MAB underlines its commitment to SA as development agreement signed for former Gasworks project
MAB Corporation has established its South Australian operations following the formal signing of the Brompton Gasworks Development Agreement with Renewal SA for the remediation and development of this major urban renewal project.
At an estimated $459 million in capital expenditure over the life of the project, MAB’s investment in the former Brompton Gasworks site makes this one of the most significant projects in the State.
The 12-year project, which will see MAB deliver a masterplanned community with more than 800 new homes (including a target to deliver in excess of 15% affordable housing), a hotel, employment hub, integrated commercial and retail offering and the restoration of landmark heritage structures, will be the launchpad for MAB’s entry into South Australia.
“We are proud to be revitalising the former Brompton Gasworks site as part of a project that will generate significant economic, social and environmental benefits for South Australia,” MAB Chief Operating Officer David Hall said.
“This unique opportunity for urban renewal in Adelaide is of both city significance and heritage significance, and we understand the importance of the project for South Australia.
“We will invest almost half a billion dollars over the life of the project to deliver the vision for Brompton Gasworks.”
MAB is working with its specialist consultants towards commencing site remediation in early 2023. Following completion of the remediation works, the first stage of the redevelopment – which includes the delivery of approximately 7,000m2 of open space – is anticipated to commence in 2025.
“We are drawing on our depth of experience in remediating complex sites and have a proven track record when it comes to creating outstanding places for people to live, work and visit,” Mr Hall said.
MAB Director of Acquisitions Jamie Buxton said the Brompton Gasworks revitalisation is an exciting and unique acquisition for MAB and will hopefully be the catalyst to undertake further projects in Adelaide and across the State.
“MAB’s commitment extends beyond this project with the establishment of a local office and local team that will enable MAB to grow and expand our investment into the future, he said.
In addition to its 26 years of strategic development experience, MAB has teamed up with a leading consortium of South Australian architects, designers, engineers and consultants, including architecture and urban design studio Forum.
MAB Project Director, Chris Dickson said, “We’re looking forward to partnering with Renewal SA to deliver a thriving and environmentally sustainable precinct that seamlessly blends heritage and community while complementing the quality of what’s already in place within the Bowden precinct.”
Beyond this, MAB will enter into a Tailored Industry Participation Plan to ensure local businesses are given first opportunity to tender on works packages and will participate in Renewal SA’s Works Program which is designed to create employment and work experience opportunities. MAB will also engage with the Kaurna Yerta Aboriginal Corporation when more detailed planning commences.
“We’re excited about the distinctly South Australian team we have brought together for this project,” Mr Hall said.