Roche family sell major coastal Adelaide site
The Roche family has sold one of Adelaide’s largest remaining coastal residential development sites.
Brisbane-based Urbex, the property development arm of the Power family’s BMD Group, is the buyer of Lot 4102 Burlington Road Hallett Cove, for more than $45 million.
The 11.99 hectare holding is bounded by Burlington and Sigma roads, and Fairbairn Drive, near the Adelaide desalination plant, came permit-ready for a 169-lot subdivision.
Low density residential parcels are between 194-1012 square metres.
Two super-lots are able to yield high density.
McGees Property’s James Juers and Simon Lambert were the agents.
The transaction continues the Roche family’s broader divestment of property assets; recent sales include a heritage-listed Rundle Mall building and a large Encounter Bay holding. as it restructures its property portfolio.
The deal comes four months since Urbex acquired a 3.71ha site at Sellicks Beach, where it is planning a project expected to deliver about 65 homesites.
Approved coastal pipeline
The General Neighbourhood-zoned Hallett Cove site connects with the Hallett Cove Headland Reserve and Coastal Walkway, about 175 metres from the coastline.
It is also near Hallett Cove Beach Railway Station, Hallett Cove Shopping Centre and established southern Adelaide amenities.
“The site’s stunning coastal location and shovel-ready status made for an unrepeatable opportunity to deliver a flagship community in one of Adelaide’s most desirable southern locations,” Mr Juers said (continues below).
“We received significant interest from local, national and international markets, ranging from residential developers to land lease community and lifestyle village operators,” according to the executive.
Mr Lambert added the location represented one of the remaining opportunities for large-scale coastal residential development in Adelaide’s south.
“This was one of the last remaining coastal locations for a land development in Adelaide’s south, and offered a generational chance to shape the future of a high-growth, high-demand region rich in lifestyle amenity, and bring much-needed housing to Adelaide and South Australia,” he said.
Hallett Cove is about 23 kilometres south west of Adelaide’s CBD.
Urbex expands southern Adelaide presence
Urbex recently acquired a 3.71ha site at Sellicks Beach, where it is planning about a c65 lot subdivision.
Founded in 1979 by Beverley Power, her husband Bevin, brother, Michael, and his wife, Denise, BMD describes itself as Australia’s largest privately owned civil contractor, delivering more than 2700 residential lots.
Over 40 projects have been in South Australia including at Mount Barker, Angle Vale, Aldinga and Riverlea.
The group has also delivered infrastructure projects in the state, amongst them, the Palmer Wind Farm and SA Water’s Pipeline Partner Program.
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