Revealed: $60m affordable housing plan for Albert Park
Adelaide developer Taplin Group will transform a former industrial site into a $60m housing hub, while revealing plans for a major shopping centre expansion.
Taplin Group has unveiled plans for a $60m affordable housing development at Albert Park, amid a growing pipeline of projects for the family-owned property and development firm across the residential, commercial and retail sectors, and a new push into farming and water assets.
The new housing project on Murray St, near the corner of West Lakes Boulevard and Port Rd, will feature 114 two and three-bedroom homes, with more than 15 per cent set aside as affordable housing.
With planning approval from Charles Sturt council secured, construction of the first homes on the 1.6ha former industrial site is set to begin in March.
Taplin Group managing director Andrew Taplin said the project was likely to appeal to first home buyers.
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“The western suburbs can play a big role in boosting housing supply, especially affordable housing options, for a generation of buyers who grew up in the area and want to remain close to family and existing networks,” he said.
The first release of house and land packages is currently available for purchase off the plan.
The Albert Park project follows Taplin Group’s completion of 150 new homes in nearby Findon. The group is also delivering a 12-storey apartment complex on Colley Tce in Glenelg and 32 homes at the former estate of the Le Cornu family in Brighton.
Taplin Group manages more than $2.7bn in assets, and owns shopping centres across metropolitan Adelaide including the Mitcham Square, Mawson Lakes, Marryatville, Mt Barker, Marden, Bayside Village and Kurralta Village centres.
Kurralta Village was acquired earlier this year for $75.2m, and Mr Taplin said the company was now working on plans for a major expansion of the centre.
“It’s a prime site, a prime centre and we’re currently working on some really exciting plans to redevelop that site, which I think is needed for the area and for the centre,” he said.
“It will involve an enlarged supermarket, I expect an enlarged and refurbished Kmart. And we’ve managed to acquire a number of residential homes adjoining the site, which we think should be amalgamated into the site and turn it into an even a stronger centre. It’s an incredibly strong trading shopping centre, and we think we can make it even better.”
Mr Taplin said tens of millions of dollars had also been set aside for redevelopments and refurbishments of other shopping centres in the Taplin portfolio.
The group is also looking to expand its agricultural holdings, which include farming land in the Riverland and water entitlements available for use in South Australia and interstate.
“Our farming is really for beef cattle. We’ve just purchased some strategic, well irrigated, good soil land and we’re looking to expand our holdings as good opportunities come up,” Mr Taplin said.
“We also have substantial water investments ... we’ve acquired trillions of litres, and we help farmers and grape growers by providing our water to them. It’s another investment vehicle and another diversification for the group.
“I think over time it will become more valuable as the climate seems to get warmer, and there’s more restrictions – it’s a basic commodity that’s needed for just about anything now.”
Originally published as Revealed: $60m affordable housing plan for Albert Park
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