News & Developments: Prospect

All high-rise, low-rise and street developments in areas other than the CBD and North Adelaide. Includes Port Adelaide and Glenelg.
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Norman
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Re: News & Developments: Prospect

Post by Norman »

Looks like a decent building with good finishes. More of this please!

It will definitely have more street activation than the current tenant, Blackwell Funerals.
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Re: News & Developments: Prospect

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Norman wrote:
Mon May 04, 2020 10:11 pm
Looks like a decent building with good finishes. More of this please!

It will definitely have more street activation than the current tenant, Blackwell Funerals.
Hopefully this kind of stuff progresses north along Prospect Road; on opposite of the side of the side street this will corner on is mostly hodge-lodge 70s/80s buildings, the worst of those decades.
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Re: News & Developments: Prospect

Post by Eurostar »

Ryans Fruit and Veg has closed down at Prospect Road. Most shopfronts at the centre are now occupied with a 4wd shop now now open in the west side of the complex.
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Re: News & Developments: Prospect

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Junction Australia applies to build housing complex in Prospect
Celeste Villani, City Editor, The City
July 2, 2020 7:42am

A four-storey affordable housing complex has been earmarked for one of Prospect’s main thoroughfares in a move the developer says will help those struggling to pay rent following COVID-19.

Junction Australia, which provides community support services and housing, has applied to Prospect Council to build a four-storey building at 244-246 Churchill Rd.

There will be 23 one and two-bedroom apartments in the $8.2 million development, which will have discount to market or income-based rental prices.

Junction Australia housing general manager David Burton said there was a lack of affordable housing and rent on Churchill Rd, so expected the development would be welcomed.

“We are really focused on providing that housing that is missing on Churchill Rd and in Prospect generally, like it is everywhere,” Mr Burton said.

“Off the back of what is happening around COVID-19 and the job losses, it has been difficult for people to get into housing, so hopefully this will support that part of the market.

“But it ticks all the boxes in terms of proximity to the city, to shops, transport, just 900m from Islington (train) station and we have four bus stops within 200m.”

The building replaces three vacant dwellings Junction Australia owns.

Pending approval, Mr Burton would like to start construction by early 2021.

Prospect Mayor David O’Loughlin said the project was a “welcomed development” to the “tapestry” of Churchill Rd.

Last year, West Torrens Council’s assessment panel gave Junction Australia approval to start construction on a complex, up to five storeys high, at a former Housing Trust site on Anzac Highway, Camden Park.

That project features 54 homes, in a mix of social housing for tenants and affordable housing to sell to people on low-to-medium incomes.

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rev
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Re: News & Developments: Prospect

Post by rev »

There's quite a bit of work happening at the former Kaufland site at Prospect.
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Pistol
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Re: News & Developments: Prospect

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The Harrington Apartments on Prospect Road is selling its penthouse for $1.47M!!

https://www.realestate.com.au/property- ... -134584394

That seems a bit rich considering you could buy a pretty nice house just around the corner for that price...
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Re: News & Developments: Prospect

Post by crawf »

Impressive view though!

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rev
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Re: News & Developments: Prospect

Post by rev »

Pistol wrote:
Sun Nov 08, 2020 7:49 pm
The Harrington Apartments on Prospect Road is selling its penthouse for $1.47M!!

https://www.realestate.com.au/property- ... -134584394

That seems a bit rich considering you could buy a pretty nice house just around the corner for that price...
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This is one of the nicer developments.
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Re: News & Developments: Prospect

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Pistol wrote:
Sun Nov 08, 2020 7:49 pm
The Harrington Apartments on Prospect Road is selling its penthouse for $1.47M!!

https://www.realestate.com.au/property- ... -134584394

That seems a bit rich considering you could buy a pretty nice house just around the corner for that price...
Exactly.

People are silly to pay this much for an apartment in Adelaide, regardless of how nice it is.

You can simply get so much better value by buying landed property.

If you buy land, you have actual title over that land. You can pretty much do what you like with it. It is an inherently valuable asset.

On the other hand, with apartments, you essentially just own the right to use part of a building. It is not an asset that you can do much with other than live in it. You are much more restricted in what you can do with an apartment, so it is an inherently less valuable asset than land.
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Re: News & Developments: Prospect

Post by ChillyPhilly »

If buying apartments means less urban sprawl, then fantastic.
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rev
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Re: News & Developments: Prospect

Post by rev »

dbl96 wrote:
Mon Nov 23, 2020 3:46 pm
Pistol wrote:
Sun Nov 08, 2020 7:49 pm
The Harrington Apartments on Prospect Road is selling its penthouse for $1.47M!!

https://www.realestate.com.au/property- ... -134584394

That seems a bit rich considering you could buy a pretty nice house just around the corner for that price...
Exactly.

People are silly to pay this much for an apartment in Adelaide, regardless of how nice it is.

You can simply get so much better value by buying landed property.

If you buy land, you have actual title over that land. You can pretty much do what you like with it. It is an inherently valuable asset.

On the other hand, with apartments, you essentially just own the right to use part of a building. It is not an asset that you can do much with other than live in it. You are much more restricted in what you can do with an apartment, so it is an inherently less valuable asset than land.
I think people understand this.
Its two different demographic groups.
You then have the investor, who rents out the property. Things like AirBnB have added a new dimension to this.

Whether we like it or not we're going to see more of these apartment buildings getting built across Adelaide, and at the same time we will continue to see new suburbs emerge predominantly in the north.

People who think apartment buildings in existing areas will stop new suburbs being laid out should go drive to the northern suburbs. Take the new motorway, thats one of the reasons it was built.
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