This article is from the Australian Property Journal archive
A SITE across seven titles in Adelaide’s south is being listed as the Seaford Gateway Portfolio and offering buyers broad development potential amidst high demand and low supply in the area.
Located on Main Street in the centre of Seaford, the 3.3-hectare site sits opposite the Seaford Shopping Centre, spans seven titles and offers a vast range of development options in the commercial and retail precinct.
Jack O’Leary, Ben Parkinson and Claudia Brace from JLL are managing the sale of the portfolio via an expressions of interest campaign.
“The Seaford Gateway Portfolio offers potential for a mix of supermarket, hotel, retail, residential development outcomes, and even the ability to create a town centre/high street precinct,” said Parkinson, head of capital markets, SA at JLL.
“With record-low residential vacancy in South Australia, combined with the limited land supply and increasing demand, particularly in southern Adelaide, we are expecting strong and competitive developer interest at this very attractive property.”
The portfolio includes Suburban Activity Centre and Suburban Main Street zonings with allowances up to six levels or 24.5 metres, with potential for residential, health and wellness and other lifestyle amenities.
“The offering comprises over 33,000 sqm of site area across seven Certificates of Title, with significant land parcels on both the northern and southern sides of Main Street, providing ultimate flexibility and an unparalleled development opportunity,” said O’Leary, director of sales and investments, SA at JLL.
“There is also the potential for the purchaser of smaller allotments, with a proposed plan of sub-division for smaller sites, which may appeal to the local owner-occupier market.”
The properties sits 34km south of the Adelaide CBD and is strategically located on the primary thoroughfare linking Commercial Road with Grand Boulevard, giving access to Seaford Road and Main South Road.
While the shopping centre sitting opposite is occupied by large national tenants including Woolworths, Drakes and Big W, in addition to 40 speciality stores.
Seaford has also experienced more than 10% population growth over the last 12 months and benefits from the Seaford Interchange, just 450 metres from the site.
“Underpinned by strong existing residential population the area has forecast growth in the immediate catchment from a combination of private and government land releases generating an estimated 3,000-plus new homes in the short to medium term,” added O’Leary.
“The Seaford Gateway is a shovel-ready development site, with prime exposure directly adjacent to Seaford Central. Boasting desirable street presence and situated in the core of Seaford, its potential is limitless.”
The expressions of interest campaign for the Seaford Gateway Portfolio is scheduled to close on 19 June 2024.
