According to GlobalData, the value of Australia construction market is forecast to decline by 2.7% in real terms in 2023, having decreased by 0.4% in 2022. A key growth market will be the infrastructure market, with output rising by 3.8% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are the top five commercial and leisure construction projects that commenced in Australia in Q2 2023, according to GlobalData’s construction projects database.
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1. Melbourne Arts Precinct Redevelopment
The project involves the redevelopment of the Melbourne arts precinct in Melbourne, Victoria.
Construction work started in Q2 2023 and is expected to be completed in Q4 2027.
The project aims to reshape Melbourne’s cultural and creative precinct and improve the functional aspects of the existing institutions, incorporating the new facilities at the arts precinct. Buy the profile here.
2. South Yarra Mixed-Use Precinct Development
The project involves the construction of a mixed-use precinct with two towers and 617 build-to-rent apartments in Melbourne, Victoria.
Construction work commenced in Q2 2023 and is expected to finish in Q4 2025.
In December 2019, Greystar bought the two adjoining sites on Yarra and Claremont streets in separate off-market deals from Larry Kestelman. The aim of the project is to improve and provide better residential and commercial facilities in the region.
3. Nine The Esplanade Office Complex
The project involves the construction of a 32,500m2 19-story office complex in Perth, Western Australia.
Construction work started in Q2 2023 and is forecast to complete in Q4 2025.
The aim of the project is to provide better commercial and leisure facilities in the region. Buy the profile here.
4. Adelaide Central Market Arcade Redevelopment
The project involves the construction of a 39-story mixed-use tower in Adelaide, South Australia.
Construction work commenced in Q2 2023 and is expected to be completed in Q1 2026.
The project aims to provide better commercial and residential facilities in the region. The redevelopment will foster a local, diverse, and multicultural place responding to the changing consumer needs. Buy the profile here.
5. Archibald Mixed-Use Complex
The project involves the construction of a mixed-use complex comprising two towers with 323 apartments and 130 hotel rooms on 0.56ha of land in Gosford, New South Wales.
Construction work started in Q2 2023 and is expected to be completed in Q3 2024.
The project aims to provide better residential and hotel facilities in the region. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
