79 Port Road, Southwark
An expansive site in new inner city Adelaide suburb Southwark has been sold for $15 million.
The 6,968sqm site at 79 Port Road – just two kilometres from the CBD – was sold by McGees Property’s Yee Ng, James Juers and Simon Lambert on behalf of a private vendor.
Formerly home to historic business E.S. Wigg & Son, the property has been acquired a buyer who Juers said will explore their options for the site.
The 79 Port Road site is currently improved by 6,755sqm office and warehousing, and has most recently been used as rehearsal and production spaces, storage and workshops. Urban Corridor Zoning within the City of West Torrens allows for a building height of 32.5m or eight storeys.
“The size of the landholding and zoning provisions offer significant long-term potential,” Juers said.
Ng said, “Well-located Adelaide sites close to the CBD remain highly sought after.”
“Our campaign generated significant enquiry that largely came from local, national and offshore land bankers and developers looking for a flagship inner Adelaide site.
“The market recognised this as an irreplaceable holding in an excellent lifestyle location, featuring the neighbouring Adelaide Park Lands, CBD skyline views, and quality hospitality, workplace and education offerings nearby.”
Mixed-use and apartment project developers were most prominent in the enquiry, while student accommodation developers also showed interest in the site, given its proximity to several universities.
Also within walking distance are the new Royal Adelaide Hospital and Adelaide BioMed City.
The site is adjacent to Renewal SA’s $1 billion Southwark Grounds mixed-use redevelopment of the former West End Brewery, creating a community of up to 1,300 new homes.
Lambert said the location also offers excellent connectivity, presenting further potential for a range of future uses at 79 Port Road.
“Port Road provides a direct arterial link to the CBD and western suburbs, complemented by proximity to North Terrace, West Terrace and South Road, while public transport is at the doorstep with bus and tram services and Adelaide Railway Station only minutes away,” he said.
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