Aspen Group Property Tour
In a market announcement Aspen Group (APZ) has provided details on the South Australian Property Tour. Section 3 outlines plans for the Adelaide Caravan Park.
Planning to redevelop into 126 high value residential dwellings (STCA):
- New 46 premium townhouses which Aspen would likely sell given high rent/price point
- Adaptive reuse of 2 heritage listed buildings into premium residential houses to rent/sell
- New 6 storey CoVE branded BTR complex with 78 studio and one-bedroom apartments
The document includes site plans, apartment comlex layout, concept images and estimated returns.
The Riverfront Townhouses and Parkfront Townhouses are planned to be premium developments.
1 Richmond Street townhouse on a 70sqm site sold for $1.85m. ACP townhouse sites are superior and larger - ranging from 78sqms to 255sqms
The six-story Aspen CoVE Apartment Complex is pitched as build-to-rent apartment complex that will provide affordable accommondation for essential workers.
Aiming to create apartments that can generate >5% net yield at $450pw rent, and can ultimately be strata-titled and sold at <3% yield when rents move materially higher than our core customer base can afford.