Churchill Rd’s changing face, described as ‘the best main road urban transformation’, is driving up property prices
THE changing face of Prospect’s Churchill Rd has been described as “arguably Australia’s best main road urban transformation”. What do you think?
DEVELOPERS competing for prime land close to the city is behind a property boom along Churchill Rd, which is pushing up average house prices up by as much as $150,000, real estate agents say.
One agent has described Chruchill Rd’s changing face as arguably Australia’s best main road urban transformation.
Agents are attributing the changes in October 2013, which increased building height restrictions from three storeys to five storeys, to the unprecedented high demand for houses along the busy road which was once a hub for industry.
Research by City North Messenger shows average property prices have jumped 25 per cent, from $443,300 to $558,266 since Prospect Council changed its building rules along Churchill Rd.
But real estate agents said prices had increased by up to 40 per cent in some pockets as the strip, less than 8km from the CBD, continues to grow.
Peter Fenwick, of Fenwicks Real Estate on Prospect Rd, said he sold the same Churchill Rd property for $415,000 in 2013 and then for $569,000 in April this year.
“One of the great reasons for the prices along the strip is because of the exceptional transformation that is occurring there,” Mr Fenwick said.
“It’s turning into what is arguably Australia’s best main road urban transformation.
“We have sold a number of others for $1000 per square metre and these prices would have been unheard of without the zoning changes.”
According to CoreLogic RP Data, 16 residential properties have sold since the zoning changes, double the amount in the two years prior.
To the end of June there had been 19 developments approved in Prospect’s new zoning area, worth a combined $46 million.
It is the latest transformation of the area, which after European settlement in the 1840s contained a band of small dairy farms until the early 1920s when it became an industrial hub.
Real estate agents are now promoting Churchill Rd properties for sale online as “development opportunities” and as “Adelaide’s hottest suburb”.
Family-owned developer Bert Farina Constructions is building two apartment blocks on Churchill Rd, including Canopy @ 44 apartments at 44 Churchill Rd, Ovingham and Winston on Churchill at 188 Churchill Rd, Prospect.
Company director Anthony Farina said developers wanted to be part of the transformation.
“It’s so close to Adelaide and North Adelaide, but being on the western side you are closer to the beach,” Mr Farina said.
“At the other end of Churchill Rd there are retail areas coming in and it’s really just a great up-and-coming spot.”
DB Philpott Real Estate principal Beverly Philpott said she was getting offers which were substantially higher than pre-zoning changes because developers were on a buying spree to build apartments while market demand was strong.
Prospect Council’s planning director Nathan Cunningham said there had been 24 approved applications across the state’s inner metropolitan area for larger scale developments, which he said included apartments, townhouses and a new cinema complex on Prospect Rd.
He said 80 per cent of those developments were in Prospect’s Urban Corridor Zone — which includes Churchill, Prospect and Main North roads. “The development industry has embraced the new policy to the benefit of property owners, with some properties experiencing a substantial increase in values,” Mr Cunningham said.
“The transformation ... sought to respond to an identified need for a greater diversity of housing choice in City of Prospect, as well as supporting economic activity and growth.”
FROM DAIRY FARMS TO APARTMENT HAVENS
■ 1840s: Main industry of Prospect Village is agriculture, including dairy farms. Other businesses include lime kilns and timber millers. There are only two main roads in the district; Main North Rd and Lower Main North Rd (later renamed Churchill Rd).
■ 1856: SA Railways opened workshops in Islington, off Churchill Rd, providing employment opportunities for Prospect.
■ 1939: Metal manufacturer British Tube Mills started business on Churchill Rd.
■ 2003: Olive Dairyman’s historic 1800s house, on land located at the corner of Churchill Rd and Olive St, razed to make way for subdivision.
■ 2013: Zoning changes along Churchill Rd allow for buildings up to five storeys high.
■ 2014: Discount retailer Costco opens at recently built Churchill Centre
■ 2015: Prospect Council releases business plan to build on success of Churchill Rd transformation. Figures show to June the council received 27 development applications for Churchill Rd worth $33 million.
CURRENT PROJECTS
■ 111-113 Churchill Rd
Size: 3 storeys, 10 townhouses
Status: approved
Value: $2.5 million
■ 100 Churchill Rd
Size: 4 storeys, 21 apartments
Status: approved
Value: $3 million
■ 210 Churchill Rd
Size: 4 storeys, 18 apartments
Status: planning consent
Value: $3.2 million
■ 44 Churchill Rd
Size: 4 storeys, cafe, 16 apartments
Status: DAC approval (March)
Value: $1.65 million