Roche family sell major Encounter Bay block
EXCLUSIVE
The billionaire Roche family has parted with an Encounter Bay housing estate site after obtaining a permit for a 380-lot subdivision – potentially nearly doubling the size of the suburb.
The 33.32 hectare parcel with four street frontages, surrounded to two sides by established homes, collected $28.2 million following an expressions of interest campaign closing mid-November.
“The campaign generated strong interest from local, national and international developers including residential and land lease community developers who were attracted to the location, scale and views over Encounter Bay,” JLL’s Jack O’Leary, who marketed the site with Ben Parkinson, said
Ten offers came in, he added, with the buyer a local backed by US-capital.
A popular holiday hamlet, Encounter Bay is four kilometres west of Victor Harbour and 90 km south of Adelaide.
The town supports a small permanent population of c5000 – just under a third of that in the greater Victor Harbour region (c16,000).
Town size to boom
The Encounter Bay properties – 80 Waitpinga Road, which spreads 22.8ha, and 503 Tabernacle Rd – are each about 850 metres from the beach.
“This is arguably the best remaining development site of scale in the Victor Harbour region,” Mr O’Leary said (story continues below).
“With multiple road frontages and access points, the site is perfectly poised for a quality residential outcome in a highly desirable coastal location,” he added.
The suburb’s median house price is $709,750 according to REA Group – up 16pc this year.
Rent for the same period meanwhile soared 15pc to $575.
Family sheds part of portfolio
Mr O’Leary said the new Encounter Bay site zoning – Hills Neighbourhood – supports a significant residential development outcome.
The Roche family patriarch, the late John, Adelaide Lord Mayor from 1975-1977 and award an Order of Australia in 1981, held a real estate portfolio including elsewhere in South Australia, at Port Elliott, about 10km north of Encounter Bay, and Kangaroo Island.
Outside of the state, his book included Geraldton and Sydney properties.
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