Adelaide fringe office building sold before auction

August 19, 2010 | Office

A character office building on one of Adelaide's busiest suburban roads has sold before auction for $1.2 million, according to agent Colliers International.

Oliver Totani, Executive at Colliers International said the property, 287 Payneham Road, Royston Park was due to be auctioned on Thursday 22 July but following negotiations with multiple interested parties, we were able to achieve a price which met the expectations of the vendor.

"The sale of 287 Payneham Road at circa $4,095/sq m is well above the benchmark for A Grade properties along the city Fringe and while this provides a boost to confidence levels, it simply confirms that this strip of Payneham Road is highly regarded as a commercial property address.

"It's also the first time the property had been offered to the market and given the large land holding on offer we knew it was an appealing investment option. In the end it has was acquired by national company looking to relocate their Adelaide headquarters.

"While the property was offered with the ability of vacant possession, with the current tenancy running until September 30, 2010, it allows the purchaser a rare chance to add value over the longer term through refurbishment, conversion or extension (STCA).

The property is located approximately 4.5 kilometres north east of Adelaide's CBD, on the northern side of Payneham Road, and comprises a Torrens Titled building of approximately 293sq m. Offering valuable frontage to one of Adelaide's busiest main roads of approximately 22 metres, the property is situated on a site area of approximately 1,300sq m.

287 Payneham Road provides well presented and extensive office accommodation including nine separate offices plus entry/reception area, kitchen and boardroom. Extensive car parking is also provided at the front and rear of the property accessed via Payneham Road.

 

For further information please contact:

Katy Dean
Manager - Research & Communications
Tel: +61 8 8305 8806
Mob: +61 435 964 886  
Email: katy.dean@colliers.com

Oliver Totani
Executive - Investment Sales
Tel: +61 8 8305 8872
Mob: +61 412 808 743  
Email: oliver.totani@colliers.com

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