City of Prospect acquires prime site in Adelaide’s inner north

The City of Prospect has paid $8.3 million for a former vehicle showroom at 142-148 Main North Road, Prospect.

The sale was conducted by JLL Capital Markets Ben Parkinson, Simon Hilmgard and Claudia Brace.

The prime corner site is situated less than five kilometres from the CBD, positioned on the outbound side of Main North Road and providing some 5,500 sqm of land area together with substantial improvements.

The property was offered to the market with vacant possession and under current planning provisions, the high-profile site has the potential to be redeveloped for commercial, retail and/or residential uses up to a maximum of five levels (subject to council approval).

142-148 Main North Road sold following a highly contested Expression of Interest campaign that attracted more than 110 enquiries and yielded multiple competitive offers.

Hilmgard said, “The sale of 142-148 Main North Road is a rare offering of scale to market and was highly contested by owner occupiers and developers and drove another benchmark result for the area.”

“In the end, the City of Prospect secured the vacant former vehicle showroom for a price that represent a a land price of around $1500 sqm,” he said.

Brace said, “The achieved sale price is another strong result for the area and we witnessed increased market activity driven by displaced groups from South Road, owner occupiers and developers seeking to capitalise on the high exposure and near CBD location.”

The former vehicle showroom will be redeveloped to support the community and improve public amenities around Prospect Oval.

JLL has recently sold three sites on Main North Road for a total of more than $17 million and is currently marketing a commercial subdivision with land from 2,500 sqm at 311 Main North Road, Enfield.