A huge Klemzig landholding has been snapped up in a $15m deal. Picture: Supplied.
New homes are earmarked for a huge vacant property in the middle of an established northeastern suburb after the site was snapped up in a whopping $15m deal.
There were more than 250 inquiries and 30 formal offers for the 14,591sqm Klemzig site at 24-46 Boucaut Ave and 67–75 Windsor Grove.
A local developer secured the property, which was offered to the market as two individual properties or a package.
While their plans have not been revealed, it is understood they intend to make any development on the site predominantly residential.
Mostly residential development is planned for the site. Picture: Supplied.
JLL sales and investment director Jack O’Leary, who sold the property with Tom Love, said it attracted local and interstate developers interested in large-scale infill opportunities close to the city.
“The volume of offers reflects the limited availability of development sites of this scale within Adelaide’s inner suburbs,” he said.
“Residential development conditions have become more selective; however, demand remains for well-located infill opportunities.”
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Mr O’Leary said rising property prices in recent years, as well as a tight rental market, made Adelaide particularly attractive to developers right across the country.
Mr Love said the site had a lot going for it, which is what made it so attractive to prospective buyers.
“This is a premier infill site in one of Adelaide’s most connected locations – just 8.1km from the CBD, directly adjacent to Linear Park and 1.5km from Klemzig Interchange,” he said.
“The rectangular-shaped allotment with three street frontages and general neighbourhood zoning provided immediate development flexibility that resonated strongly with buyers across multiple development categories.
“The competitive outcome reflects the scarcity of large-scale infill opportunities in Adelaide’s inner suburbs where sites of this scale and location seldom become available.”
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