Pelligra Group has purchased a three-level, 2,170sqm commercial office building at 50 Hindmarsh Square in Adelaide’s CBD from Hindmarsh View Properties in a transaction brokered by Rino Carpinelli and Ryan Mills of Savills Australia.
The building is currently occupied by various tenants including PPI Funds Management, Savills (SA) Pty Ltd, Surewise and Brown & Associates. It forms part of the Citicom precinct and adjoins another Pelligra Group-owned asset at 157 Grenfell Street.
According to Savills, the building’s location in Adelaide’s thriving entrepreneurial East End, with its accessibility to shops and cafés and close proximity to Rundle Street and Rundle Mall was a significant selling point.
The building’s stunning views over Hindmarsh Square are maximised with full-height windows. It also boasts recently refurbished lobby and lifts and has strong sustainability credentials with energy-efficient LED lighting and a 5.0 Star NABERS Rating. Thirty six car spaces are provided in the basement.
Ryan Mills, Associate Director Capital Transactions at Savills said, “The acquisition of 50 Hindmarsh Square offered Pelligra Group an opportunity to not only purchase an adjoining asset amalgamating over 3,137sqm of land but also acquire one of the prime corners of Hindmarsh Square with uninterrupted views and long-term development potential.”
Ross Pelligra, Chairman of Pelligra Group said, “We continue to see strong value in the Adelaide commercial market and specifically in the precinct with ongoing demand for high quality office amenity within the CBD, particularly with ample carparking, which the precinct provides.
“We plan on completing upgrade works and bringing more quality tenants into the building over the short- term, with grander long-term plans for both of our adjacent land holdings,” Mr Pelligra concluded.
He was integral to facilitating this acquisition alongside colleagues Peter Dimitrious, Counsel & Advisory – Property, Development & Acquisitions and Blake Soroka, Assistant Development Manager.
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