Colliers International sells refurbished office building for $1.775million
A two-level office building in Kent Town has sold for $1.775million, attracting extensive interest from astute owner-occupiers and investors when it went under the hammer last month.
Colliers International’s Oliver Totani and Tom Isaksson managed the auction campaign of 75 Fullarton Road, saying the result highlighted the increasing appetite for commercial property in Adelaide’s city-fringe suburbs.
“Fullarton Road office assets are in limited supply,” Mr Totani said.
“Positioned prominently near the intersection of Kensington and Wakefield roads, this office building's high-exposure location was seen as an absolute selling point to the buyer. By securing this property, the buyer has joined a group of select few who own part of this valuable, sought-after office precinct.”
The character-filled property has been refurbished and extended to incorporate high-quality office space and used for office purposes for an extended period of time but Mr Totani said the buyer saw potential in the versatility of the layout.
“With the first floor comprising a significant modular workstation fitout, the natural option would be to owner-occupy these offices and position a business in a high-profile location,” he said.
“That said, there is also potential to further refurbish the existing buildings, lease out the premises or landbank for future development potential, subject to council approval. Either way, the buyer recognised this as an invaluable opportunity to own some classic real estate in Adelaide.”
The office building comprises about 445sqm net lettable area and was offered for sale with vacant possession. There are two car spaces at the front of the 660sqm property and 10 at the rear, with dual access from Fullarton Road and Benda Street.