JLL appointed to sell collapsed $300 million New Mayfield CBD site
ALMOST two years after the collapse of a major builder left plans for a $300 million Adelaide development in disarray, the land has finally reappeared on the for-sale market.
ALMOST two years after the collapse of a major builder left plans for a $300 million Adelaide development in disarray, the land has finally reappeared on the market.
The implosion in June 2015 of Tagara Builders, the major shareholder behind the mooted New Mayfield hotel and apartment complex on Sturt St in the CBD, led to the failure of the project driven by developer Sturt Land.
But now the Sydney-based receivers, BRI Ferrier, have appointed global property agency JLL (SA) to sell the 7418sq m mixed use development site via an extensive marketing campaign that will run until May 10.
The New Mayfield project was planned to run over three stages, comprising 388 apartments, a 200-room Marriott hotel and shops.
Its fate had been in limbo since Tagara collapsed with 91 stage one investors who paid close to a total of $4 million in deposits and bank guarantees.
BRI told The Advertiser late last year that the “full deposit” would be returned to each investor, plus interest.
The new sale is expected to spark national and international investor appetite, JLL’s Jed Harley said.
The site has approval for a three stage development, including more than 380 residential units, associated retail and commercial space, and a 200 suite hotel complex.
Significant works have already been undertaken on site, including excavation of a multi-level basement and construction of lift shafts.
The property’s central location between the south parklands and Adelaide Central Market will be a major appeal to buyers, Mr Harley said.
“The southern frame of the CBD is one of the city’s most emerging precincts and has seen a major increase in residential population in recent years,” he said.
“As such, there has been an influx of small bars, cafes and restaurants opening in the area creating a vibrant place to live.”
Mr Harley said current zoning laws encourage an integrated development which would activate further growth in the precinct.
The property is available as a whole or in separate parcels of 1816sq m, 2806sq m and 2796sq m.