1 Cox Place

Crafers SA 5152

Crafers is expected to grow as the major gateway to the Adelaide Hills and the Adelaide Hills Council is keen to beautify the Crafers Main Street and to support Crafers becoming a major experiential tourist destination. The completion of the landscaping and infrastructure detailed in the Council approved "Crafers Village Design Guidelines" is expected to be a major benefit to the effective development of the property at 1 Cox Place. See the Council's web site at www.ahc.sa.gov.au

This unique property at the corner of 1 Cox Place and 2 Sharrad Court Crafers is approximately 1,520sqm and incorporates 9 car parks and 2 road frontages and is presently disposed as:
* the owner's residence;
* an iconic caf/art gallery (trading as Atelier Crafers - www.theateliercrafers.com.au);
* a large prestige 2 bedroom tourist accommodation apartment (trading as Studio One Accommodation - www.studio1accommodation.com);
* and a unique hills art teaching studio known as Adelaide Hills Art Academy.

With the benefit of the existing purpose built fire walls, any buyer may consider an application to divide the property into 3 or more separate Community Titles or, may also consider, the demolition of the existing improvements to allow a complete new development of the site. In this regard, the current owner has sought town planning and architectural advice and an Architect's concept plan is available for your information. The potential to build 16 or more quality apartments plus separate titles for ground floor retail and commercial areas is expected to be of interest to savvy investors (subject to statutory approvals etc).

The property's existing lay-out is capable of providing several income streams as well as a unique personal residence. The offering of this property and the 3 businesses is possibly the most unique development opportunity currently on offer in the Adelaide Hills Council area.

The existing improvements include some unfinished areas such as a second bathroom to the house and another to the tourist apartment. There is also an unfinished loft area above the house which could have multiple uses (subject to statutory approvals etc).

The existing house residence includes a substantial undercover outdoor entertaining area complete with a heated salt water swimming pool.

The fully equipped tourist apartment has ducted air conditioning and a very inviting 2 person spa bath. The private courtyard area as well as the fully equipped apartment attracts regular bookings from overseas, locals and intrastate visitors.

The property is serviced by three phase power, a large grease arrestor and plumbed areas for any development of a commercial cooking and hospitality venture.

Overall, this sale offers a major opportunity for a visionary entrepreneur to take advantage of the established hospitality, tourist accommodation and art facilities that 1 Cox Place Crafers provides.

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IMPORTANT PROPERTY UPDATE

Further to the detail previously furnished to you, we would like to convey some further significant information in relation to the development site at 1 Cox Place Crafers SA 5152.

Behind the scenes, Master Architect Anthony Donato of Anthony Donato Architects has reviewed the Adelaide Hills Council feedback on the conceptual development plans (which were those previously provided to you). As a result of Anthony's review, and return comments from Council, we now suggest a prudent developer may consider maximising the R.O.I. by changing the current proposed 16 x 2br apartment plan plus 3 or more commercial ground floor units/tenancies to 12 large luxury 3br 2bath room apartments with double lock up garaging in the basement. Council has also suggested that any development would need to incorporate more attractive "heritage style facades" and balconies to all four sides of the building to respect the existing historical buildings in Crafers. Council has acknowledged the development would be "a unique proposition for Crafers and certainly the first time this type of development has been considered in this locality".

It is now clear that this type of development would offer an opportunity for residents in Crafers, Stirling, Aldgate and surrounding Hills postcodes to consider downsizing into a luxury style building without the high maintenance of their larger existing homes and gardens. We therefore respectfully suggest this property deserves your serious consideration as a unique development opportunity in a unique Adelaide Hills locality. Close examination by you of the potential for Crafers to become a unique tourist experiential destination will disclose the perfect fit of this potential development with the Council approved "Crafers Village Design Guidelines".

Please also be aware the owner has now advised me that she has formally sought Town Planning advice about a possible Plan of Community Division to create separate Community Lots for the existing B & B, caf/gallery and the residential component and perhaps one or more development Lots. Any application for the separate titles would be supported by the existing fire walls which were needed to secure the current approved separate uses. The boundaries of the existing three uses are depicted in the red, green and blue boundary outlines in the second attached PDF.

Any application for Community Lots may open up a whole new opportunity for buyers but the owners instructions at the moment are to proceed with the sale of the property as one development site. If a sale is not secured soon, the owner intends to pursue the Plan of Community Division and potential separate sales, so we suggest any interested property developers should lodge their interest with us as soon as possible.

If you are looking at the "holding income potential" of the property you should also note the existing "Atelier" caf and art teaching facilities currently operate at approximately half of the permitted trading hours purely for the convenience of the owner who has built this opportunity from scratch over the past 8 to 9 years and who now wishes to retire from business.

There is the potential for an attractive net imputed gross income possible from the various lettable areas of this unique property plus the opportunity to be "hands on" and domiciled onsite or indeed lease the various parts of the property to seasoned operators on a long-term basis .

Again, for a frank overview encompassing your point of interest, please contact Nathan Fox on 0412 818 308 or email nathan@smallacombe.com.au

In anticipation of speaking to you soon.

Council: Adelaide Hills
Council Rates: $3,399.62 per annum
SA Water: $359.01 per quarter
ESL: $235.20 per annum
Land Size: 1,520sqm (approx.)
Build Area: 890sqm under main roof
Year Built: 1900
Zoning: Township Main Street