Council buys former Jeep dealership
The City of Prospect has outbid apartment and office developers for a former Jeep car yard.
The 5552 square metre holding, 142-148 Main North Road, Prospect, is setting council back $8.3 million.
A large, modernised ex-showroom and service centre will now be redeveloped to support amenities at the neighbouring Prospect Oval.
Other parts are expected to be used for parking.
“The acquisition…is a once-in-a-generation for the city,” mayor Matt Larwood, said, upon announcing the purchase last quarter.
“As well as supporting a unique health, wellness and fitness precinct that contributes to the physical and mental wellbeing of all residents, this purchase also holds he potential to offset the costs of future improvements to Prospect Oval and surrounding facilities,” he added.
“We are actively working on an Integrated Transport Plan to enhance transportation efficiency and address parking concerns, and our upcoming Food Organics and Green Organics (FOGO) green bin collection trial reflects our commitment to environmental sustainability,” according to the politician.
The South Australian National Football League, Prospect Cricket Club, South Australian Cricket Association and relevant state and federal governments will also be involved in the redesign, the buyer said.
Kris Mooney, president of the North Adelaide Football Club, also expected to use the property, added the purchase marks a step forward for the group.
“This investment will complement the oval’s rich history and we look forward to bringing this vision to life” (story continues below).
JLL’s Ben Parkinson, Simon Hilmgard and Claudia Brace were the agents.
Development upside
Zoned Urban Corridor, the former Adelaide City Jeep and Chrysler dealership was marketed for its potential to make way for five levels – with commercial, residential or a mix, a development outcome.
“The sale of 142-148 Main North Rd is a rare offering of scale to market and was highly contested by owner occupiers and developers,” Mr Hilmgard said.
Mr Brace added the campaign attracted “increased market activity driven by displaced groups from South Road owner occupiers and developers seeking to capitalise on the high profile and near-CBD location”.
The result reflects a rate of c$1495 per sqm.
Prospect is five kilometres north of Adelaide’s CBD.
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