A family who spent two years buying up land in Adelaide’s north are about to enjoy a mega multimillion-dollar payday, set to at least triple their investment.
The landowners spent more than $2.5m between January 2020 and October 2021 buying up eight homes along Oldham Rd, near the Lyell McEwin Hospital, at Elizabeth Vale.
They demolished two of the properties and built a 53-vehicle car park across the two titles, which is mainly used by hospital staff and visitors and earns the family an income of $188,339 a year.
The remaining six 1960s three-bedroom homes are rented, bringing a combined additional income of $143,520 a year.
With the recent opening of the Playford Health Hub opposite the Lyell McEwin and plans for a new private hospital to be co-located close by, the landowners are now looking to cash in on their investment, listing all eight adjoining titles, spanning 6541sqm, for sale.
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The eight-title property on Oldham Rd is expected to sell well over $7m.
The multi-title land holding is directly across the road from the Lyell McEwin Hospital.
The site includes a paid public car park which generates over $180,000 annually.
Collins Bateman partner Nick Edwards said land prices had roughly tripled since the family made their purchases – valuing the individual titles at up to $900,000 each.
Sold together, the land would attract a considerable premium, Mr Edwards said.
“We haven’t advertised a price but we are seeing individual allotments (in the Elizabeth Vale area) selling from $800,000 to $900,000 so that’s a good place (for offers) to start,’’ he said.
“That’s around the $7m mark but obviously there’s more benefit with the accumulated allotment.
“They (the vendors) could sell them individually and make that price so the effort they have put into land banking is going to have to bring more.
“This (sales campaign) is really a test of the market to see what people can put forward (pay).’’
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Six residential homes, all of which are leased, are also included in the sale.
A view of the carpark.
The residential homes generate an annual income of $143,520 a year.
Mr Edwards said interstate healthcare developers had shown strong interest in the site and a couple of local, independent doctors had also inquired about purchasing the property for a medical and allied health clinic.
SA Health had been approached to express their interest in the site but declined, he said.
A few opportunistic buyers sought to purchase individual homes to rent but Mr Edwards said the vendors, described as a family that typically invests in commercial properties, would only sell as a whole.
“This is a rare opportunity to be among the health precinct and developments taking place – where else will you find 6500sqm directly across from the state’s biggest hospital?’’ he said.
“If there’s a specialist centre or anyone in the health care space that has that need (for areas to practise or consult), that’s where they will want to be.’’
Mr Edwards said the land was within Playford Council’s strategic innovation zone and would also suit mixed use development, with no height restrictions.
Offers close Wednesday, April 30.
– By Lauren Ahwan
English (US) · 