Triple the opportunity at neighbouring Morphett Vale homes

Three neighbouring properties home to a school are offering prospective buyers a lucrative investment opportunity.

The large land parcels at 304, 306 and 308 Main South Road in Morphett Vale have hit the market together with a price guide of $1 million to $1.1 million.

The Catholic Church is leasing the roughly 2580sqm site’s building for its Fame Flexible Learning Centre – a place for young people who have disengaged from mainstream schooling.

Selling agent Troy Tyndall, of LJ Hooker Adelaide City/St Peters/Glynde, said it had a five-year lease but once that was finished, the new owners could either continue the arrangement, redevelop the whole site, or sell one or two of the titles off.

The three sites together represent a significant landholding. Pic: realcommercial.com.au

“The Catholic Church pays $52,121 a year. In five years, you would have $260,000 paid back,” he said.

“If you wanted to keep the school going, you’d be doing something good for the youth in South Australia.

“But there’s also (Onkaparinga) council approval for 10 two-storey townhouses.”

Tyndall said the development plans and designs were available if the new owner wanted them.

The three land titles are 780sqm, 831sqm and 970sqm respectively, with the building occupying two of the blocks and a carpark on the remaining parcel.

Tyndall said the significant landholding was already attracting prospective buyers interested in its seemingly endless investment opportunities.

Development plans for 10 two-storey townhouses on the site already have council approval. Pic: realcommercial.com.au

“I had half a dozen inquiries in four days,” he said.

“When you look at that return, it’s a unique opportunity.”

Offers for the property will be received until October 13 at noon.

This article from The Advertiser originally appeared as “Three neighbouring Morphett Vale sites offer multiple investment opportunities”.