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Back to News 6 December 2023

Strong residential demand at Tonsley as VERTEX sells out

Already home to Australia’s most awarded innovation district, Tonsley is fast becoming southern Adelaide’s hottest residential address, with the latest release of apartments selling out in just 24 hours.

Eager buyers snapped up a total of 14 one, two and three-bedroom dwellings in the final stage of the Vertex apartments released by Tonsley Village developer Peet.

Ranging from $390,000 to $560,000, eight of the Vertex apartments in the latest release were offered as affordable homes and all were priced within the South Australian Government’s stamp duty relief scheme.

Eligible buyers at Vertex could also qualify for the state government’s first home buyer grant of up to $15,000.

The lure of living at Tonsley adds even more lustre to the success of the Tonsley Innovation District, which is celebrating more than 10 years in operation since the state government’s decision to transform the former Mitsubishi car plant into a world-class high-tech manufacturing hub.

"Having established itself as Australia’s most awarded innovation district and with its focus on renewable energy sources, open spaces and transport links, it is little wonder that Tonsley is now becoming a highly sought-after address. It’s also helping provide much-needed quality and affordable housing for South Australians in a growth area of our economy."

Minister for Housing and Urban Development Nick Champion

The speed with which the fourth and final stage of Vertex was sold reflects overall demand for housing at Tonsley Village.

“We have been overwhelmed by the continued strong demand from purchasers looking to secure their own home at Tonsley Village,” Mark Devine, State Manager at Peet Limited, said.

“With more than 500 residents now calling Tonsley Village home and the construction of more homes and public infrastructure well underway, we’re excited to see the new community come to life.”

Vertex is being delivered across four stages, with a total of 72 apartments. The first residents are expected to move in mid next year as stage 1 is delivered, while construction of stage 4 will start in early 2024 and is due to complete in mid-2025.

When complete, Tonsley Village will be home to 1800 residents across 11 hectares.

Renewal SA Executive Director Property and Major Projects Todd Perry said it was great to watch a residential community grow around the businesses, industry and academia that are the heartbeat of the Tonsley Innovation District.

“Now, the residents who are moving in are adding to the vibrancy that will only increase as the project develops and more of the retail and entertainment areas come online,” Mr. Perry said.

The Vertex apartments feature high quality benchtops, AEG appliances, Alder sanitary ware, split system reverse cycle air conditioning, ceiling fans to bedrooms and secure car parking and are ideally located within walking distance of train connections and the upcoming Boiler House, retail and wellness precinct.

About Tonsley Village

Australia’s largest specialist residential land developer, Peet Limited is developing 11 hectares of Tonsley Innovation District to provide approximately 800 homes for around 1,800 residents. Contemporary living options built to 21st-century environmental and design guidelines will attract people from a range of backgrounds to live at Tonsley. Accommodation will include secure, cosmopolitan apartment living and townhouses within buildings of between two and three storeys, among green open spaces.

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