Adelaide man to make $1.5m doing nothing to his Modbury property
An Adelaide homeowner is expecting to reap a $1.5m windfall without lifting a finger on the unassuming Modbury property he purchased just three years ago.
The five-bedroom home, at 107-111 Smart Road, has remained unoccupied since it last changed hands for $2.55m in 2022.
With virtually no development restrictions on what can be done at the sprawling 3027sqm address, interest in its upcoming sale is expected to be phenomenal – and will push the purchase price accordingly.
107-111 Smart Rd, Modbury. Supplied
The property has been untouched for years. Supplied
It’s expected the property will be developed. Supplied
“The feedback we are getting from the people (who have shown interest in the property to date) is (that it could fetch) around $4m,” said All Adelaide – City Edge selling agent Deep Solanki.
At that price, Mr Solanki said the property, which has urban activity centre zoning to permit a broad range of multi-level commercial and residential use, represented an outstanding investment.
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“You can do a lot of things there. You name it and council can’t really decline it if (a proposal for the site) is put nicely together,” he said.
“You could look at a mixed use of half residential, half commercial, like a retail ground floor and then residential (options on the upper levels).
”It could be hospitality, like restaurants, it could be (utilised for) NDIS (services) or medical (facilities).
“At (more than) 3000sqm, with urban activity zoning and just next to the O-Bhan (bus interchange at Tea Tree Plaza), you really can’t go wrong.
“It’s a pretty good investment.”
There’s plenty of room for a range of opportunities. Supplied
The property has not been tenanted in the meantime. Supplied
Mr Solanki confirmed no work had been done on the property since the owner purchased it three years ago.
He said there were initial plans to develop it for commercial use but the owner never went ahead with the venture.
The listing states a previous design for the property included a 1200sqm office complex with 56 onsite car parks.
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It said Smart Rd provided “excellent exposure to approximately 15,000 vehicles per day”, as well as “significant signage opportunities” for prospective businesses.
Just moments from the Tea Tree Plaza shopping centre and Modbury hospital, Mr Solanki said interest in the property had so far been from residential developers who were seeking to branch out into commercial projects.
3027sqm gives you plenty to work with. Supplied
Such a prime location. Supplied
While the home was in reasonable condition, there had been no interest from owner-occupier buyers or those hoping to rent out the property as is, he said.
The home, which has been listed without a price guide, will be auctioned on Friday, October 24.
– By Lauren Ahwan
