Eight strata units in one line encompassing a net income of approximately $232,536 per annum is coming to market
Colliers Alistair Mackie and Rhys Newman are excited to offer 191 Melbourne Street for sale in North Adelaide. A primely positioned landmark opportunity positioned that presents a chance for developers or owner-occupiers to secure a strategic asset.
191 Melbourne Street comprise eight strata units in one line, unlocking the full freehold value of a high-profile site in one of Adelaide’s most prestigious suburbs. The property sits on a 1,077 square metres land parcel with a total building area of 1,079 square metres.
Currently 88% leased, it generates a net income of approximately $232,536 per annum. Zoned Business Neighbourhood under the City of Adelaide, the site also features 23 on-site car parks and presents significant redevelopment potential, subject to necessary consents.
“The site’s generously size and regular shape offers great development efficiencies, outcomes and access, suited to a range of desired outcomes, including a mixed-use area accommodating low-impact employment-generating activities and a range of low to medium density housing,” said Colliers Associate Direcor of Investment Services, Rhys Newman.
Mr Newman added, “More broadly, the area has seen significant development activity, including major projects like Commercial and General’ $250 million 88 O’Connell development, the recently approved 8 level mixed use project two doors down at 183 Melbourne Street and the State Government’s $135 million Aquatic Centre.”
“With the property located only 1.5 kilometres from the Adelaide CBD, it boast excellent connectivity and benefits from development activities around it,” concluded Alistair Mackie, Colliers National Director of Capital Markets and Investment Services.
191 Melbourne Street, North Adelaide is being offered for sale by Expressions of Interest closing Thursday 31st of July at 3:00pm (ACST).
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