Neighbouring waterfront properties set to be redeveloped following $2.7 million sale

The Port Lincoln properties at 15 and 17 King Street have sold as a package for $2.7 million. Pic:

Two neighbouring Port Lincoln properties that were offering one of the last opportunities to own a slice of the regional city’s beachfront have been snapped up.

The sites at 15 and 17 King St, which overlook Boston Bay, have sold as a package at auction for $2.7 million, almost six weeks after hitting the market.

Kemp Real Estate principal Steve Kemp, who sold the properties with Shane Merchant, said the buyer had plans to redevelop the site.

The selling agent says they represented one of the last opportunities to buy beachfront at the heart of the city. Pic:

Both are rented out, one as a residence and the other as a commercial site. Pic:

“The buyer is an Adelaide based developer who does developments in regional areas,” he said.

“In time the sites will be redeveloped, probably for accommodation.

“I would think it will be a 12 month process before we see some development though.

“It’s exciting to see development on Port Lincoln beachfront.”

He said eight prospective buyers registered to bid for the properties, with a large crowd gathering to watch the auction unfold.

“We had about 50 people in attendance and we sold over reserve, which is good for the vendor,” he said.

When the properties were listed for sale, Mr Kemp said they offered a rare opportunity at the heart of the city.

They are surrounded by hotels and the city’s yacht club. Pic:

“It’s probably the last opportunity on Port Lincoln city beachfront,” he said.

“If you go further to the west there’s the big (Hilton) hotel and the yacht club.”

He said the family behind Blackwell Funerals had owned the properties for years and even used No. 17 as a funeral home at one stage.

The property at No. 15 is a tenanted four-bedroom house built in 1935, while its neighbour at No. 17 is leased to the Department of Home Affairs and was built a decade earlier.

Combined they have a 5289sqm footprint and are each rented out for about $17,680 and $36,436 per year respectively.