Colliers presents two substantial opportunities for sophisticated developers amidst growing housing demand.
Colliers is excited to bring two substantial development opportunities to the market in the thriving inner-east of metropolitan Adelaide. The sites, located at the intersection of Portrush and Magill Roads, are being offered for sale under instruction from the Government of South Australia via Renewal SA.
The two sites comprise a total combined land area of 11,772sqm* and are located just 3.5km* from the Adelaide CBD. Situated within a well-established precinct, adjacent to Officeworks and Spotlight Trinity Gardens, they also benefit from exposure to one of Adelaide’s most prominent arterial roads, Portrush Road.
Rhys Newman, Associate Director, South Australia | Investment Services, commented, “The sites are located in the affluent and tightly held inner east of metropolitan Adelaide, surrounded by key amenities and retail attraction, representing an exceptional opportunity for sophisticated developers.”
“Situated within flexible Suburban Business, General Neighbourhood and Established Neighbourhood zoning, all the sites are required for residential development outcomes, with a minimum 15% affordable housing requirement,” Mr Newman explained.
According to CoreLogic’s latest Monthly Housing data, Adelaide’s dwelling values are currently at a record high, up 12.7% over the past 12 months. With new listing activity down 13.4% compared to the previous year, the demand for housing in Adelaide remains strong.
Jack Dascombe, Executive, South Australia | Investment Services, added, “Given the anticipated residential development, we expect these properties to greatly assist with boosting Adelaide’s current level of housing stock.”
“Additionally, the allotments provide accessibility and connectivity to major surrounding road networks and proximity to some of Adelaide’s most prestigious schools, including Pembroke, Loreto, Prince Alfred College, St Peter’s College, and St Ignatius, further enhancing the appeal of these sites.”
South Australia continues to be a stable and resilient market compared to the rest of the country, placing either first or second across each of the past four quarters in CommSec’s ‘State of the States’ economic performance rankings, continuing to drive interstate investor interest.
Colliers’ Rhys Newman, Jordan Schmidt, and Jack Dascombe are managing the sale of the vacant allotments. The two strategic development sites are offered for sale by Expressions of Interest, with Allotment 104 closing Thursday 4 September at 4pm (ACST) and Allotments 203 & 204 closing Thursday 18 September at 4pm (ACST).
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