The ART Apartment complex at 242 Flinders St in the ‘Paris quarter of town’ features 50 apartments with a quirky artistic flavour. Despite a stalling Adelaide property market, demand for the new development has been so high that more than 50 per cent of the apartments have been taken up in the first two weeks.

The development is the latest in a string of successful projects for Guavalime Property Solutions, headed by co-directors and architects Michael Loucas and Con Zahos.

Michael Loucas said the project would offer a distinctive art theme on each floor of the 14-level building, with a large major art work to be commissioned to feature on the western face of the building.

“This project is already attracting strong interest from investors and young professionals and we’re delighted that it will offer something just that little bit different for Adelaide residents,” he said.

Two bedroom apartments have been selling from $350,000 – $550,000, with larger three bedroom apartments and penthouse suites also available.

“We’re currently looking at a range of opportunities for ART Apartments to genuinely reflect a connection with Adelaide’s vibrant arts community,” says co-director Con Zahos.

“This may take the shape of a permanent exhibition space, or a commitment to display the works of local and emerging young artists.”

Mr Loucas said the development was an example of the vibrant and sustainable urban development emerging in the East End of Adelaide’s CBD which offered all the convenience of inner city living.

“The area is experiencing a renaissance with rundown and tired office buildings giving way to an upbeat, new residential feel. Young professionals and couples are now finding a cost-effective entry into upmarket, inner city living.

“People love the Hutt St precinct, the restaurants and the energy. Add to the location and ART’s unique style, the State Government’s recent decision to abolish stamp duty for sub $500,000 apartments bought off the plan in the next two years, and it’s no wonder there’s been such outstanding interest from purchasers.”

Mr Loucas says they expect to commence construction in early 2013 with an expected completion date for the project in early 2014.