Developer pays $15.6m for Adelaide site
MRS Property has sold a Klemzig residential development site.
Actually two neighbouring holdings, 24-46 Boucaut Avenue and 67-75 Windsor Grove found favour with a China backed local developer for $15.55 million.
A residential project is expected.
The 1.5 hectare site was marketed to aged care developers, amongst other specialist residential groups too.
The properties were also offered separately.
JLL’s Jack O’Leary and Tom Love were the agents.
Site set for development
Klemzig is about eight kilometres north east of Adelaide’s CBD (continues below).
This site, with environmental constraints, abuts the Linear Park Windsor Grove Playground, about 1.5km from the Klemzig Interchange.
Mr O’Leary said the campaign attracted both local and interstate developers seeking scarce infill opportunities.
“The volume of offers reflects the limited availability of development sites of this scale within Adelaide’s inner suburbs,” he added.
“Residential development conditions have become more selective; however, demand remains for well-located infill opportunities,” according to the executive.
Mr Love said the property’s scale and configuration broadened its appeal.
“The rectangular-shaped allotment with three street frontages and general neighbourhood zoning provided immediate development flexibility that resonated strongly with buyers across multiple development categories,” he added.
Subscribe to our newsletter at the bottom of this page.
