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Lot 73 Graves St, Newton. Pic: realestate.com.au
Once a well-loved market garden, a 1.25ha parcel of land has been described as the last frontier for development in one of Adelaide’s most sought-after foothill locations – and it appears, savvy developers couldn’t agree more.
The strategically positioned land at Lot 73 Graves St, Newton is believed to be the last major allotment to remain untouched by development in the popular northeastern suburb, which, over the last three years, has seen a massive 48.1 per cent growth in house prices.
The average home sells for $785,000 according to PropTrack, making the area an attractive offering for young families and couples.
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Spanning across approximately 12,500sq m of vacant land with General Neighbourhood Zoning, the property is surrounded predominantly by residential homes, including detached and semi-detached dwellings.
The land also enjoys proximity to essential amenities with Newton Shopping Centre a mere kilometre away, while the club grounds of Campbelltown City Soccer Club sit directly adjacent.
Lot 73 Graves St, Newton. Pic: realestate.com.au
Selling agent Claude Buccella of LJ Hooker Adelaide Metro, said the allotment held significant appeal across various markets.
This includes the residential sector, with the land holding the potential to be subdivided into around 24 individual allotments, subject to council consent.
“Benefiting from favourable planning policies, the size and prime location of this land presents prospective buyers with a compelling opportunity for a comprehensive redevelopment project,” Mr Buccella said.
“It caters to a wide spectrum of buyers, including residential developers, retirement and aged care providers, as well as specialist disability accommodation investors.
“Interest so far has been good but of course, in the end, it all comes down to dollars and cents…with the majority of interest coming form residential developers.”
Mr Buccella said the property had been held by the same family for generations with the land once fertile grounds for growing carrots, parsnips and other vegetables.
Lot 73 Graves St, Newton. Pic: realestate.com.au
However, he said the block had been sitting empty and unused in more recent times, prompting the vendor’s decision to sell.
“It’s an exciting time as it’s the largest parcel of land in the Newton area,” Mr Buccella said.
“So it’s an opportunity for someone to take it on and rejuvenate it and create something new on it.
“(Housing development) in the area is not that old….with surrounding subdivisions created around 10 to 15 years ago.
“So it’s been a very sought after area, especially with younger families as it’s centrally located and close to schools and shopping.”
Expression of interest closes April 30 at 5pm.
The post Newton development site could make room for more housing appeared first on realestate.com.au.
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