Amulet Property starts work on $60m housing project on Otto’s timber site in Stepney

Work has commenced on a $60m housing project, which will replace the historic Otto’s Timber Joinery & Hardware site in Stepney.

Artist's impression of the Otto Townhomes development. Picture: Supplied by Amulet Property

Work on a $60 million townhouse development on the former Otto’s Timber Joinery & Hardware site in Stepney has commenced.

The project, known as Otto Townhomes, will deliver 62 new homes across the 8300sq m site, which was home to the Otto’s family business for nearly 100 years.

Amulet Property managing director Patrick Stabile, who’s spearheading the development, said about 80 per cent of the 21 townhouses released in the first stage sold out in just eight weeks, reflecting the increasing demand for higher density living in Adelaide’s fringe suburbs.

“We couldn’t be more thrilled to be kicking off this exciting project here today,” he said at a sod turning event on Thursday.

Artist's impression of the Otto Townhomes development. Picture: Supplied by Amulet Property

“South Australians are seeking more than just a home - they are seeking choice, connectivity and community.

“We are delivering all of that here with Otto Townhomes, building on the existing legacy of place to reshape this iconic site, while creating a new kind of residential opportunity here in this thriving location.”

The Otto family closed its timber joinery and hardware business on Wells St after the land was rezoned for medium density housing in 2020.

It had traded from the Stepney site since the late 1930s.

Mr Stabile said the site’s history had influenced the design of the townhouses, including its mix of materials.

A second and final stage of the project was recently released to the market, with a mix of two and three-bedroom homes available from $719,000.

The first of up to 145 new residents will move into the precinct from April next year.

Premier Steven Marshall, who attended the sod turning event, said the project was a “tremendous example of revitalisation and forward growth”.

“As a Norwood local, I am especially thrilled to be supporting the influx of migration back into South Australia, with forward thinking developments like this one.”

Amulet Property is currently working on a series of residential developments in blue chip suburbs across Adelaide, including in Myrtle Bank, Hyde Park and Rose Park.