Renewal SA has acquired two sites in Adelaide that were previously owned by German 'hypermarket' Kaufland on behalf of the South Australian Government.
The organisation says it will be considering how to make the most of the two sites in Forestville and Prospect, which could result in the construction of residential and commercial properties.
The Forestville site (pictured), once the home of Le Cornu, is one of the last remaining vacant city fringe sites in Adelaide.
It is located near public transport options on Anzac Highway, the Adelaide Showground Railway Station and the City/Glenelg tram line.
Renewal SA says the site is ideal for delivering a sustainable and connected mixed-use development that will include residential, commercial and retail uses.
The Prospect site is located at 250B Churchill Road, and has a total site area of 23,610 square metres. This high-profile location is located near public transport options including Islington Railway Station, which is part of the Gawler Rail Electrification Project.
"The property development industry is a significant employer and economic driver and now more than ever, we are reliant on strategic property development projects to stimulate economic activity and growth in our state," said chief executive of Renewal SA Chris Menz.
"We will be working with the private sector and seeking their additional investment and timely delivery of Forestville and Prospect developments."
Combined, the developments are expected to support an average of 170 jobs over the five-to-six year development period.
Current designs for the two sites propose a total of 482 dwellings across the two sites, with 150 dwellings targeted to be affordable.
The two sites are part of a portfolio of nine properties owned by German hypermarket Kaufland that came onto the market back in February after the chain announced its shock exit from Australia.
The group was previously planning to shake up Australia's retail market with 11 stores in Victoria to be supported by a 110,000sqm purpose-built distribution centre, along with openings in Adelaide, Sydney and Brisbane.
Business News Australia