This article is from the Australian Property Journal archive
TWO local developers have acquired a residential development site in Adelaide’s inner north western suburb of Devon Park for $6.05 million.
The 14,247sqm property located at 33 Exeter Terrace was sold by CBRE’s William Brown and Ben Heritage following a competitive expressions of interest campaign.
Brown said the property’s development potential and prime location only 5.5km north-west of the CBD were key selling factors.
“The site attracted strong interest from a vast range of local and national parties, with buyers recognising the strong near city location and upbeat demand of the current residential market.
“The strong sales result is evidence of the confidence investors have in the Adelaide residential market, with the campaign receiving over 40 enquires,” he added.
Brown said the developers intend to capitalise on the sites new medium density zoning, with plans to develop 49 Townhouses and 42 apartments on the site.
Australian Property Journal
