Taxpayers are set to take control of one of Adelaide's most lucrative parcels of land. The State Government will buy the former West End Brewery at Thebarton with plans to develop one-thousand homes just minutes from the CBD, but there are concerns some young home buyers will be priced out of the project.
00:00 For 135 years, one of South Australia's favourite beers was brewed here.
00:07 Now the state government says the former home of the West End Brewery will help quench the thirst for housing.
00:13 We're serious about addressing the housing supply issue and we see this site as providing another opportunity to do that.
00:20 Global beverage company Lions confirmed taxpayers put forward the most commercially competitive offer on the 8.4 hectares of land in a $61.5 million deal.
00:33 More than 1,000 homes to be built at the site, situated just outside the CBD.
00:39 This project will act as a catalyst for the entire precinct.
00:44 At least 20% of those will be affordable housing, which is less than what's been provided in places like Prospect and St Clair.
00:53 50% would be good I think to make it an equal sort of socio-economic situation.
00:59 Especially being so close somewhere to the city, I think for younger people it would be harder, well not harder but more costly.
01:07 Having taken control of the site, the state government will decide how it's developed and fund infrastructure like roads.
01:15 There's a couple of cafes down here, bloody fantastic.
01:17 Or the private sector will be relied on to deliver the construction of the homes.
01:22 But the opposition believes the government should have stayed out of the process.
01:27 It's the sort of socialist intervention that you would expect from an eastern European communist country.
01:32 In the early stages there was probably some things that could have been done better and we'll talk to government about ways that can improve in the future.
01:38 But right now what we're seeing is a plan for the future and we want to see it delivered as quickly as possible.
01:43 With construction expected to begin here in 2025, the first residents won't be moving into their new homes here until 2027 at the earliest.
01:52 The project is expected to retain heritage structures and the well-known Riverbank Christmas lights display.
