Commercial building in Adelaide CBD up for sale
A prominent five-level building overlooking Hindmarsh Square in Adelaide CBD is up for sale through expressions of interest and is expected to attract interest from a wide range of buyers, according to marketing agents Colliers International and JLL.
The building at 132 Grenfell Street has been refurbished.
Colliers International’s Alistair Mackie and JLL’s Jamie Guerra are marketing the property on behalf of Primewest.
“This five-level CBD building provides an ultra-modern workplace behind a historic façade,” Mackie said.
The office and retail building is 100% leased, with anchor tenant Bradford College occupying around 68% of the building as its Adelaide headquarters.
Bradford College is part of the Kaplan group and has more than five years remaining on its lease.
The diversified tenancy mix includes popular restaurateurs and returns an estimated fully leased net income of around $1,106,000 per annum.
The 3,155sqm (approx.) building sits on a virtual 985 sqm island site, said Guerra.
“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.
The EOI campaign closes on May 12.
