The former Croydon Park TAFE has sold to a private developer for $11,610,000.
The property, located on Goodall Avenue is a sizeable land holding covering 5.4 hectares. The site is zoned residential and located only 800 metres from the Arndale Central Shopping Centre and 8kms north-west from the CBD, and currently houses a total building area of 9,578sqm.
Ben Heritage and Will Brown from CBRE’s capital markets team sold the property with vacant possession on behalf of the South Australian Government.
Mr Heritage said the former TAFE facility was hotly contested with strong expressions of interest received at the conclusion of the four week marketing campaign.
“This impressive land holding has everything the residential end user could be looking for and offers tremendous development potential,” Mr Heritage said.
“It offers developers an opportunity to stamp their mark on the north-western suburbs. There’s no doubt its inner metro location within 8km of the CBD meant it was always going to attract high levels of interest from home builders and residential developers alike.”
“Over the last 12 months we have seen a significant shift in the mindset of the developers and there is no doubt these residential medium density development sites are attracting strong interest, especially if located within the 5km to 10km radius of the CBD and on main transport corridors,” Mr Heritage added.
Mr Brown said that the site offered unrivalled and impressive residential development potential in a prime inner Adelaide location.
“This significant sale continues the trend of brown field sites which have undergone a rezoning process from an alternative use and as a result of this are experiencing significant uplift in value, especially through the inner west which has seen increasing demand over the last two-three years,” Mr Brown concluded.
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CBRE Group, Inc. (NYSE:CBG), 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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.