Viterra appoints Colliers International to sell mix of office buildings and development sites
Colliers International has been appointed to sell a six-property portfolio of Adelaide office buildings and residential development land on behalf of Viterra.
Acting for Viterra, Colliers International’s Alistair Mackie, Ian Thomas and Paul Van Reesema will launch an Expressions of Interest campaign for six properties located on South Terrace and Stafford Street in Adelaide.
“The properties, offered for sale individually or in groups, have become available due to the impending relocation of Viterra’s head office to Greenhill Road, Parkside,” Mr Mackie said. “The six properties occupy a combined site area of 4,857sqm and provide a total lettable area of approximately 5,514sqm.
“The landmark property is 124-130 South Terrace, which comprises a five-level commercial office building of approximately 4,113sqm. Also on offer are two smaller, stand-alone office buildings and three parcels of residential development land.
“The offering represents one of Adelaide’s most significant commercial and development opportunities to be presented in recent years, given its superior Adelaide parkland location in the heart of an exciting and rapidly developing southern city precinct."
The portfolio comprises:
124-130 South Terrace: A substantial, high quality, five level commercial office building of 4,113sqm (approx.) with three street frontages occupying a site of 1,648sqm. The current improvements and unique parkland location lends itself to conversion to high rise luxury residential, subject to relevant approvals.
35-43 Stafford Street: A medium density residential development site of 1,170sqm with 3 street frontages, offering substantial capacity and economies of scale.
17-29 Stafford Street: Two-level, 1,015sqm, modern office building with three street frontages on a 995sqm site featuring secure onsite car parking for 22 vehicles.
13-15 Stafford Street: A three-level, 406sqm office building, ready for immediate occupation however it could be converted for residential or home-office use, subject to relevant approvals.
9-9a Stafford Street: A vacant 180sqm site which is well suited to residential townhouse or apartment development (subject to approval).
12-16 Stafford Street: A vacant 642sqm regular-shaped site. An ideal medium density residential development opportunity with flexibility to stage development by virtue of the three titles (subject to approval).
“This portfolio represents a fantastic opportunity, or opportunities, to occupy, invest, develop and profit in a tightly held and emerging Adelaide city precinct,” Mr Mackie said. “The properties are situated between South Terrace, which overlooks South Parklands, and Gilbert Street on the western side of King William Street.
“The immediate area has been the focus of extensive rejuvenation and development over the past five years, including a major tram line extension along King William Street linking the southern city precinct directly to North Terrace and beyond to the Entertainment Centre."
Mr Van Reesema said major developments in the immediate vicinity included 400 King William Street, The Wave and Edge Apartments, CPA House, The Vue Apartments – Adelaide’s tallest residential tower, currently under construction – and numerous medium-to-high density residential developments such as Mayfield and Ergo.
“The location of the portfolio is considered absolutely prime in every respect,” Mr Van Reesema said. “It is prime by virtue of the parkland aspect and unsurpassed views of the Adelaide Hills, coastline and CBD, for its accessibility to the CBD, for the tranquillity of the precinct and for the proximity of local services including retail, hotels and restaurants."
The portfolio is for sale individually or in groups by Expressions of Interest closing 4pm (CST) September 3, 2015.
124-130 South Terrace, Adelaide