RESIDENTIAL PROPERTY

Affordable housing project earmarked for Prospect site

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THE Prospect site once slated for Kaufland’s expansion into Australia will be developed into a new affordable housing project by Renewal SA, under the government’s initiative, HomeSeeker SA.

The 2.36-hectare site, located at 250b Churchill Road sitting seven kilometres out from the Adelaide CBD, was acquired by Renewal SA late last year, after German hypermarket operator Kaufland withdrew its plans for the site.

The property will be developed with private developers and builders under a masterplan, delivering 180 new homes, including 108 townhouses and 72 apartments.

“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,” said Chris Menz, CEO of Renewal SA.

Crucially, at least 55% of these new homes will be offered under the government’s affordable housing initiative, through HomeSeeker SA. This is well above the required 15% as outlined in the Planning and Development Code.

“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,” said Todd Perry, general manager of property and project delivery at Renewal SA.

Prices for the affordable homes at the project will be capped at a fixed $422,050 or less.

The development will provide 144 full-time construction jobs each year and will stimulate around $44 million to South Australia’s Gross State Product.

“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,” added Menz.

The masterplanned Prospect project will also include public open space, with planned tree planting proposed for the public realm of the site.

Renewal SA will also provide training programs and work experience placements for disadvantaged youth at the project, through its Works Program.

Developers and builders are set to be determined through a tender process, kicking off in early 2022, enabling construction to commence in the same year.

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