Trophy retail asset in Adelaide’s premier dining precinct hits the market

A rare opportunity to acquire a landmark dual-tenancy freehold property in one of Adelaide’s most tightly held and culturally significant destinations has become available.

Located at 98–100 Gouger Street, the fully-leased retail asset boasts a commanding and rare 13.4-metre frontage and sits adjacent to the iconic ‘Shizi’ Guardian Lions at the gateway to Moonta Street, on the doorstep of the Chinatown and Adelaide Central Market Precinct

The property comprises 372sq m of net lettable area on a 360sq m site and has recently undergone a premium refurbishment, including high-end hospitality fitouts and contemporary street signage.

It is fully leased to two reputable hospitality tenants, Cho Cho and 1919 Lanzhou Beef Noodle, delivering a defensive holding income of $232,875 per annum (plus GST and outgoings), with fixed annual increases of 3.5%.

The asset is being brought to market via an Expressions of Interest campaign run by Knight Frank agents Chet Al, Harrison Grice and Chris Clemente.

Mr Al said the property represented a once-in-a-generation opportunity to secure a trophy retail holding in one of Adelaide’s most tightly-held and high-performing precincts.

“98–100 Gouger Street offers investors a unique combination of income security, exceptional exposure and long-term development potential,” he said.

“The property’s location at the gateway to Chinatown and the Central Market – the city’s most visited food and lifestyle destination – ensures consistent foot traffic and strong tenant demand.

“Meanwhile the zoning allows for future development of up to six levels, subject to planning approval, providing significant upside.”

Mr Grice the property’s location was second to none.

“Gouger Street stands as Adelaide’s unrivalled culinary and cultural thoroughfare,” he said.

“It’s situated in a precinct that is home to award-winning restaurants, artisan retailers and major cultural landmarks, and enjoys strong day-to-night trade activity from city workers, residents, students and visitors all year round.

“98–100 Gouger Street sits moments from the Victoria Square tram stop, Adelaide Central Bus Station, and major cultural and lifestyle destinations including Her Majesty’s Theatre and Light Square, reinforcing its position as a prime CBD hospitality location.

“The upcoming $15 million Gouger Street revitalisation and the $400 million Market Square redevelopment will further enhance the precinct’s appeal.”

The Expressions of Interest campaign for 98-100 Gouger Street will close at 4pm (ACDT) on Wednesday, December 4.