THE sky’s the limit for Adelaide apartment living, as Premier Jay Weatherill yesterday broke ground on the groundbreaking residential complex, Realm.

Demolition of the existing building at 19 Austin St has already begun, making way for what will become Adelaide’s tallest building — a 40-storey tower that will rise 132m above Renaissance Arcade.

The $100 million building, to be erected by local firm Maxcon Constructions Pty Ltd, will create about 1800 jobs.

Mr Weatherill said the development would help revitalise the city’s East End.

“This, along with the redevelopment of the old Royal Adelaide Hospital site, will really create a buzz and a centre of activity in this part of town which needs it, of course, because about 6000 people have migrated up the other end of town with the new Royal Adelaide Hospital site,’ Mr Weatherill said. More than 70 per cent of the complex’s 314 apartments have already sold.

Lord Mayor Martin Haese said there was clear growth in Adelaide’s residential property market. “City council, in partnership with the State Government of South Australia has unveiled in recent months a suite of incentives to help stimulate that growth, and that clearly is having a positive effect,” Mr Haese said.

“These projects don’t come out of the ground unless they have been pre-sold, so I think that’s a fairly strong testimony to the underlying demand that’s out there,” he said.

Despite other large developments in the works across the city, he had no concerns Adelaide would experience an apartment glut. Realm Adelaide national sales director Matt George said the complex would “take residential living in Adelaide to a whole new level”. He said the building, which has recorded strong sales, would become a city icon.