An art deco office building in the Adelaide CBD has been sold for the first time in 14 years following a campaign that generated strong enquiry, particularly from owner occupiers.
The vacant property at 11-13 Bentham Street was purchased by Wadlow Solicitors from Woods & Co for $3.25 million.
Wadlow Solicitors, who do commercial work, purchased the property as they needed extra space due to continuing expansion.
The deal was negotiated by Knight Frank agents Chet Al, Max Frohlich and Chris Clemente following a Private treaty campaign that generated 121 enquiries and multiple offers.
The two-level art deco office building has around 450sq m of net lettable area on a 249sq m corner site within Adelaide’s vibrant Riverbank to Central Market corridor.
The property was originally constructed in 1934, after being designed by the late architects George Gavin Lawson and Jack Cheesman for the Cooperative Insurance Company in circa 1934. The building was further engineered to carry an additional storey in circa 1985.
The current owner carried out significant upgrades internally and externally to provide a high standard of accommodation that complements its architectural charm.
Mr Clemente said the enquiry level for the Bentham Street property was strong during the sales campaign.
“The majority of interested parties were owner occupiers looking for a freehold office building right in the heart of the golden mile of the Adelaide CBD business precinct,” he said.
“The building offered a prime opportunity to establish a footprint in Adelaide’s premier business district, between Waymouth Street and Franklin Street.
“This property is positioned in the absolute core of the CBD, within Adelaide’s thriving laneway bar, cafe and restaurant precinct, amongst the city’s best office buildings and just a short walk from Adelaide’s law courts.
“It also has a corner positioning along the $14.6 million upgraded ‘Market to Riverbank’ Bentham Street laneway, with exposure to around 15,000 pedestrians daily.”
Mr Al advised while the campaign had generated strong enquiry from owner occupiers, investors had also demonstrated interest in the asset.
“Quality assets in Adelaide are sought after by a range of buyers, both local and from interstate,” he said.
“Not only is Adelaide more affordable compared to its eastern counterparts, but there is also no stamp duty payable on commercial transactions in South Australia, which makes investments even more attractive.
“South Australia has a strong economy with plenty of industries and the CBD has been transformed by more than $2 billion worth of major building projects successfully completed this year, in addition to another $1.5 billion in projects currently underway.
“The value of the Bentham Street property will be underpinned by its connectivity, prime exposure and character features.”
A spokesman from Wadlow Solicitors said that they were grateful for the high level of service provided by Knight Frank, and that they would have a formal opening celebration.
“Wadlow Solicitors will host dignitaries at the event, who will be restarting the refurbished building clock, originally started by the South Australian Minister for Agriculture in 1934.”
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