One of Adelaide’s most significant investment and development opportunities at the heart of the CBD’s east end is on the market.
Colliers International’s Paul Van-Reesema, Alistair Mackie and Ian Thomas have been appointed to sell a portfolio comprising three contiguous properties with a combined frontage of 56m to Frome Street.
Occupying a total area of 4,157 sqm, 11-27 Frome Street and 12-18 Synagogue Place in Adelaide are being offered for sale as a whole or as three individual contiguous parcels. The property consists of a modern, 498 bay multi-level car park over eight levels and 3 older commercial and retail buildings.
“Given the superior location and flexible Capital City zoning, we expect these properties to attract interest from a wide range of investors and developers,” Mr Van-Reesema said.
“The future potential of these sites is vast and as such we expect interest from buyers interested in investment, development and value-add opportunities.
“The properties are situated in an unrivalled position in the absolute heart of the city’s vibrant east end precinct, and there is substantial holding income potential."
The properties are situated midway between North Terrace and Rundle Street on the western side of Frome Street and east of Synagogue Place.
“The cultural boulevard of North Terrace and the eclectic Rundle Street are literally on the door step of the properties with Rundle Mall, Botanic Gardens, the Universities and the Parklands in the immediate surrounds,” Mr Van-Reesema said.
Mr Mackie, who is handling the sale with Mr Van-Reesema, said: “The immediate area has been the focus of extensive rejuvenation and development over the past decade and is set to continue with the Government’s recent announcement of the Adelaide Riverbank Redevelopment and Festival Plaza project.
“Major infrastructure and developments in the area include the tram extensions along King William Street and North Terrace, the Convention Centre, the South Australian Medical Research Institute, the new Royal Adelaide Hospital, Adelaide Oval, North Terrace itself and Rundle Mall, to name a few.
“Given the Capital City zoning and its unrivalled East End location, the opportunities for major mixed use and residential development which might also incorporate the existing car park are both exciting and vast. It’s hard to imagine a better site for this form of development”.
The property is for sale by Expressions of Interest, closing 4pm (CST), Tuesday 12 May 2015.