A visionary developer is being sought to deliver up to 10 townhouses within the iconic state heritage area of Port Adelaide, leveraging the suburb’s proximity to the AUKUS project at Osborne.
Renewal SA released details of the project through an Invitation for Offer (IfO) process this month, aiming to secure a builder with bold ideas to transform an 838m² site on the corner of Divett and Timpson Street.
The sale document states: “This opportunity seeks a visionary developer who is eager to make their mark in an emerging residential and commercial suburb, while honouring its surrounding values and characteristics.”
The site currently used as an unmetered, bituminised parking space, offers dual street frontage and is, according to Heritage SA, “surrounded by more buildings of continuous historic character than anywhere else in South Australia,” including the iconic Maritime Museum.
The site, being sold by McGees Property, is 140m from the Port River, 450m from the recently recommissioned Port Dock Train Station and Pirate Life Brewery, 900m from Port Adelaide Plaza shopping centre, and a three-minute walk from cafes and restaurants on Commercial Road.
Port Adelaide has seen significant investment and interest over the last decade, following the announcement of the government’s Port Adelaide Precinct Plan in 2014, touted as a blueprint for the future development of the Port.
Delivered in partnership with the City of Port Adelaide Enfield, the plan has seen the increase of public open space, provided promenade access for cafes and shops, opened areas of the waterfront for residents and visitors, and commenced housing projects.
Most notably, the plan has led to large-scale residential developments, including partnerships between Renewal SA and Kite Projects at Dock One and Cedarwoods at Fletchers Slip.
Median house and sales data published by the Office of the Valuer General confirms that since 2020, Port Adelaide has outpaced Greater Metropolitan Adelaide in median residential sales, with purchase prices rising by 54% compared to 52%.
Port Adelaide’s increasing popularity is further evident by recent townhouse sales frequently exceeding $1.15 million.
Further development and expansion at Port Adelaide and nearby suburbs is expected in the coming years, providing housing and infrastructure for the estimated 20,000 workers needed for Australia’s AUKUS nuclear submarine project.
The Port Adelaide offering is among the latest additions to Renewal SA’s substantial Sales Release Plan, which saw more than $2 billion worth of high-profile development projects released to the development sector in the final quarter of the year.
Parties interested in submitting proposals under the Invitation for Offer for Lot 459 and 461 Divett Street, Port Adelaide, should contact McGees Property.