75 Hindley Street, Adelaide
A trophy investment with occupier potential in a tightly-held key Adelaide CBD strip is for sale.
McGees Property’s Daniel Scinto, Michael Dimasi and Yee Ng are marketing 75 Hindley Street, on behalf of a private owner, with an asking price of $2.65 million.
The property has 366sqm of net lettable area across basement, ground and first floors, on a Torrens-titled, City Main Street-zoned site of 153sqm.
The ground floor is securely leased to a busy convenience store, returning $82,687.50 per annum. The basement level – formerly used as a bar – and the first floor are both vacant. Imputed fully leased net income is $154,622.50 per annum.
“This versatile trophy CBD investment offers great upside, given the prime location in the city’s premier entertainment precinct and the City of Adelaide’s Hindley Street Revitalisation program that will put $15 million towards upgrading the strip,” Scinto said.
The program aims to provide a high-quality and safer street environment and experience, complement recent upgrades undertaken in the West End precinct, including Hindley Street west, Bank Street, Gresham Street and Peel Street, and encourage renewed business investment1.
Dimasi said, “We’re expecting strong interest from investors who see the appeal of such a rare offering in a part of the entertainment precinct with a bright future, along with operators looking to make their mark on the CBD.”
“It’s extremely rare Torrens-titled offering within a tightly-held key Adelaide CBD strip. The securely leased ground floor makes it perfect for an operator who can leverage off the existing income, whilst avoiding GST as it is a going concern,” he added.
Ng noted that the property is also near the universities and biomedical precinct — including the University of Adelaide, Royal Adelaide Hospital and SAHMRI — which continue to attract major institutional, corporate and government investment.
“This diverse surrounding mix of hospitality, retail, commercial, education and medical underpins strong income security and occupation potential,” he said.
The property is also ideally located just moments from Adelaide Railway Station and numerous bus routes, making it highly accessible from across Adelaide.
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