Appetite for mixed use development on the rise as new site hits market
Colliers International predicts strong contest for prime Kent Town asset.
A prime office/warehouse with potential for mixed use development in the cosmopolitan city fringe suburb of Kent Town is expected to attract a wide range of buyers when it hits the market this month.
Colliers International’s Oliver Totani, Tom Isaksson and Jack Dyson have been appointed to sell a 969 sqm urban corridor (Boulevard) zoned site at 52 North Terrace in Kent Town, with frontages to both North Terrace and Little King William Street.
52 North Terrace presents as a wonderful opportunity to acquire a strategic Kent Town site, with well presented improvements and excellent investment/holding income.
The 765 sqm building is made up of a modern office/showroom at the front with a flexible warehouse at the rear and is currently leased on a monthly basis to long standing tenant, VAF Home Theatre. The property enjoys on-site parking for 7 vehicles and rear warehouse access.
“This is an incredible opportunity to buy a multi use, high quality Kent Town asset, at land value,” Mr Totani said.
“The urban corridor (boulevard) zoning envisages development of up to 10 levels which is rare given most of the sites along streets within Kent Town only permit development up to 5 levels.”
“As such, we envisage interest from mixed-use developers, owner occupiers and land bankers/speculators.”
Mr Totani highlights the benefits of recently updated zoning provisions, “the ability to develop up to 10 levels of residential or commercial or a mix of the two, in the sought after inner eastern suburbs is very rare. I liken Kent Town to the suburb of Richmond in Melbourne, it is undergoing a massive rejuvenation as the older warehouses are developed for mixed-use accommodation. Proximity to the CBD is , and other inner city amenity is for all to see”.
Mr Isaksson said the site was in an outstanding location on the edge of the Adelaide CBD and Adelaide’s eastern parklands, within walking of several premier schools, major universities, Rundle Mall, Adelaide Oval and the Rundle and Hutt Street café and shopping precincts.
The property is for sale by Public Auction to be held Friday 23 November 2018 at 11.00am on-site.