Fresh prospects for affordable housing at Prospect
Renewal SA is set to deliver dozens of new homes within reach of everyday South Australians as part of a major redevelopment of the former Kaufland site on Churchill Road at Prospect.
The 2.36-hectare site, located just 7km north of the CBD, will be transformed into a residential development where at least 55% of the 180 homes will be sold as affordable housing. That is almost four times the statutory 15% obligation required under the Planning and Development Code.
The development will consist of 108 townhouses and 72 apartments, with more than half to qualify for the State Government’s affordable housing initiative through HomeSeeker SA.
The project will deliver much needed housing at a price point rarely seen within 10km of the city, and attainable for everyone from young graduates to working families.
Renewal SA’s General Manager of Property and Project Delivery Todd Perry said initiatives such as shared-equity home loans would be utilised to enable townhouses to qualify as affordable housing, with prices for these homes fixed at $422,050 or less.
“This is supporting more South Australians into homeownership and providing access for key workers and their families a variety of housing options in a great inner-suburban location,” he said.
“These will be quality homes built in a master-planned development that is immediately adjacent to public transport links and less than 15 minutes into the centre of the city.”
The project is expected to generate up to 144 full-time equivalent construction jobs per year and contribute approximately $44 million to Gross State Product.
“The Housing Industry of Australia has forecast that construction commencements will decline significantly from late 2022, so this project comes at an important time to provide opportunity when it is forecast to be needed most,” Renewal SA CEO Chris Menz said.
“This is another important plank in our ongoing commitment to creating a strong pipeline of development opportunities that enable growth and attract additional investment for the State, and provide opportunity for small to mid-scale builders and developers.”
A masterplan for the site, which abuts Islington Railway Station, is expected to be complete during the first quarter of 2022, with construction to begin later that year, following a competitive tender process with private developers and builders.
The parcel of land at 250b Churchill Road was purchased by Renewal SA in late 2020 as part of a two-site deal with former retailer Kaufland Australia, which also included the former Le Cornu site at Forestville.
The Prospect site has sat unutilised for many years despite its prime position along the Churchill Road Development Corridor, which includes high-profile retailers such as Bunnings and Costco.
In activating the site, Renewal SA will provide much needed public open space and extensive tree planting.
Renewal SA’s Works Program will deliver training programs, and work experience placements will be provided to disadvantaged youth via the project’s capital works contracts and major consultancies.