Work is under way on a new masterplanned development north of Adelaide that will construct 12,000 housing lots and become home to 30,000 people, forming the long-time plan of billionaire property developer Lang Walker.
After fourteen years of project planning, construction officially kicked off on the development, known as Riverlea, that will span a 1300 hectare site.
Walker Corporation says the $3 billion project will create the state’s “largest masterplanned community” and inject funds to support its “post-Covid economic recovery”.
The property magnate, and Walker Corp executive chairman, Lang Walker said house and land packages would be pitched to the affordable market, with the project to create 10,000 jobs.
“We are currently seeing a surge in house prices nationally and we have to meet that demand with supply, in and around our major city centres,” he said.
“We have had over 1000 enquiries since launching which tells me Adelaide has been waiting for a project of this scale,” Walker told The Urban Developer.
The project had attracted criticism due to its location in proximity to the Gawler River which is flood-prone. The project’s first stage was approved in 2014.
Located in Adelaide’s North West region at Buckland Park, the Riverlea Estate will sit 30 kilometres from Adelaide’s CBD, and is tipped to take 20 years to complete.
Walker Corp says house and land packages range in size from 300sq m to 1,000sq m, and start from $309,000.
Minister for Planning Vickie Chapman said the project signifies confidence in the South Australian market, representing “generational investment” in the state’s future.
Walker Corp says works underway include the construction of the Port, the Wakefield Road intersection, Riverlea Boulevard, and the first precinct residential stages.
The $3 billion investment will span the 20-year period, with the project to comprise 12,000 housing lots across five precincts, four new schools, new retail centres, commercial offices and 50 hectares of lakes.
The project’s thirteen builders include Sterling Homes, Fairmont Homes, Metricon, Weeks Building Group, Hickinbotham Group, Distinctive Homes, Rivergum Homes, Burbank Homes, Simonds Homes, Dechellis Homes, Longridge Homes, Hot Property Group and Lofty Building Group.
Walker says he expects settlements to occur in the third quarter of this year.