Outstanding development opportunity in Adelaide’s inner east suburb of Norwood
A prime new residential and mixed use development opportunity in Adelaide’s inner east is expected to offer new choices in high quality residential living, just three kilometres from the CBD.
The two-hectare site comprising of three adjacent landholdings situated on Magill Road, Sydenham Road and Muller Street in Norwood is being offered for sale by expression of interest.
The state government through Renewal SA is seeking experienced developers to deliver a vibrant hub of well-designed residential uses with provision for associated mixed uses, enhanced by high quality public space.
Development of the sites is estimated to generate approximately 200 dwellings, supporting 100 jobs per year over a three year construction period and stimulate investment of approximately $50 million.
The two-hectare site on Magill Road, Norwood, is located close to The Parade shopping precinct in the City of Norwood, Payneham and St Peters.
The sale by expression of interest opens Thursday 10 November and comprises three separate sites with the opportunity to purchase the sites individually or in combination.
In June 2013, Renewal SA purchased the property subject to a leaseback from Caroma Industries for their continuation of operations at the site. In May 2016, Caroma advised Renewal SA that the company will be terminating its lease in mid-June 2017.
Renewal SA’s priorities include accelerating the renewal of neighbourhoods, increasing the supply and diversity of affordable housing and contributing to contribute to urban development through implementation of the 30-Year Plan for Greater Adelaide.
The successful proponent will be required to deliver a minimum 15 per cent affordable housing and to ensure the development provides a high quality public realm that meets the needs of the local community.
The successful proponent of the main site will be required to prepare a master plan and urban design guidelines for Renewal SA in consultation with key stakeholders.