Coastal land lease opportunity hits the market
A development-approved site spanning almost 12 hectares is being pitched to operators seeking scale in South Australia.
“This is simply an unrepeatable opportunity,” said McGees Property’s James Juers, who is selling the property alongside Simon Lambert.
“There’s nothing else like it available, and nothing like it offered to the market in the last 10 years.”
Zoned General Neighbourhood, the 11.99 hectare oceanfront site in Hallett Cove, 21km south of Adelaide’s city centre, has received Planning and Land Division consent for the creation of 169 residential allotments ranging from 194msq to 1,012msq plus two super lots for more intensive housing styles and numerous reserve space.
The land belongs to the Roche family – once one of the state’s wealthiest families. With an estimated net worth of $250 million, John Roche died in 2010 as one of Adelaide’s wealthiest businessmen after taking over his father’s formidable property empire.
The family has been selling down its expansive property empire in recent years, including the $10.85m disposal of a heritage-listed Rundle Mall building late last year, which followed the $28.2m sale of a 33.3ha landholding at Encounter Bay.
The family is also looking to sell off the historic Gawler Chambers building on North Tce in the city as part of a restructuring of the family’s property portfolio.
Simon said that as the last major residential landholding in the fast-growing Hallett Cove, the site presented an ideal chance to shape the future of the high-growth, high-demand region and deliver much-needed housing to Adelaide and South Australia.
“A premium residential development, land lease community or lifestyle village would all be suited to this incredible site,” Simon said.
“The site offers excellent lifestyle appeal. It’s just 175m to the water, is near first-rate beaches, and connects directly to the Hallett Cove Headland Reserve and the iconic Coastal Walkway, offering future residents immediate access to one of South Australia’s most dramatic coastal landscapes.”
Expressions of Interest for the Hallett Cove site close on 12 March.
