This article is from the Australian Property Journal archive
COSTA Property Group and Grange Development have teamed up to acquire almost half of a state significant precinct at Gifford Hill, in Murray Bridge South Australia.
The 909-hectare acquisition of the 1,860-hectare precinct will become the largest single development in South Australia’s history and will generate 9,969 lots and represents 81.4% of the precinct’s developable land.
The joint venture acquired the land holding through multiple transactions across the last 18 months, beginning with a 462-hectare purchase in January.
“This project represents the most significant residential development in history for South Australia and Adelaide, and we are looking forward to delivering an exceptional residential community that sets new standards for sustainable living, connectivity and amenity, while creating a second major city for the state,” said James Dibble, founder at Grange Development.
“Gifford Hill will be future-proofed in its urban design, technology, built form and materiality to deploy forward-focused principles, celebrating the existing beauty and amenity of Murray Bridge and the Adelaide Hills region, while offering residents the opportunity to live, work, and play amidst a peri- urban lifestyle.”
Upon completion, the entire Gifford Hill precinct will be worth $7.5 billion by gross realisation inject 17,100 dwellings into the market, including both detached and medium density housing for more than 44,000 people.
In addition to a new town centre, a mixed-used high street, six neighbourhood activity centres, seven schools and 20% of the land dedicated to green space with 285-hectares of conservation space and 119-hectares of active open space.
The Gifford Hill precinct will build upon this month’s Murray Bridge Structure Plan and will become South Australia’s largest residential growth area since the 1950s
The precinct is estimated to generate $750 million in retail spending per annum to the Murray bridge region, alongside 7,210 onsite jobs and 5,240 indirect jobs during construction.
“Development of this nature and scale transform places and communities. Our goal is to ensure well planned and connected communities, so Murray Bridge continues to thrive and be a place where people choose to live, work and play,” said Heather Barclay, CEO of the Rural City of Murray Bridge.
“Council is clear that infrastructure and services must be prioritised and well timed for delivery, along with the development of an integrated Community Wellbeing Plan for our current and future communities.”
Thanks to the current low supply in Murray Bridge, rental prices have exploded by 68.6% over the last year, only exacerbated by population and employment growth.
However, the housing market is still more affordable than in Adelaide Metro, with the median house price in Murray Bridge at $419,000 or 44.87% below city prices.
“We’re proud to be partnering with Grange again on this significant project. We have tremendous confidence in the fundamentals across South Australia, and believe this precinct will be the key to unlocking the housing supply to keep up with the strong population growth forecasted for the state,” said Carl Schokman, CEO at Costa Property Group.
The Costa Property Group and Grange Development joint venture are also hopeful that the Gifford Hill region could eventually become home to Adelaide’s second airport.
The Gifford Hill project is looking at a 2025 launch to market and will be developed over a 30-40-year period.
