Property magnate Ross Pelligra splashes out $3m on beachfront pad

Property developer Ross Pelligra has splashed out $3m on a new pad on the esplanade in Henley Beach – check out his plans.

Ross Pelligra has quickly built up his SA property portfolio since acquire the former Holden site in Elizabeth. Picture: Matt Turner.

He may have missed out on redeveloping the former Brompton gasworks, but Melbourne developer Ross Pelligra’s love affair with the Adelaide property market is showing no signs of abating.

His latest purchase is a grand four-bedroom home on the Esplanade at Henley Beach South.

Mr Pelligra splashed out $3.007m on the 107-year old property, which he plans to knock down and split into two new high-end residences.

“I like Henley a lot and I see that whole Henley strip as really underdeveloped,” Mr Pelligra said.

The property at 55 Esplanade, Henley Beach South. Picture: realestate.com.au

“You’ve got the beach views and when you walk along the beachfront there you see a lot of old tired houses – I think there’s a huge opportunity there for landowners to look at upgrades and developments.

“One of the things we’re looking at doing is replicating what we’re going to do there further along the beach.”

Mr Pelligra said that even with the recent surge in house prices, Adelaide’s property market represented good value when compared to the eastern states.

“It’s good to see it’s strong but it’s still affordable. People are looking to invest here – there are a lot of investors from Sydney, Melbourne and Brisbane coming over.”

The property comes with expansive ocean views. Picture: realestate.com.au

Pelligra’s first foray into Adelaide was a residential project at Largs North, and since then he has been aggressively buying up commercial properties across the city.

His bulging portfolio includes the former Holden site at Elizabeth, the old Wakefield Hospital, office buildings on Pirie, Grenfell and King William streets and Adelaide 36ers Arena.

He has also taken a keen interest in local sporting groups. He’s working with the Crows on finding the club a new training and administration base, and last year bought the Adelaide Giants baseball team.

Asked about his rumoured interest in taking over Adelaide United, he confirmed “Yeah, we’re looking at”, but declined to comment any further on negotiations with the current owners.

PELLIGRA’S SA PORTFOLIO

Commercial Properties

Lionsgate (former Holden site at Elizabeth)

80 King William St (office tower)

Former Wakefield Hospital, city

Adelaide 36ers Arena, Findon

89 Pirie St, city (office building)

157 Grenfell St, city (office building)

Developments

Emperor Living apartments, Mawson Lakes

Monument Apartments, East Tce, city

Largs North housing development

Sporting Teams

Adelaide Giants