Historical site in one of Adelaide’s beachside suburbs hits the market after being held by same owner since 1906
JLL lists a 6,640sqm property in Largs Bay, South Australia
ADELAIDE, 27 JULY 2020 –A Largs Bay beachfront property built in the 1890’s has come to market, presenting buyers with the opportunity to take advantage of the strong residential and mixed-use development upside attached to the site.
The Sisters of Saint Joseph have owned the property at 208 Lady Gowrie Drive, Largs Bay for more than 114 years and since then the property has been occupied as accommodation, education, retreats and community use.
The two-storey former residence originally built for a sea captain is located on the corner of Lady Gowrie Drive and Harrold Street. A portion of the building is subject to heritage listing and will need to be incorporated in any redevelopment of the site.
JLL’s Head of Sales and Investments, Roger Klem and Director Jed Harley have been appointed to sell the asset at 208 Lady Gowrie Drive 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.
Mr Klem said, “Adelaide beachside suburbs continue to be a magnet for homeowners and tenants seeking apartments and freestanding houses in close proximity to the beach.”
“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,” Mr Klem said.
The site offers views north towards Outer Harbor and south overlooking the Largs Bay Jetty towards Semaphore. The property is encompassed over five separate titles described as eight separate allotments, which is believed to provide maximum flexibility for future boundary realignment or division.
Mr Harley said, “The location of this site enjoys significant access to the beach and dune reserve with the major landmarks in the precinct including the Largs Pier Hotel and The Palais further south towards Semaphore.”
“Importantly, Largs Bay is on the doorstep of the naval ship building precinct at Osborne. This area is already undergoing major infrastructure upgrades and will benefit from a share of more than $90 billion worth of Federal Government defence investment,” he said.
“The local shipbuilding plant in Osborne will house an ongoing sustainable workforce of 5,200 people within the next six years. All of this employment activity will dramatically boost the local economy on the Lefevre Peninsula and surrounding locations leaving Largs Bay in prime position to be a beneficiary of this growth in residential demand,” Mr Klem concluded.
Expressions-of-Interest for 208 Lady Gowrie Drive, Largs Bay close on Wednesday 19h August 2020 at 4pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.