Adelaide CBD Building with Great Potential

110-112 Gawler Place, Adelaide

An outstanding three-storey building plus basement in the heart of the Adelaide CBD has hit the market, offering an incredibly rare opportunity for buyers looking to make their mark on the city.

The 714sqm building at 110-112 Gawler Place, Adelaide is being offered for sale through James Juers and Yee Ng of McGees Property via Expressions of Interest closing Thursday, 16 October.

The vendor is a private owner.

Expectations are circa $3 million.

“This character CBD building with great potential for commercial, retail and residential uses. It has been used as a bookshop and restaurant and offices over the last 50 years and  It’s an incredible opportunity for a buyer to make their mark in the heart of Adelaide’s CBD,” Juers said.

“The property is offered with vacant possession, so it’s ready for occupation or repositioning.”

The City of Adelaide council is providing incentives for upper level repurposing of building to residential uses.

The property is equipped with a grease trap and 3-phase power and rear access.

“We’re expecting primary interest to come from retail and hospitality owner-occupiers looking to secure a central position in the vibrant CBD with significant signage opportunity, just metres from Rundle Mall and major retail destinations.”

Internationally-renowned Rundle Mall – home is national and global retailers, as well as popular local eateries – is just to the north of the property, and draws heavy pedestrian traffic night and day to the area, including to Gawler Place.

“Opportunities to own and occupy in such high-exposure locations in Adelaide’s CBD, and with such huge signage prospects, are incredibly rare – especially at this price point,” Juers said.

Ng said, “This will also appeal to value-add players and developers looking to convert the upstairs into residential and appeal to the growing popularity of city living.”

He added that the invaluable 240sqm CBD site has a building height potential of 53m, giving the property great prospects in both the short- and the long-term.