This article is from the Australian Property Journal archive
WORKS have started on Arcadian Property’s $16.5 million Third Avenue residential development in Everard Park, following 22 out of 27 homes selling since being released earlier this year.
Designed by Studio Nine Architects, all 27 homes are either two or three-storey residences, each featuring three bedrooms, a balcony and private garden.
Third Avenue is located only on the north west fringe of the Adelaide CBD, 10 minutes from Glenelg beach, within walking distance of Goodwood Rd and King William Rd shopping strips, as well as Ashford Hospital and the new Kaufland shopping centre planned for the former LeCornu site on Anzac Hwy.
Centina has been announced as the builder.
Arcadian Property chief executive officer, Warwick Mittiga said construction of Third Avenue was commencing sooner than anticipated on the back of strong property sales.
“Having put in so much work to meticulously plan and design Third Avenue, it’s fantastic to see homebuyers embrace our vision, from first homebuyers and young families through to downsizers,” he said.
Arcadian has partnered with Unley Council to upgrade the adjacent Wilberforce Walk, along Brownhill Creek, later this year.
Alex Ouwens, former Real Estate Institute of South Australia president and from Ouwens Casserly Real Estate which is managing sales for Third Avenue, said part of the success of the development could be attributed to a lack of high quality new housing stock currently on the market.
“While cities like Sydney and Melbourne have an oversupply of new homes, we have the opposite problem here in Adelaide where there is a lack of high quality new housing stock in the marketplace,” he said.
“And it’s not just wealthy property investors buying up available stock. In fact, all bar one of the purchasers at Third Avenue are owner-occupiers, which is a significant indicator for the broader market, while also being great for new residents of the development in terms of enhancing the vibrancy of Everard Park even further.”
Construction is expected to be completed by September next year.
