Aspen Group lodges plans for 124-dwelling development on Adelaide Caravan Park site
A $70m residential development would turn a caravan park along Linear Park into premium townhouses and affordable apartments under a massive plan.
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Aspen Group has lodged plans for a $70m housing development fronting Linear Park at Hackney, on the current Adelaide Caravan Park site.
The ASX-listed development group plans to build 78 fully furnished “build to rent” studio and one-bedroom apartments, which will be offered at affordable rents under the company’s CoVE brand, as part of a six-storey building to be constructed on Richmond St.
A separate premium residential subdivision will be comprised of 46 townhouses including 12 riverfront dwellings and 12 facing the adjoining Twelftree Reserve to the north.
The build-to-rent apartments will be offered for short- and long-term rental, Aspen said, with CoVE offering rents below the median market rent.
A cafe, gym and co-working space will also be incorporated into that part of the development.
The overall masterplan will include a new, publicly-accessible path network, which will complete a missing link along the River Torrens Linear Park in that area.
Aspen said two heritage buildings on Richmond St would be integrated into the development and there would be off street parking for the CoVE development and the river-facing cafe, as well as an improved interface with the park and river for public use.
Aspen chief executive officer John Carter said the new development would fill a vital need for the city.
“Adelaide needs more affordable housing in convenient locations close to jobs and facilities,’’ Mr Carter said.
“Our proposed CoVE build-to-rent apartment complex will help satisfy the pent-up demand for quality accommodation at a rent that essential workers and others that need to be located near the city can afford.
“We have enjoyed good engagement to date with Norwood Payneham and St Peters Council and we look forward to positive feedback to our masterplan vision to increase housing supply and create a connected, vibrant and sustainable community.”
Aspen said there was no immediate impact on the operation of the Adelaide Caravan Park with all bookings continuing to be honoured. The park has no long-term residents.
Aspen Group’s other South Australian developments are located at Coorong Quays Hindmarsh Island, Strathalbyn, and in Northern Adelaide.
The company has also submitted a development application to create a lifestyle and tourism community at Normanville.
Grieve Gillett Architects designed the build to rent component while Forum designed the townhouse development and associated urban design.
The plans for the new development were lodged last week with Norwood, Payneham and St Peters Council.
The company expects to start construction about 12 months after approvals are granted.
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