AFTER 114 years of ownership, the Sisters of Saint Joseph have put an Adelaide beachfront property to the market with residential and mixed use development upside.
Built in the 1890s for a sea captain, the two level former residence at 208 Lady Gowrie Dr in Largs Bay has been occupied as accommodation, education, retreats and community use.
The property is located on the corner of Lady Gowrie Dr and Harrold St and encompasses 6,064 sqm over five separate titles described as eight separate allotments, providing maximum flexibility for future boundary realignment or division. A portion of the building is subject to heritage listing and would need to be incorporated in any redevelopment of the site.
JLL’s Roger Klem and Jed Harley have been appointed to sell the asset via an expressions of interest campaign and said the opportunity would attract developers and owner occupiers looking to unlock the property’s full development potential.
“Adelaide beachside suburbs continue to be a magnet for homeowners and tenants seeking apartments and freestanding houses in close proximity to the beach,” Klem said.
“Prime allotments continue to be snapped up by developers ever mindful of the demand generated from purchasers seeking the high level of amenity on offer and broad range of accommodation types set amongst marinas, hotels, short term visitor accommodation and trendy cafes.”
The site offers views north towards Outer Harbor and south overlooking the Largs Bay Jetty towards Semaphore.
Largs Bay is on the doorstep of the naval ship building precinct at Osborne. The area is undergoing major infrastructure upgrades and hopes to benefit from a share of more than $90 billion worth of Federal Government defence investment. The Osborne shipbuilding plant will house an ongoing workforce of 5,200 people within the next six years.
Expressions of interest close 19th August.
In Sydney’s north west, the Tyburn Nuns recently divested a two hectare property after 34 years of ownership for over $5 million. They are relocating from a site within what is earmarked as a development heavy precinct, and opposite Box Hill Town Centre, and to a larger property in a quieter location in Hawkesbury. Improvements on the site include a chapel, office building and accommodation.