112 O’Connell Street, North Adelaide
A rare opportunity to secure a freehold title on one of Adelaide’s most tightly held and iconic high streets is going to auction next month.
The 112 O’Connell Street property is being marketed through McGees Property’s James Juers and Charlie Caruso, with the auction scheduled for Thursday, 4 September at 11am on-site. The campaign marks the first time in nearly 20 years the property has been made available for sale.
Price expectations start from the high-$1 millions.
Offered with vacant possession, the 198sqm building is on 252sqm of land with City Main Street zoning.
“This provides a flagship blank canvas for owner-occupiers, investors or developers to make their mark on prized North Adelaide, and one of Adelaide’s most tightly held and iconic high streets,” Juers said.
“We’re expecting interest from a broad cross-section of the market given this property’s location and versatility.”
Owner-occupiers in the medical professional services and retail space are expected to be prominent in the enquiry. The property has an adaptable internal layout with flexible configuration, as well as rear lane access with on-site parking
“Vacant possession provides great flexibility, as well as the potential for immediate value-add through renovations or leasing,” Juers said.
“This prime city fringe location is close to popular cafés and restaurants and has plenty of upside – the brand-new 88 O’Connell development is due for imminent completion and will bring around 160 brand-new high-end apartments and a selection of national and local retailers to the area, boosting activity and trade.
“There’s also word of a major upcoming refurbishment of nearby North Adelaide Village Shopping Centre. Investors are very bullish on O’Connell Street.”
Caruso said, “The flexible Capital City Main Street zoning presents limitless opportunities for occupiers and investors looking to introduce a vast array of uses into the premises (STCC).”
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