This article is from the Australian Property Journal archive
THE City of Prospect has acquired a prime site in Adelaide’s inner north for $8.3 million with plans to redevelop the property for local amenity and sports ground.
Located at 142-148 Main North Road, Prospect, around 5km north of the Adelaide CBD, the corner site is occupied by a former vehicle showroom and provides around 5,500 sqm of land area together with substantial improvements.
Ben Parkinson, Simon Hilmgard and Claudia Brace from JLL Capital Markets managed the sale of the property with vacant possession via an expressions of interest campaign, which generated more than 110 enquiries and multiple offers.
“The sale of 142-148 Main North Road is a rare offering of scale to market and was highly contested by owner occupiers and developers and drove another benchmark result for the area,” said Hilmgard.
“In the end, the City of Prospect secured the vacant former vehicle showroom for a price that represent a land price of around $1500/sqm,” he said.
Under current planning provisions, the high-profile site has the potential to be redeveloped for commercial, retail and/or residential uses up to a maximum of five levels (subject to council approval).
“The achieved sale price is another strong result for the area and we witnessed increased market activity driven by displaced groups from South Road, owner occupiers and developers seeking to capitalise on the high exposure and near CBD location,” said Brace.
The property, positioned on the outbound side of Main North Road, is set to be redeveloped to support the community and improve public amenities around Prospect Oval.
The sale comes after JLL’s recent transactions of three sites on Main North Road for a total of more than $17 million and is currently marketing a commercial subdivision with land from 2,500 sqm at 311 Main North Road, Enfield.
