Almost 30 new homes will be built on a northern suburbs property that has sat vacant for years following its seven-figure sale.
The Salisbury Downs property at 2 Luke Ave was snapped up by a builder for $3.2m, which is one of the highest prices paid for a house or land in the suburb.
Selling agent Aidan Anthony, of Eclipse Real Estate, said Lofty Building Group purchased the 5729sqm site along with a neighbouring property for an additional $750,000 and planned to put roughly 28 homes there.
“There are probably not a lot of comparable properties, but it’s still a great result,” he said.
“I think it was the landsize and the opportunity (that attracted the high price).”
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The Salisbury Downs property at 2 Luke Ave recently sold for $3.2m.
Mr Anthony said the property, which is just off Martins Rd and within walking distance of Hollywood Plaza Shopping Centre, had been owned by the same family for years and was used mostly as a garden to grow vegetables.
In more recent years, it has been passed down to the original owner’s children, who have maintained the vacant block.
“They were basically just maintaining that,” Mr Anthony said.
The owners had tried to sell if before but to no avail so engaged Mr Anthony to “have a crack” at selling it.
“We’ve got a large database of developers that we’ve been able to tap into,” he said.
“We approached more than one developer but (Lofty Building Group) showed the most interest.”
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The property has sat vacant for many years.
Land across Adelaide is hot property at moment, especially large parcels with space to build multiple homes.
A residential developer snapped up a 4770sqm Klemzig property that included four titles last month for $6.6m.
The property, which had been owned by the same family for 70-plus years prior to its sale, was expected to be able to fit around 20 homes on it, according to selling agent Bradley Foster of Home Real Estate.
Two other large blocks at Klemzig that collectively span a whopping 14,591sqm – and could fit 70-plus homes depending on their size and council approval – are also expected to attract a high price.
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