A “vibrant” riverbank lined with restaurants, cafes and bars may be further off than the State Government hopes, with the Property Council warning private businesses will be very cautious about investing in the area.

And a key Government-backed institution in the precinct is strongly opposing the development of restaurants and cafes on the riverbank.

The State Government is hoping its multi-billion dollar investment in Adelaide Oval, the Convention Centre and the footbridge will see private restaurants and shops flock to the area, creating a “restaurant precinct” on the Torrens.

The original masterplan for the Riverbank precinct shows a strip of restaurants and cafes running in front of the Casino and Convention Centre.

However, the Adelaide Convention Centre has trenchantly opposed such development in its submission to the Government on the latest Riverbank Development Plan Amendment.

The centre’s submission says it is “strongly opposed to any further development between the centre and the river”.

“Any development would compromise the unique locational setting of both the centre and Regattas restaurant and the DPA should be specific in not permitting any further development in this immediate area,” the submission says.

New Property Council SA head Richard Angove says building on the riverbank is expensive, and businesses may wait to see if expected Adelaide Oval crowds materialise before buying into the precinct.

“To build infrastructure down there for a start is extraordinarily expensive,” Angove told InDaily.

“To build the public roads, the footpaths, the boardwalks, the actual physical structures themselves to house restaurants in.

“As we know the restaurant industry is pretty tough at the best of times. The sort of commercial rents that such tenants pay are not high, and therefore it’s going to be in my view a struggle.

“A solution needs to be found if they wish to develop it. That may well involve further public funds to build part of the infrastructure.”

A retail and commercial strategy was to be developed as part of the Riverbank Masterplan. This document has not yet been released.

Angove, who worked for Adelaide Casino before taking up the Property Council role, stressed he supported the riverbank plan – but he was concerned about whether it would work as seamlessly as the government hoped.

The State Government hopes Adelaide Oval crowds will create huge new demand for restaurants on the riverbank, particularly around the new Torrens Footbridge and the Adelaide Festival Centre.

A new Development Plan Amendment released earlier this year cleared the way for private investment in the area.

The CEO of Restaurant and Catering SA, Sally Neville, said she didn’t believe the cost of building on the Riverbank would slow development – but it might affect occupancy.

“There’ll be an enormous amount of attention and focus on that precinct once the Oval and the footbridge are open,” Restaurant and Catering SA CEO Sally Neville told InDaily.

“The developers that do invest in that precinct will have to look at it as a long-term return.

“They’re not going to be able to price it at Sydney, Melbourne numbers and expect a short-term return. If they do that … then it will be vacant, and there’s a risk of developers putting in any old trader.”

City developer Con Makris told InDaily he had no interest in developing the site.

“Nobody approached me to tell me – I mean, it’s not their job to approach developers. But sometimes you do,” Makris said.

“If nothing happens and there is talk about the riverbank, we’ll be happy to discuss it.

“I can see problems personally, but I hope it doesn’t happen for the good of Adelaide. That’s why I thought they have to build a lot of things there to keep the people.

“You can’t have a bridge and take all of these people through the bridge and then there’s restaurants, cafes and whatever, a lot of those people, most of them, will be half drunk, they’re going to stop there, and that may create problems there.

“And the good customers, the ones that come from interstate, they want to go somewhere which is nice, with no problems, you can’t have drunk people next to you swearing and fighting.”

A second issue raised by many of those canvassed was the impact development on the riverbank would have on the rest of the city.

“One concern which needs to be measured and managed properly is not to develop components of the riverbank precinct at the expense of cannibalizing other components, other retail sectors particularly that have been established within the city such as rundle mall, the east end of Rundle St,” Angove said.

“It is a very fine balance between setting up additional retail space in particular at the expense of others.

“It is a matter of the market determining how much Adelaide’s population could sustain such a development. We’re for it, but I guess I just caution it.”

Adelaide City Council is calling for an economic analysis of the impact of the riverbank on CBD retail to be done – a move Angove supported.

The Chief Executive of Renewal SA, Fred Hansen, said the Greater Riverbank Precinct Implementation Plan was in its final stages of completion.

“The location of any café/restaurant/bar opportunities are currently being assessed by Renewal SA in the context of the draft Implementation Plan,” he told InDaily.

“Following finalisation of the Implementation Plan, the government may seek to facilitate private sector investment to delivering temporary or permanent facilities in line with strategy to activate key sites in the precinct.

“Results from the community consultation were very encouraging and are to be released shortly.”