A generational home in Brighton is being offered to the market for the first time in over 60-years and is tipped to receive substantial interest from the market.
Zoned Residential in the City of Holdfast Bay, the incoming owner will have the opportunity to either redevelop the entire site or reinvigorate the existing home.
Located near Brighton Beach, the 9,467.52sqm land holding at 28 Sturt Road benefits from over 100m of frontage to Brighton Road and proximity to high-quality local infrastructure, including Brighton Central, Marion Shopping Centre and Jetty Road Brighton.
CBRE’s Harry Einarson and Mitch Curnow have been appointed to market the property for sale via an Expressions of Interest campaign, closing 27 February at 4pm (ACDT).
In good news for developers, Mr Curnow said the South Australian Government was in the process of amending the state’s Development Application (DA) process and proposed amendments could see the minimum allotment size in the vicinity of 28 Sturt Road reduced to 300sqm for detached and group dwellings and 200sqm for row dwellings.
“With the median house price of affluent Brighton addresses nearby Brighton Beach sitting at $728,000, the potential reduction of minimum allotment sizes is set to invigorate buyer interest in this sizeable asset,” Mr Curnow said.
“Given the high-quality location and inherent convenience, 28 Sturt Road holds strong appeal for a wide range of end-users.”
Mr Einarson also commented that the sale represented an opportunity to acquire a development site of scale rarely seen in the ever-popular Brighton area.
“The Brighton area has had substantial infrastructure upgrades over the past few years, including a $13.7 million redevelopment of the Brighton Oval, as well as planned upgrades to Brighton Primary School.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
