Strengthening demand for metropolitan sites with development approval has underpinned a record sale result in Adelaide’s western suburbs.
Adelaide-based developer Seetac Pty Ltd has secured a 647sqm corner landholding in Hilton for a land rate of $1,221 per square metre.
The property at 74-76 Sir Donald Bradman Drive was sold with existing council approvals for a three-storey mixed use development incorporating retail, office and apartments - all supported by strong local amenity.
CBRE’s Harry Einarson, who negotiated the sale on behalf of Tec-Knowledgey Pty Ltd, said the property’s development potential was pivotal to the sale.
“Strong demand was experienced throughout the campaign - underpinned by planning approval, which had been achieved by the vendor,” Mr Einarson explained.
“This sale is further evidence of the confidence investors are seeking in developable sites, with those providing existing approval achieving premium rates.”
Located two kilometres from the Adelaide CBD, the property includes 16 metres’ frontage to Sir Donald Bradman Drive, as well as dual street frontages.
Mr Einarson said the property was ideally positioned to capitalise on the strength of the inner western suburbs’ residential market.
“Located in one of Adelaide’s most sought after residential pockets, this property offers an attractive opportunity to undertake an exciting project in the city’s western suburbs,” Mr Einarson added.
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