Chris Diamantis’s Genworth Group is plotting a high-end residential precinct after acquiring a “once-in-a-century” 1.9ha development site in North Adelaide.
Splashing collectively more than $50 million on the site which is an amalgamation of 12 allotments, Genworth is planning a luxury home and apartment project on the site, which borders Ward, Jeffcott and Archer streets as well as Washington Square.
While it’s early days, the four-buyer partnership led by Genworth also includes individuals looking to build their own luxury mansions, and the deal includes the “most expensive ever” single-home parcel.
The site is home to the headquarters of the Lutheran Church in Australia, as well as a residential college, apartments and townhouses as well as office sites, and the state heritage-listed 1882 Hebart Hall on Jeffcott Street, which will also be turned into a residence by a Sydney-based purchaser.
James Juers and Simon Lambert of McGees Property managed the expressions-of-interest campaign for the site on behalf of the church.
Genworth has operated in North Adelaide for more than 35 years, but this marks the biggest project the high-end house developer has worked on thus far, according to Genworth founder and managing director Chris Diamantis.
“Over the past 30 years we’ve gotten to know North Adelaidians and how they think, and our product in the past has been well received,” he told The Urban Developer.
“This site was quite overwhelming when we first looked at it, in terms of size and worth, but we want to pay homage and respect to what is a very important site,” he said.
Genworth is undertaking feasibility studies with a view to developing not only the large super-high-end residences, but also build-to-rent towers with 25 to 30 apartments, as well as townhouses on the site.
“At this stage, we’ve got several options. Genworth Group are architects as well as builders, but we’ve engaged with two external firms as we need some more capacity to deliver a project of this magnitude.
“We’re in the process of designing two towers, which would be around the eight-storey mark per tower, and medium to low rise planned, and that will be about 20 houses which would deliver roof gardens, elevators, all the luxury home things you would expect.
“We did contemplate a retirement village, but that’s looking less likely—the demographic is such that buyers would be living in those existing opulent homes with land in North Adelaide and wanting to downsize, empty nesters rather than retirees.”
“People want to be close to well-located hospitality and lifestyle amenity. This site is close to all the restaurants, cafes, bars and shopping of the CBD and North Adelaide, and is moments from Adelaide Oval, parklands and gardens, North Adelaide Golf Course and Adelaide Zoo,” agent Simon Lambert said.
The single-home parcel included in the site sale totals 5000sq m by a private purchaser and accounted for more than $15 million of the total transaction price.
“That home would certainly be the crown jewel of the whole development, and from that we will transition to smaller homes and luxury apartments and I don’t use the word luxury fleetingly.
“One of the other sites, (a) local heritage item bought by a local development company, we’ve been talking with them and going to try and share the vision and collectively create a wonderful environment to live in.
“It’s definitely the biggest site we’ve had to deal with, and it has been said it is the biggest site in North Adelaide in the last 100 years and I don’t think I could argue with that.”
