THE “JEWEL in the $6 billion Crown”, is how Knight Frank director Lukas Weeks sees an outstanding North Terrace property directly opposite Adelaide‘s “BioMed city”.
The property is well connected to UniSA’s City West campus, which, following the redevelopment of key sites, has redefined the northwest quadrant of the CBD.
Nearby is the redeveloped Adelaide Convention Centre, while the city tram stop is about 100 metres from the property, providing free transportation through the CBD.
The building constructed on the site comprises a five level commercial building with four floors of high-quality commercial accommodation as well as basement carparking for 25 vehicles accessed via Gray St.
There may be scope for additional development atop the existing improvements.
Offered with a short-term leaseback, selling agent Lukas Weeks anticipates interest from many buyer groups.
“The position of the land and quality of the building will drive interest from buyers and we expect to see owner-occupiers, passive investors, developers and boutique funds participate in the campaign,” he said.
‘The infrastructure that has been delivered around the property and the rollout of Ten Gigabit Adelaide is really topical.
We are regularly asked by investors when presenting in Sydney, Singapore or Hong Kong whether a building is registered for Ten Gigabit Adelaide and the precinct has been on the radar for at least the last 12 months.”
“As evidence of the draw of this new infrastructure and ongoing investment in the Riverbank precinct, recent sales have supported land values in excess of $12,000sq m and we expect that this will push to $15,000 for select sites” said Knight Frank’s Guy Bennett.
For expressions of interest close Friday July 6.
Article originally appeared in the Advertiser 5 June 2018.
For more information please contact:
Agent: Knight Frank, Lukas Weeks 0437 957 537 or Guy Bennett 0418 808 548.