Permit-approved five-level residential building site to fuel developer contest

Colliers International lists prime 522sqm corner allotment in Adelaide CBD

A permit-approved residential development site in the southern quadrant of Adelaide’s CBD has come to market, as developers fight for upside opportunities in the city.

The 522sqm corner block at 85-87 Gilbert Street has been approved for a five-level building comprising 14 residential apartments, a ground-floor retail tenancy and onsite parking.

Colliers International’s Alistair Mackie, Paul Van Reesema and Oliver Totani have been appointed to the auction campaign, which is expected to attract interest from boutique local and eastern-state developers.

“The offering represents one of Adelaide’s most unique development opportunities to be presented in recent years, given its superior Adelaide parkland location in the heart of this exciting and rapidly developing southern city precinct,” Mr Mackie said.

“The vendor has secured a full Adelaide City Council Development Approval (DA) to construct this stunning, contemporarily designed building.

“It represents a fantastic opportunity to capitalise on Adelaide’s strengthening market for high-quality inner-city living.”

Mr Mackie said no delays were expected in rolling out the project.

“All the hard work has been done,” he said. “All that is required from prospective buyers is to finalise building certification and get underway with construction.”

The regular-shaped corner allotment, one block from South Terrace, has frontages to Gilbert and Owen streets and is currently used as a sealed on-grade car park for 20 vehicles.

“The immediate area has been the focus of extensive rejuvenation and development throughout the past five years, including the major tram line extension along King William Street, linking the southern city precinct directly to North Terrace and beyond to the entertainment centre,” Mr Mackie said.

Mr Van Reesema said the project had already generated significant interest.

“There may be buyers who have developed nearby and wish to capitalise on their recent success and surplus buyer pool,” he said.

“This is also likely to appeal to first-time developers looking to undertake their first project in the CBD and wanting something that has been de-risked and only requires a low number of presales to get underway.”

The property is zoned for city living in the South Central Policy Area under the Adelaide City Council, encouraging medium-density residential and mixed-use development to a maximum height of four levels.

“This zoning makes the five-level DA at 85-87 Gilbert Street particularly valuable,” Mr Mackie said.

“It also has scope for commercial development or a mixture of commercial and residential.”

Variations of the approved 14-apartment design have been undertaken, including options for a high-density five-level tower with 40 one-bedroom apartments, or a hybrid arrangement featuring five-townhouse plus six one-bedroom apartments.

The site will be sold as a going concern and is fully leased to Park Fast (SA) Pty Ltd.

85-87 Gilbert Street will go to auction on Friday, March 24, at noon on site.

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