Rare Frewville office building offering sells following strong buyer demand

An office building in a tightly held location in Adelaideโ€™s inner southeast has sold following strong buyer demand during the Expressions of Interest campaign.

The offering across two titles at 211 Glen Osmond Road and 9 Avenue Road in Frewville was sold in three parts by Scouts SA to a mixture of owner-occupiers and investors in a deal with a total value of more than $4.75m.

The sale of the vacant asset, which consists of a two-level office building with 712sq m of net lettable area on a 1,111sq m site with rear onsite parking from Avenue Road, was negotiated by Oliver Totani and Jack Dyson of Knight Frank.

Mr Totani said Scouts SA needed to strategically divest their Frewville holdings to upscale their office accommodation.

โ€œWe had significant interest from a range of buyers during the campaign, with more than 50 enquiries and multiple offers at close, and at the end of the day we got a great result for the vendor,โ€ he said.

โ€œThe sheer rarity of the offering, particularly in terms of its positioning, attracted investors, owner- occupiers and developers alike, as land buildings of this nature, on Glen Osmond Roadโ€™s Golden Mile, are rarely offered to the open market

โ€œThis opportunity presented several options for the incoming buyer, including a reposition of the existing improvements, a full redevelopment of the site or a refurbishment for an owner occupier.

โ€œThe dual frontage site is spread across two titles allowing for subdivision opportunities and has flexible zoning with potential uses being retail, consulting and office.

โ€œThe incoming owner will give new life to the existing buildings, only adding further to the overall precinct.โ€

Mr Dyson said the property was a strategic landholding within one of Adelaideโ€™s premier fringe suburbs, situated just five kilometres from the Adelaide CBD.

โ€œThe large site has expansive frontage of 18 metres to Glen Osmond Road, providing impressive exposure.

โ€œItโ€™s also close to plenty of business and retail amenity.

โ€œGlen Osmond Road has become a real mixed-use mecca in Adelaide, offering a great mix of office, retail, supermarket, showroom and entertainment uses.โ€

Scouts SA CEO James Sellers said: โ€œWorking with the team from Knight Frank allowed for great comfort and assurance that we were in good hands.

โ€œWhen divesting a strategic asset, such as our head office, we wanted to be sure that we were provided with the best advice consistently throughout the campaign, which Mr Totani and Mr Dyson delivered in spades.

โ€œKnight Frank delivered on its promises and gave us the confidence as a member organisation that our decision to sell was met with the best results.โ€

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