An office building in a tightly held location in Adelaide’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.
“We 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,” he said.
“The 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 Road’s Golden Mile, are rarely offered to the open market
“This 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.
“The dual frontage site is spread across two titles allowing for subdivision opportunities and has flexible zoning with potential uses being retail, consulting and office.
“The incoming owner will give new life to the existing buildings, only adding further to the overall precinct.”
Mr Dyson said the property was a strategic landholding within one of Adelaide’s premier fringe suburbs, situated just five kilometres from the Adelaide CBD.
“The large site has expansive frontage of 18 metres to Glen Osmond Road, providing impressive exposure.
“It’s also close to plenty of business and retail amenity.
“Glen Osmond Road has become a real mixed-use mecca in Adelaide, offering a great mix of office, retail, supermarket, showroom and entertainment uses.”
Scouts SA CEO James Sellers said: “Working with the team from Knight Frank allowed for great comfort and assurance that we were in good hands.
“When 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.
“Knight 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.”