Colliers International canvasses developers with 2,112sqm CBD corner site
Adelaide’s popular Publishers Hotel is up for grabs, generating interest from developers, hotel operators and investors in a market devoid of large-scale development opportunities.
On a 2,112sqm “dual corner” site at 108-112 Franklin Street, the CBD pub comprises a boutique front bar, contemporary restaurant, modern kitchen, 600sqm function room, offices, storage space and unused areas ripe for expansion of the business.
Colliers International’s Alistair Mackie and Paul van Reesema have been appointed to manage the expressions of interest campaign closing next month.
“Zoned Capital City and comprising four certificates of title, this property represents an excellent opportunity to acquire a strategic mixed-use development site with adaptive improvements and hotel licences,” Mr Mackie said.
With 221 metres of combined frontage to Franklin, Cannon and Tatham streets, the property is 650 metres from the Adelaide GPO and 750 metres from North Terrace’s cultural, entertainment and medical facilities.
“In the immediate term, options exist to aquire the freehold only or continue operating the hotel and, in the longer term, incorporate this valuable asset into a mixed-use high-rise development,” Mr van Reesema said.
“Further down the track, developers, hotel operators or speculators can develop the property to its full potential and reap the benefits of owning a large CBD site located only 350 metres from Adelaide Central Market.”
Mr Mackie said the current improvements provided a gross building area of about 3,650sqm.
“The elongated shape of the site provides developers the ability to stage high-rise developments up to 17 levels,” he said.
“Under the Capital City zoning, a vibrant mix of commercial, retail, hospitality, entertainment, education and high-density living is encouraged for the site, with the view to be active during the day, evening and late at night.”
The site is in a rapidly evolving growth precinct of the city, which has undergone significant gentrification during the past five years, including the completion of Quest on Franklin’s serviced apartments, PWC headquarters and Vision On Morphett high-rise apartments.
“It is anticipated that increased population within the area will complement and enhance the range of opportunities and experiences provided in Adelaide, thereby boosting its lifestyle and tourism potential,” Mr Mackie said.
On offer is the freehold site and improvements, together with the hotel leasehold. Buyers may elect to acquire both or can choose to exclude the hotel leasehold. The option exists for the vendor to leaseback the hotel for a short period to assist the purchaser during the transitioning phase.
Expressions of interest close Thursday, May 11 at 4pm.