The sizeable 5,847 sqm site, located at 126-136 North East Road was sold to a private Adelaide developer with the sale price reflecting a strong rate of $923 per square metre.
Mr Einarson said Belcar was moving out to larger premises on Glen Osmond Road and given the current interest from developers in residential redevelopment along these main road corridors, it appeared fitting to offer the site for medium density residential development.
“Whilst demand is still strong for apartment sites in the urban corridor zones, main road properties which have the right zoning for townhouse developments are the strongest sector of Adelaide’s current development market,” Mr Einarson said.
Mr Curnow went on to say it was unsurprising the site was snapped up so quickly, due to the premium location and ability to develop a medium density residential asset.
“We have found a number of opportunities of this nature aren’t making it to market due to the level of demand for medium density development. This site was sold within a few weeks of the owner making the decision to sell the properties in one line.”
“Although the site was not fully DA approved, the process was well underway. We have found sites with approval or approval nearing completion can achieve a premium sale price in comparison to what is regularly expected,” said Mr Curnow.
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