Roche family parts way with $30m Encounter Bay development site
Close to 400 new homes have been approved for a popular SA beachside town amid a rising demand for the area – but first, a new developer willing to undertake the multimillion dollar project, has to be found.
Country Allotments Pty. Ltd, owned by the Roche’s – one of the state’s wealthiest families – is parting ways with its 33.32ha development site in Encounter Bay, which encompasses Lot 80 Waitpinga Rd and Lot 503 Tabernacle Rd.
Both allotments are located just 850 meters from the beach and benefits from existing development approval for a 380-lot subdivision.
The sale – handled by JLL – is hoping to attract offers in access of $30m.
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The 33.32ha development site comes with existing approval for a 380-lot subdivision.
Selling agent Ben Parkinson, said the offering represented a rare opportunity in one of South Australia’s fastest-growing regions.
“This is arguably the best remaining development site of scale in the Victor Harbor region,” he said.
“With multiple road frontages and access points, the site is perfectly poised for a quality residential outcome in a highly desirable coastal location.”
The offering comes as SA experiences unprecedented residential growth, with Adelaide’s median house price reaching $775,000 as of October 2024, according to PropTrack.
Jack O’Leary, Director of Sales and Investments at JLL, highlighted the strategic location and strong market fundamentals supporting the offering.
The future homes will be located just minutes from the beach and on the edge of exiting housing estates.
“Encounter Bay’s proximity to Adelaide has seen continued growth in the region, with more commuters drawn to the lifestyle benefits the area offers,” he said.
“Coupled with South Australia’s robust economy and record low residential vacancy rates, this site presents an exceptional opportunity for developers.”
The property is zoned Hills Neighbourhood, supporting a significant residential development outcome.
Expressions of Interest close at 4pm on Thursday, November 14.
