220-224 Prospect RoadProspect SA 5082
Property Details for 220-224 Prospect Rd, Prospect
Last Listing description (April 2026)
Open Inspection: Monday, 20th April 2026 @ 3:45PM - 5:00PM
220–224 Prospect Road presents a compelling opportunity to acquire a substantial inner‑metropolitan landholding within one of Adelaide’s most actively evolving urban corridors, combining a diversified income stream with clear, demonstrated redevelopment potential.
The property is improved with a well‑established neighbourhood retail strip comprising six (6) shops and two (2) office/ residence set behind. 100% leased and underpinned by a strong mix of food, convenience and services that caters to the surrounding residential catchment.
Occupying a prominent Prospect Road position with dual street access, the 1,344sqm allotment benefits from strong exposure, rear access via Albert Street, and a landholding scale that aligns with the mixed‑use developments that have already been successfully delivered along Prospect Road and throughout the wider Prospect precinct.
This offering is ideally suited to investors and developers seeking a “hold and enhance” asset — one that combines a secure low-risk income stream, a large urban land footprint, and clear planning alignment within a corridor that has already demonstrated its ability to absorb apartment and mixed‑use outcomes.
Key Details
- Land Size: 1,344 sqm (approx.)
- Building Area: 552.7 sqm (approx.)
- Tenure: 100% leased across seven (7) separate leases
- Passing Rental: $165,085.49 p.a.
- Recoverable Outgoings: $25,382.97 p.a.
- Tenancy Mix: Barber, fish & chip shop, pizzeria, butcher, Indian grocer, massage therapy and office‑residence accommodation
- Access: Approx. 30 metres frontage to Prospect Road with rear vehicular access via Albert Street
- Zoning: Urban Corridor (Living) – supporting residential‑led, medium‑density mixed‑use development outcomes (STCC)
- Improvements: Single‑level retail strip with rear loading, parking and service access
Prospect Road is widely recognised as one of Adelaide’s most successful inner‑north urban corridors, characterised by strong residential density, high‑frequency public transport, and an established café, retail and lifestyle culture.
Located approximately 5 kilometres north of the Adelaide CBD, Prospect continues to attract sustained private and government‑led investment, with numerous multi-storey apartment and mixed‑use developments completed or underway along Prospect Road and within the broader suburb. These projects have reinforced the corridor’s transition toward higher‑density residential living supported by activated ground‑floor commercial uses.
220–224 Prospect Road, Prospect offers a rare combination of immediate income security and long‑term development upside within a corridor that has already demonstrated its capacity for successful urban renewal. With strong exposure, scale, access and planning alignment, this is an opportunity to secure a future‑focused landholding supported by a resilient tenancy base in one of Adelaide’s most sought‑after inner‑north locations.
Property Code: 2632
Property History for 220-224 Prospect Rd, Prospect, SA 5082
- 23 Apr 2026Sold for $4,010,000
- 26 Mar 2026Listed for Sale SOLD
- 19 Dec 2019Listed for Rent $15,000 / year
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0About Prospect 5082
The size of Prospect is approximately 5.0 square kilometres. There are 18 parks, covering nearly 3.1% of the total area. The population of Prospect in 2016 was 13280 people. By 2021 the population was 14584 showing a population growth of 9.8% in the area during that time. The predominant age group in Prospect is 20-29 years. Households in Prospect are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Prospect work in a professional occupation.In 2021, 62.80% of the homes in Prospect were owner-occupied compared with 65.10% in 2016.
Prospect has 7,159 properties. Over the last 5 years, Houses in Prospect have seen a 90.55% increase in median value, while Units have seen a 93.72% increase. As at 31 May 2026:
- The median value for Houses in Prospect is $1,612,976 while the median value for Units is $689,921.
- Houses have a median rent of $660 while Units have a median rent of $560.
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