one, two and three bedroom options in the new carbon neutral building. It also will also offer an indoor/outdoor communal area for residents, function rooms, and a 24 hour concierge providing a menu of services and support.

According to Mr Schrapel, U-City will create a vibrant mixed community sharing a unique inner-city space.

“We believe the initial sales response we’ve received demonstrates that U City is set to deliver just the sort of independent and community-focused retirement lifestyle that many older South Australians are looking for.”

“It’s especially relevant now, with recent Federal Budget housing measures making it easier for people to move into smaller, more practical homes that suit their retirement goals.  Until now, many South Australians have been hesitant to downsize due to the previous restrictive pension assets test and superannuation rules,” said Mr Schrapel.

U City is now in the early stages of construction and due for completion in early 2019. It will create 180 jobs during the construction phase and more than 30 ongoing jobs in the future.