Adelaide’s Riverbank: Sold to Big Business

Adelaide’s iconic Riverbank is being handed to corporate giants, with a 38-storey office tower set to dominate Festival Plaza. This isn’t progress—it’s a sellout. A space that should be a cultural and public hub is instead becoming just another high-rise for big business.

Public Space, Private Profit

Public land should serve the people, not developers. Yet, the SA government is leasing prime real estate to Walker Corporation, ignoring public opposition. The January-approved Festival Plaza Code Amendment lacked majority support, yet it’s moving forward. 

Who benefits? Not everyday South Australians who are watching their city’s best spaces disappear into corporate hands.

Where’s the Vision?

Adelaide had a rare chance to create a world-class precinct that blends green spaces, entertainment, and public engagement. Instead, we’re getting another soulless corporate tower that adds little value to the city’s vibrancy. With remote work on the rise and commercial property demand shifting, is another office block even necessary? Or is this just an easy cash grab for developers?

Smarter Investments Exist

Rather than funnelling money into outdated office spaces, smart investors are turning to high-growth property opportunities that benefit communities. Supavest OCP and TIC Property offer sustainable, community-driven developments with long-term value, including specialist disability accommodation (SDA) and high-yield housing solutions. These aren’t just investments—they’re future-proof solutions.

Adelaide Deserves Better

Festival Plaza could have been an iconic destination, a centrepiece of Adelaide’s future. Instead, it’s a missed opportunity—one that prioritises short-term corporate interests over long-term public value.

If you’re looking for property investments that work for both you and the community, book a call with Supavest!