A 960 square metre prime waterfront development site that neighbours Port Adelaide’s famous lighthouse in Black Diamond Square has come to market in an Expressions of Interest campaign through JLL.

The vacant site, at Lot 1 McLaren Parade, benefits from zoning that allows for development of up to five levels (and, subject to approvals, potentially further height dispensation) with picturesque views over the Port Adelaide River. 

JLL Director, Sales and Investments – SA Jack O’Leary said the site represented a unique development opportunity in the heart of an evolving area that was recording some of the state’s most rapid growth.

“This site stands as one of the last primely-positioned waterfront allotments in Port Adelaide,” Mr O’Leary said. “With multiple frontages, including circa 20 metres to the Port Adelaide River, and attractive zoning, the site is perfectly positioned for a quality mixed-use or residential outcome (subject to approvals).

“Port Adelaide’s proximity between the Adelaide CBD and Osborne Naval Shipyard Defence precinct, with the significant government and private investment in the area, has seen accelerated growth in the region.
    
“With South Australia's robust economy and record low residential vacancy rates, this site presents an exceptional opportunity for developers.”

The property is zoned Urban Activity Centre, supporting a significant development outcome. It offers substantial frontages and is well-connected to public transport and major transport routes, providing easy access to the CBD, Outer Harbour, Semaphore and surrounds.

Claudia Brace, JLL Senior Executive, Sales and Investments – SA, Claudia Brace, highlighted the strategic location and strong market fundamentals that supported the opportunity.

“Port Adelaide has been the beneficiary of numerous residential developments, including the $200 million Dock One project and the $112 million Fletcher's Slip development,” Ms Brace said. “The area is also at the epicentre of South Australia’s Defence industry, with $90 billion invested for Navy vessel construction, which is poised to create 5000 jobs by 2026.”

The campaign comes at a time of unprecedented residential growth in South Australia, with Adelaide's median house price growing 18% during the past 24 months and the state boasting the nation's lowest residential vacancy rates at 0.6%.

Expressions of Interest close at 4pm (ACDT) on Tuesday, 3 December 2024.