Adelaide’s priciest home site sale to pave way for new development
Adelaide’s most expensive-ever single-home parcel is part of a $50 million-plus sale of a North Adelaide mega-site that will become a new multi-residential development.
The 1.9-hectare site, which comprises 12 separate allotments across multiple titles with frontages to Ward, Jeffcott and Archer Streets and Wellington Square, was bought by a syndicate of four buyers, the most notable being Genworth Group, well known for custom-built homes in North Adelaide.
The buyers plan a mix of single-home developments, low-rise apartment towers, and potentially some townhouses and build-to-rent apartments.
The site was offered with vacant possession. It comprises the Lutheran Church in Australia’s national headquarters and includes a residential college, apartments, hostel rooms and townhouses, an office building, refectory, library, vacant development sites, and the State Heritage-listed Hebart Hall on Jeffcott Street, punctuated by its striking clock tower.
“This was a once-in-a-century opportunity for the Adelaide market,” James Juers of McGees Property, who sold the site, said.
Genworth Group acquired multiple parcels.
“We're working on plans and working through our feasibilities now,” Genworth Group's Chris Diamantis said.
Diamantis said they're probably looking at four different projects in a way that they cater for a variety of demographics.
"We’ll be doing a very large private super high-end residence, as well as build-to-rent - probably two smaller towers with 25 to 30 apartments - we also might do some townhouses for downsizers, and possibly retirement living.”
“I've done lots of business in North Adelaide, and I know it intimately. I also know quite a lot of the residents of North Adelaide who dealt with over the last 36 years. I've got a very good idea of what North Adelaide needs, and that's what we're trying to cater for.
“We're really looking forward to developing the land and coming up with something that I think North Adelaide is screaming for, really.”
The site has been associated with education uses since 1854 and the early days of South Australia. The United Evangelical Lutheran Church in Australia purchased the site in 1922 and established it as Immanuel College. The college moved to Novar Gardens in 1957, and the North Adelaide site over time became the church’s main tertiary education institution, providing education and accommodation to pastors, teachers, church workers and volunteers through the Australian Lutheran College.
