It had developers circling for years. Now, this proud family home of 30 years could make room for three new townhouses after selling to a prominent builder at auction.

The three-bedroom home at 28 Cobham Ave, Morphettville sold under the hammer for $1.58m, sending its reserve above $280,000.

Selling agent Rod Smitheram said the prominent corner allotment was contested by nine active bidders – predominantly developers – who saw value in the home’s location, generous land size and potential to subdivide.

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Located on a substantial 969sqm corner block, the home provided buyers plenty of scope to renovate, extend or develop.

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It sold to a developer at auction who now plans to build three new townhouses on the allotment.

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The home had been owned by the same family for 30 years.

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A spirited auction eventually saw the 969sqm allotment sold to Dewan Properties, with the sale marking the developers ninth acquisition in just right months.

Mr Smitheram said the winning bid was a “surprise” but highlighted developer interest in prime location homes.

“We had a mix of bidders with some renovators and families, but mostly developers,” he said.

“A developer landed the winning bid. He is an Australian resident but has been living in Canada.

“Interestingly, most of the developers bidding were interstate developers from Sydney or Melbourne.”

It was well maintain throughout …

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…. and even came with a spacious rumpus/shed.

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The backyard was spacious with room for pets.

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Dewan Properties announced their latest acquisition via their businesses facebook page on Saturday, revealing plans to demolish the once proud family home in favour of three new townhouses.

“I am very happy that Dewan Properties have bought their ninth property in eight months … and this is our first property in Morphettville, which is a very prestigious area,” Pradeep Dewan told followers.

“Dewan Properties plans to expand on the west side in South Australia, here in the Adelaide market.

“We plan to build three homes here, selling each home for … $1.4m to $1.6m.

“All up, we have 58 to 60 homes in the pipeline for the next year and I’m sure South Australians will be very happy that we’re filling up the (housing) shortage and there are many more to come.”

Dewan Properties also recently purchased 26 Condada Ave, Park Holme for $1.525m and 8 Comet Ave, Netley for $850,000.

Morphetville has a median house price of $811,250, according to PropTrack.