SA’s Hot Property Group to redevelop their Prospect head office into apartments under new zoning

A development from Hot Property Group (HPG) on Churchill Road, recently given the green light by Prospect Council, South Australia, is set to be four storeys and will overshadow the heights of the rest of the properties on the road after a year of construction.

The 100 Churchill Road project is set to be the first tall building on this street since the October rezoning, reported Adelaide Now, who noted that parts of Churchill, Prospect and Main North roads were all changed to increase density. 100 Churchill Road, Prospect is, at present, HPG’s head office.

However, these changes actually allow developers to build five storeys on Churchill Road, so this may not remain the tallest building for long.

Six one-bedroom, 15 two-bedroom and three two-bedroom plus study apartments will be up purchase from $331,000, Adelaide Now notes. However, online marketing suggests that just 21 apartments will be built. At present, the median unit price for Prospect is recorded at $341,500.

Currently, the site is their one-storey head office building with their bright orange branding, and carpark, located near to Sam Johnson Sportsground.

It is co-owned by Tony Pullino and Valentino Fuda, under Pullino Fuda Commercial Holdings, which appears to have been purchased in August 2010 for $484,000, according to RP Data records. In its previous transaction, April 1995, it sold for $140,000. RP Data records the site as being 884 square metres. In 2009, the council released a masterplan for Churchill Road, which suggested that an increase in residential density would be appropriate.

Hot Property Group, who market themselves to investors in Adelaide, are previous HIA South Australia winners, including for affordable housing and for a townhouse/villa development in 2011.

According to online listings for the apartments, they boast close access to the train station and bus routes. They include separate vehicle entry and exit, with undercover parking for one vehicle and overhead storage and balconies.

Contracts are ready for a May signing with a minimum 10% deposit, with those signing before June 30 eligible for the government’s stamp duty exemption benefit.