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
220224 Prospect Road presents a compelling opportunity to acquire a substantial innermetropolitan landholding within one of Adelaides most actively evolving urban corridors, combining a diversified income stream with clear, demonstrated redevelopment potential.
The property is improved with a wellestablished 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 mixeduse 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 mixeduse 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 officeresidence accommodation
- Access: Approx. 30 metres frontage to Prospect Road with rear vehicular access via Albert Street
- Zoning: Urban Corridor (Living) supporting residentialled, mediumdensity mixeduse development outcomes (STCC)
- Improvements: Singlelevel retail strip with rear loading, parking and service access
Prospect Road is widely recognised as one of Adelaides most successful innernorth urban corridors, characterised by strong residential density, highfrequency public transport, and an established caf, retail and lifestyle culture.
Located approximately 5 kilometres north of the Adelaide CBD, Prospect continues to attract sustained private and governmentled investment, with numerous multi-storey apartment and mixeduse developments completed or underway along Prospect Road and within the broader suburb. These projects have reinforced the corridors transition toward higherdensity residential living supported by activated groundfloor commercial uses.
220224 Prospect Road, Prospect offers a rare combination of immediate income security and longterm 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 futurefocused landholding supported by a resilient tenancy base in one of Adelaides most soughtafter innernorth locations.
Property Code: 2632
Property History for 220-224 Prospect Rd, Prospect, SA 5082
- 26 Mar 2026Listed for Sale AUCTION 23rd April 26 @ 11:30AM
- 19 Dec 2019Listed for Rent $15,000 / year
- 29 Feb 2012Listed for Rent - Price not available
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About Prospect 5082
The size of Prospect is approximately 5.0 square kilometres. It has 18 parks covering nearly 3.1% of 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 7,139 properties. Over the last 5 years, Houses in Prospect have seen a 92.15% increase in median value, while Units have seen a 81.96% increase. As at 31 March 2026:
- The median value for Houses in Prospect is $1,517,951 while the median value for Units is $662,005.
- Houses have a median rent of $650 while Units have a median rent of $575.
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