167A-173 Hindley Street, Adelaide
A high-profile Adelaide CBD corner site is set for a new chapter after selling for $10.05 million.
McGees Property’s Yee Ng and Simon Lambert negotiated the sale of the Manera Building site at 167A–173 Hindley Street, prominently positioned at the intersection of Hindley and Morphett streets.
Ng and Lambert acted on behalf of the Manera family, the founders of South Australian furniture retailer HaggleCo, famous for its memorable TV ads.
Sitting on a 1,794sqm corner allotment, the property is improved by a two-storey retail and office building. Formerly home to live music venue Enigma Bar, today just over half of the building is leased to five tenants — including Phonatic Restaurant, New India Restaurant and Seoul Express — all on leases containing redevelopment clauses.
The purchaser is an active South Australia-based residential developer with multiple developments in the CBD and around Adelaide, and plans to deliver a mixed-use, multiple-storey project with apartments on the site.
“It’s a great location, near the centre of the CBD, close to retail, food and nightlife, with views of Light Square, and near universities and the biomedical precinct,” Ng said.
“Our campaign generated strong enquiry and multiple offers from active developers who understood the fantastic opportunity to cater to the increasing appetite for a range of residential and commercial product in a vibrant CBD location.”
Residential, office, hotel, and student accommodation developers were all prominent in the campaign.
“Development sites in the CBD clearly remain in strong demand.”
Lambert said the West End has transformed in recent years, attracting students, professionals, residents and visitors.
“People increasingly want to live, work and play in well-connected, lifestyle-rich locations,” he said.
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