Sites purchased for new developments in Prospect and Forestville
Renewal SA, on behalf of the state government, has entered into an agreement to purchase two sites at Forestville and Prospect, and will be taking the opportunity to consider and address how the development of these sites will meet the needs of the South Australian community now and into the future.
“The property development industry is a significant employer and economic driver and now more than ever, we are reliant on strategic property development projects to stimulate economic activity and growth in our state,” said Chris Menz, Chief Executive of Renewal SA.
“We will be working with the private sector and seeking their additional investment and timely delivery of Forestville and Prospect developments.”
Combined, the developments are expected to support an average of 170 jobs over the five-to-six-year development period.
The current designs for the two sites propose a total of 482 dwellings across the two sites, with 150 dwellings (or 30%) targeted to be affordable. This is split between 15% affordable housing at Forestville and 60% affordable/social housing at Prospect.
The Forestville site, the former home of Le Cornu, is one of the last remaining vacant city fringe sites. It is located near public transport options on Anzac Highway, the Adelaide Showground Railway Station and the City/Glenelg tram line and ideal for delivering a sustainable and connected mixed-use development that will include residential, commercial and retail uses.
Renewal SA will deliver a masterplan for the 35,898-square-metre site and will be seeking interest from the private sector on the delivery of this project later this year. Construction is anticipated to commence in 2021.
Renewal SA will work closely with the private sector to ensure future development opportunities in the wider area, which may include Keswick Barracks, are considered.
The Prospect site is located at 250B Churchill Road, and has a total site area of 23,610 square metres. This high-profile location is well connected, located near public transport options including Islington Railway Station, which is part of the Gawler Rail Electrification Project.
Renewal SA will develop a masterplan, with a focus on delivering affordable and social housing, and work with private developers and domestic builders to undertake the build.