Inner Adelaide office building sells for $5m+7 November 2023
A high-profile corporate office building in Marleston formerly occupied by SA Lotteries has sold in excess of $5m.
The two-level building at 188-192 Richmond Road, 10 minutes west of Adelaide’s CBD, was purchased by the EDP Hotel Group and retirement village operator, Living Choice Australia.
EDP Hotels and Living Choice will occupy the building, consolidating its operation and administration teams from several sites into one location. The group own and operate 18 hotels and 3 premium retirement villages in SA and are about to launch land lease communities in Mt Barker and Murray Bridge. Their Living Choice portfolio also includes 10 premium retirement villages in NSW & Qld. The group also has significant residential developments in Qld and under the HCS banner manages 6 Qld clubs.
The Marleston property was sold with vacant possession following an Expressions of Interest campaign run by Jack Dyson and Oliver Totani of Knight Frank on behalf of the vendor.
It has a net lettable area of some 1,189sq m on a 2,084sq m block with 43 metres of frontage to Richmond Road. It also has parking for 45 vehicles.
The office building fitout includes open plan and partitioned offices, a boardroom, meeting rooms, staff amenities, storage areas and a lift connecting the two levels.
Mr Dyson said there was strong buyer demand for the asset during the sales campaign. “We received more than 50 enquiries and seven offers for the property, with interested parties including owner-occupiers and investors,” he said.
“The majority of interest came from owner occupiers affected by compulsory acquisitions for the construction of the North-South Corridor.
“However, there was a surprising number of local private investors who participated in the bidding.
“This highlights that the property offered strong fundamentals which are hard to find on the open market in the city fringe.”
Mr Totani said the property was located in the desirable inner west, just four kilometres from the Adelaide CBD and only 700 metres to the South Road intersection.
“In addition to the location, the quality of the building, which was constructed in 2004, was a drawcard.
“The property is well designed with a flexible fitout that allows for the space to be easily split into dual tenancies.” –