Developers have unveiled an ambitious plan to build a new satellite city that will be home to more than 44,000 people by 2041.
In a joint venture with Grange Development, Costa Property Group acquired 1,860 hectares of land in 18 months at Gifford Hill, near Murray Bridge, south-east of Adelaide.
The $7.5 billion master plan for the satellite city includes 17,100 homes, a town center, six neighborhood activity centers, seven schools, 285 hectares of conservation space and 119 hectares of open green space.
Described as the largest residential project in South Australia since the 1950s, the development will effectively create a second major city for the state.
The entire development is valued at approximately $7.5 billion and the first housing lots are scheduled to be released next year.
At the heart of the development would be the town centre, next to Murray Bridge Racecourse, with shops, offices and a “state-of-the-art sports and entertainment precinct”, including a polo field.
Murray Bridge Mayor Wayne Thorley said the council was excited about the project’s potential to become a rural town.
“We are actively preparing for the growth of our rural city and supporting our communities to have access to the services, opportunities and benefits that a growing community brings,” Thorley said.
Developers have unveiled an ambitious plan to build a new satellite city near Adelaide that will be home to more than 44,000 people by 2041.
The $7.5 billion plan includes a town center (pictured, artist’s impression), six “neighborhood activity centers,” seven schools, 404 hectares of conservation and green open space.
Costa Property Group, in a joint venture with Grange Development, acquired 1,860 hectares of land in 18 months (pictured, aerial view of the Gifford Hill precinct near Murray Bridge)
‘Murray Bridge is a place where people can live well and thrive in an environment where jobs, education, affordable housing and a great riverside lifestyle are accessible to all.’
Mayor Thorley added that the development will also boost job opportunities for the growing community.
The development will create more than 7,200 on-site jobs during construction and an additional 5,200 in off-site businesses.
Grange Development founder James Dibble described the project as the “most significant” residential development in South Australia and Adelaide since the 1950s.
He explained that the development will include single-family homes, apartments and townhouses.
“We look forward to delivering an exceptional residential community that sets new standards for sustainable living, connectivity and amenities, while creating a major second city for the state,” Dibble said.
Heather Barclay, chief executive of the rural city of Murray Bridge, said the development would change the area forever.
“Development of this nature and scale transforms places and communities,” Ms Barclay said.
“Our goal is to ensure well-planned and connected communities, so that Murray Bridge continues to thrive and be a place where people choose to live, work and play.”
Pictured: Conceptual design for the Gifford Hill masterplan
The Gifford Hill development will see 17,100 homes for around 44,000 residents (pictured: artist’s impression of Gifford Hill High Street)
Costa Property Group and Grange Development are also hopeful the area could be home to Adelaide’s second airport.
Gifford Hill borders Murray Bridge and is approximately an hour’s drive from Adelaide.
Median house prices in the Murray Bridge region sit at $419,000, a whopping 45 per cent lower than the Adelaide average of $760,000.
The region recorded a capital growth of 18.71 percent in the last 12 months and a population growth of almost 19 percent in the last five years.