Adelaide heritage residential highrise block opportunity

Adelaide heritage residential highrise block opportunity
Adelaide heritage residential highrise block opportunity

A bluestone heritage former hotel with contemporary offices on Adelaide’s Pirie Street has been listed with strong interest in its redevelopment potential expected by Colliers International agents Alistair Mackie and Ian Thomas.

The two-storey office building at 246-250 Pirie Street includes onsite parking for at least four vehicles.

“246-250 Pirie Street offers an astute purchaser a two-storey office building that is currently generating a substantial income from an excellent mix of commercial tenants.

The agents suggest the property’s zoning and existing improvement provides an opportunity to develop a high rise residential tower situated between Frome and Hutt Streets, on a 481sqm corner site.

It is ocated within a Development Plan Capital City Zone, allowing for development up to 53 metres.

“The current owner has engaged Flightpath Architects to conduct a residential yield study on the non-heritage portion of the site, which totals around 400sqm, to ascertain the potential for a high rise residential apartment development,” Mr Thomas said.

“This yield study identified four development concepts ranging from 32 apartments and 18 car parks over eight levels, up to 75 apartments and 20 car parks over 15 levels.”

The agents anticipate circa $2.5 million when offers close November 5.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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