A heritage building nearly a century old in Adelaide’s CBD is up for sale, with the iconic Woodards House at 47 Waymouth Street now on the market.
Originally constructed in 1929 for the Norwich Union Fire Insurance Society and extended in 1953, the five-storey heritage office building with basement stands as one of Adelaide’s most distinguished examples of Inter War Commercial Palazzo architecture.
It occupies a high-profile 769sq m corner site in one of the Adelaide CBD’s most highly sought-after locations, with dual frontages to Waymouth Street and Bentham Street.
The asset blends rich historical character with significant repositioning, refurbishment and redevelopment potential, including the possibility of adding further levels.
The 3,070sq m Woodards House has reliable holding income with a diverse range of tenants, including the South Australian College of English, with multiple floors with Class 9B accreditation, as well as BOEM Headshots, Davies Stewart Recruitment Consulting, Cumulus Studio, Australian Institute of Business and Technical Education (AIBTE) and Terese Wacyk Legal.
Positioned within the vibrant Waymouth and Pirie Street commercial and hospitality corridor, the building is surrounded by a vibrant laneway precinct renowned for its cafés, bars, and restaurants, as well as being close to extensive public transport options.
The asset is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Max Frohlich, Chet Al and Ryan Mills on behalf of the local private vendor.
Mr Frohlich said: “Woodards House represents a unique opportunity, combining a prime corner location, irreplaceable heritage character and genuine value-add potential.
“The building’s architectural significance, combined with Adelaide’s strengthening occupier fundamentals and the ability to add value through repositioning, refurbishment or adaptive reuse, positions this asset exceptionally well for investors seeking both income and long-term growth.
“However it will also appeal to owner occupiers, with a current 38% vacancy enabling immediate occupation.”
Mr Al said: “Opportunities of this size and calibre in the core of Adelaide’s CBD are exceptionally rare.
“The lack of a prescribed height limit in the zoning offers meaningful future development flexibility, while the building’s boutique New York-style floorplates and proximity to premium amenity make it highly attractive to a growing cohort of small to medium occupiers.
“This is an asset that can evolve with the city’s next growth cycle.”
The Expressions of Interest campaign for the property will close at 3pm (ACDT) on Thursday, April 9.
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