Maxcon to build $85 million Penny Place development

An $85 million apartment development project, in the Adelaide CBD, has appointed construction company Maxcon to build the complex.

Developer Flagship Property Holdings says the appointment of Maxcon paves the way for construction to commence on their Penny Place building later this year.

‘Maxcon has proven itself as one of Australia’s finest construction companies, so we’re pleased to partner with them to help us deliver on our exciting vision for Penny Place,’ said Mark Jarman, Chief Executive Officer of Flagship Property Holdings.

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 plan for the inner city site where it has just completed its Kodo apartment development, which, at 103 metres high, now stands as Adelaide’s tallest residential building.

Jarman added that the impeding construction work later this year would create approximately 150 new jobs, and represent a major boost to the local building industry.