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Appetite for mixed use development on the rise as new site hits market

Colliers International predicts strong contest for prime Kent Town asset.

A prime office/warehouse with potential for mixed use development in the cosmopolitan city fringe suburb of Kent Town is expected to attract a wide range of buyers when it hits the market this month. 

Colliers International’s Oliver Totani, Tom Isaksson and Jack Dyson have been appointed to sell a 969 sqm urban corridor (Boulevard) zoned site at 52 North Terrace in Kent Town, with frontages to both North Terrace and Little King William Street. 

52 North Terrace presents as a wonderful opportunity to acquire a strategic Kent Town site, with well presented improvements and excellent investment/holding income.

The 765 sqm building is made up of a modern office/showroom at the front with a flexible warehouse at the rear and is currently leased on a monthly basis to long standing tenant, VAF Home Theatre. The property enjoys on-site parking for 7 vehicles and rear warehouse access.

“This is an incredible opportunity to buy a multi use, high quality Kent Town asset, at land value,” Mr Totani said.

“The urban corridor (boulevard) zoning envisages development of up to 10 levels which is rare given most of the sites along streets within Kent Town only permit development up to 5 levels.”

“As such, we envisage interest from mixed-use developers, owner occupiers and land bankers/speculators.”

Mr Totani highlights the benefits of recently updated zoning provisions, “the ability to develop up to 10 levels of residential or commercial or a mix of the two, in the sought after inner eastern suburbs is very rare.  I liken Kent Town to the suburb of Richmond in Melbourne, it is undergoing a massive rejuvenation as the older warehouses are developed for mixed-use accommodation.  Proximity to the CBD is , and other inner city amenity is for all to see”.

Mr Isaksson said the site was in an outstanding location on the edge of the Adelaide CBD and Adelaide’s eastern parklands, within walking of several premier schools, major universities, Rundle Mall, Adelaide Oval and the Rundle and Hutt Street café and shopping precincts.  

The property is for sale by Public Auction to be held Friday 23 November 2018 at 11.00am on-site.

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Tom Isaksson

Associate Director | Investment Services

Investment Services

Melbourne CBD

Tom is an Associate Director within the Melbourne City Sales Team at Colliers. He has extensive knowledge across the office, retail and development site asset classes.

Tom benefits from a deep and rounded understanding of commercial property stemming from previous experience in Office Leasing and Valuations at Colliers which followed a Bachelor of Business (Property) from The University of South Australia.

Tom originally joined Colliers in 2014 assisting the Valuations & Advisory Services team in undertaking office, retail and industrial sales analysis.

Tom has established an extensive client base from a variety of sectors including private and institutional investors, corporates, developers, receivers and government. 

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