Colliers International and JLL appointed to sell iconic Adelaide CBD office building
An iconic and prominent five-level building at the ‘new heart’ of the Adelaide CBD is expected to generate significant interest from a wide range of buyer groups.
Colliers International’s Alistair Mackie and JLL’s Jamie Guerra have been appointed to sell a fully refurbished and upgraded period building at 132 Grenfell Street, Adelaide on behalf of Primewest.
“This iconic five-level CBD building provides an ultra-modern workplace behind a historic façade,” Mr Mackie said. “The period building retains its heritage character from the street whilst benefiting from a modern new internal upgrade.
“The sale of this property represents an exceptional opportunity to acquire an office and retail building that is 100% leased, with anchor tenant Bradford College occupying around 68% of the building as its Adelaide headquarters."
Bradford College is part of the global Kaplan group and has more than five years remaining on its lease. The diversified tenancy mix includes some of the Adelaide CBD’s most established and popular restaurateurs and returns an estimated fully leased net income of around $1,106,000 per annum.
Mr Guerra said the 3,155sqm (approx.) building was situated on a virtual 985sqm (approx.) island site at the epicentre of the ‘new heart’ of the Adelaide CBD.
“The building overlooks Hindmarsh Square and has a prestigious Grenfell Street address,” he said. “Positioned on the bustling ‘people’s square’, amongst new developments including office buildings, two hotels and high end residential apartments, this is a premium Adelaide address.
“132 Grenfell Street is an exceptional opportunity to secure an asset where all the physical work has been done. The building offers old age charm and new age office space in one location within Adelaide’s destination square."
The property is for sale by Expressions of Interest closing at 4pm, Thursday 12 May, 2016.