Leading commercial agency Savills has been appointed to sell a major stake in 18 Rowlands Place in Adelaide, a rare CBD trophy asset located in the core of the Adelaide CBD via an Expressions of Interest campaign.
Boasting a total of 93 luxury fully furnished apartments (with Savills offering 48 titles for sale), the 17-level building has been constructed with a secure lift lobby and common rooftop area and is strategically located opposite Adelaide’s Central Market and adjacent to the magnificent Her Majesty’s Theatre and Victoria’s Square.
This offering includes the 48 titles, including 46 apartments together with the lobby ground floor reception and office area plus the building’s private Skybar on level 17 which offers a bar and private function area with kitchen. Car parking rights also pass with the sale.
The Rowlands apartments tower was designed and built to specifically meet the need for inner quality spacious apartments close to city facilities. Having enjoyed full occupancy for mid- and long-term guests alike to date, the apartments on offer are currently occupied on medium- and long-term leases, with the longest set to expire in 12 months. All apartments are being offered with vacant position.
Rob Williamson, Director at Savills says this is the perfect opportunity to secure and launch a boutique hotel brand to capitalise on the current and predicted growth in hotel tourism returns.
“This iconic opportunity is expected to generate a wide range of interest from various buyer groups, ideally positioned to capitalise on Adelaide’s key attractions in the city’s entertainment precinct and entertainment quarter,” Williamson said.
The building has also had an Operator Selection process occur, with suitable A grade international and local hotel operators putting forward proposals to operate the hotel under management, all showing impressive yields to a potential owner.
According to Nick Lower, NSW State Director of Hotels from Savills, 18 Rowlands Place presents “a once in a lifetime purchaser that compares to ‘Mayfair’ on any Monopoly board”.
“With an Operator Selection process having been successfully undertaken, any new incoming purchaser can be sure that the security of investment will be significant, with now whoever the new incoming purchaser will be, is now buying income and strength of covenant.
18 Rowlands Place will be offered for Sale via Expressions of Interest closing Wednesday 26th of October 2022 at 11am (AEST).