167A-173 Hindley Street, Adelaide
A high-profile city corner site has been launched to the market as one of Adelaide CBD’s standout development opportunities for 2025.
McGees Property’s Yee Ng and Simon Lambert are marketing 167A–173 Hindley Street, Adelaide, prominently positioned at the intersection of Hindley and Morphett Streets, for sale on behalf of a private owner, with an asking price of $11.65 million.
Comprising a 1,794sqm (approx.) corner allotment, the property is improved by a two-storey retail and office building with a total floor area of 1,839sqm (approx.). Formerly home to the iconic Enigma Bar, around 54% of the building is leased to five tenants — including Phonatic Restaurant, New India Restaurant and Seoul Express — all on leases containing redevelopment clauses. The estimated net holding income is $316,094 per annum.
“This is an exceptional opportunity to secure a substantial and strategically located CBD corner holding with income security and outstanding development potential,” said Ng. “We’re expecting strong interest from local, national and offshore buyers looking to make their mark on the Adelaide CBD.”
Zoned City Main Street, the site allows for development up to 53 metres in height, while a combined frontage of 86 metres provides excellent visibility, access and future flexibility.
“The property is just metres from Adelaide’s universities and biomedical precinct — including the University of Adelaide, Royal Adelaide Hospital and SAHMRI — which continue to attract major institutional, corporate and government investment,” Ng added.
“This diverse surrounding mix of commercial, education, medical, retail and hospitality uses underpins both strong income security and redevelopment potential.”
Lambert said the property offers opportunities for both short-term income optimisation and long-term capital growth.
“Investors and land bankers will recognise the chance to enhance returns through leasing the remaining vacancies, while developers can plan for significant future uplift,” Lambert said. “The West End has transformed in recent years, with growing demand from students, professionals, residents and visitors — driving appetite for quality mixed-use projects.”
The flexible zoning supports residential, commercial, mixed-use or specialised development, with student accommodation or hotel developers expected to take a keen interest given the property’s proximity to UniSA’s City West campus and the upcoming university merger.
“People increasingly want to live and work in well-connected, lifestyle-rich locations,” Lambert said. “This site offers excellent public transport access via tram and bus along North Terrace and Currie Street, and is within easy walking distance to Rundle Mall and the city’s retail core.
“Occupiers may also see this as a rare chance to establish a flagship presence in one of the CBD’s most dynamic and fast-evolving precincts.”
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