The first homes in the new Prospect Corner development have been sold following strong interest in the $80 million government-led project.
The seven architecturally designed, two and three-bedroom townhouses were offered as part of the first sales release of the 2.36-hectare development on Churchill Road.
Another nine townhouses will be released for sale next month under the second round of sales.
The first tranche of townhouses will be delivered by leading SA builder Buildtec, with the company selected through an open market procurement process.
Civil works will begin at the site in the coming months, with construction of the townhouses scheduled to start in mid-2024, with the first residents expected to move in by mid-late 2025.
Affordability is a key component of the Prospect Corner project with a number of homes offered at an affordable price point utilising the Government’s HomeStart shared equity finance option. Three of the new townhouses have been sold as affordable homes through the State Government’s HomeSeeker program.
Prices for the seven townhouses ranged from $560,000 to $720,000, meaning eligible first home buyers could also qualify for full or partial stamp duty relief through the state government’s stamp duty relief scheme. Eligible buyers could also apply for a first home buyers grant.
The development site will feature 108 two and three-bedroom townhouses, all designed to target a 7-Star Nationwide House Energy Rating.
Prospect Corner will also include apartments across two high quality buildings and will deliver a significant portion of affordable rentals to the South Australian housing market. These apartments are currently awaiting planning approval and will achieve a 5-Star Green Star rating. The Prospect Corner project is targeted to provide nearly 55 per cent of all dwellings as affordable homes.
At just seven kilometres from Adelaide’s CBD and with outstanding public transport links, Prospect Corner will be a vibrant community with a focus on delivering much-needed open space.
Consultation helped define the community’s desire for more usable green areas, which is why the masterplan will deliver quality recreation space, extensive tree planting, a barbeque area, outdoor gym and nature play area for children.
As put by Nick Champion
We are committed to unlocking more quality housing for South Australians as quickly as possible and Prospect Corner is a great example of this.
Prospect Corner is a community-first development which will create a diverse, thriving, and connected community where homes are liveable and attainable in inner city Prospect.
Along with other large-scale redevelopments in the pipeline such as the former West End Brewery and the transformation of the former Adelaide Bus Station site on Franklin Street, we are creating a critical mass of affordable and desirable homes for current and future generations.
As put by Michael Carrocci, Director of Buildtec
Building at Prospect Corner will be a fulfilling experience, knowing that our work goes beyond construction. We’re not just creating structures, it’s about contributing to a community where everyone can thrive.
Our team takes pride in knowing that these townhouses will provide a comfortable and secure home for people.
As put by Yenny Lee, first home buyer at Prospect Corner
I have been looking to buy my first place ever since I moved to Adelaide from Alice Springs about 8 months ago, and what I like about Prospect Corner is its proximity to the local shops and the train station.
It wouldn’t have been possible for me to buy this property without the Government’s HomeStart shared equity option, which has made it affordable.
It’s really exciting; construction will start soon, and I can’t wait to become part of this community.
