It really doesn`t get any better than this
It really doesn’t get any better than this Invest, develop or value add – your call FROME STREET CAR PARK AND ADJOINING PROPERTIES (AS A WHOLE OR INDIVIDUALLY) Introduction Acting on behalf of The University of Adelaide and transaction manager, Realtycorp Property Solutions, Colliers International is delighted to offer for sale 11-27 Frome Street and 12-18 Synagogue Place Adelaide, as a whole or three individual parcels. Occupying a site of some 4,157sqm, the offering represents one of Adelaide’s most significant Investment and development opportunities given its superior location in the heart of the East End. The portfolio comprises the Frome Street Car Park, and two adjoining development properties with a combined Frome Street frontage of 59 metres and flexible capital city zoning. It really doesn’t get any better than this. Property Summaries Lease Details The individual parcels include: The offering has holding income from various tenancies as follows: Parcel 1 11-13 Frome Street has a short term lease to Urban Cow Studio at a current gross rental of $26,401.07 pa. • The Frome Street Car park at 15-19 Frome Street, a modern eight level 498 bay car park built circa 1997 and 11-13 Frome Street comprising a circa 1850s two level building currently used as a café and entertainment venue of circa 350sqm NLA with an overall site area of 2,930sqm. (Parcel 1) 15-19 Frome Street (Frome Street Car Park) is subject to a ground lease as a result of a BOOT (Build Own Operate Transfer) scheme expiring February 2018 with nominal rental during that period. The vendor is prepared to offer a Rental Guarantee until the expiration of the ground lease at the equivalent of 6% of the GST exclusive purchase price plus outgoings. The rental guarantee is at the purchaser’s option. • The Eckersley building at 21-27 Frome Street, partially leased circa 1950s three and four level building of circa 1,900sqm NLA on a site of some 651sqm, (Parcel 2) and Parcel 2 21-27 Frome Street has a month to month lease to Eckersley’s Pty Ltd over the ground floor tenancy at a current gross rental of $71,591.65 pa. • 12-18 Synagogue Place, a circa 1925, derelict part two and part four level building of circa 1,100sqm NLA on a site of 576sqm (Parcel 3). Parcel 3 12-18 Synagogue Place is offered partially subject to the Ground Lease referred to in Parcel 1 above and otherwise with vacant possession. Town Planning NORTH TERRACE Location The properties are situated midway between North Terrace and Rundle Street on the western side of Frome Street and east of Synagogue Place and can only be considered as at the absolute heart of the CBD’s vibrant East End precinct. The cultural boulevard of North Terrace and the eclectic Rundle Street are literally on the door step of the properties with Rundle Mall, Botanic Gardens, the Universities’ and the Parklands in the immediate surrounds. PARCEL 1 2,930m² FROME STREET CAR PARK SYNAGOGUE PLACE The immediate area has been the focus of extensive rejuvenation and development over the past decade including major infrastructure projects including the Tram extensions along King William and North Terrace, the Convention Centre, the South Australian Medical Research Institute, the new Royal Adelaide Hospital, Adelaide Oval, North Terrace itself and Rundle Mall to name a few. URBAN COW GERARD & GOODMAN PARCEL 3 576M 2 ECKERSLEY’S PARCEL 2 651M 2 TAVISTOCK LANE RUNDLE STREET FROME STREET Boasting some of Adelaide’s most flexible capital city zoning, the site straddles Policy Areas 13 and 14 with no height restrictions and 43 metres respectively (note: airport building height restictions apply). The Capital City Zone is the economic and cultural focus for the City’s vibrancy and gives rise to a multitude of exiting development and investment opportunities. Sale Process This unrepeatable opportunity is offered For Sale by Expressions of Interest closing Tuesday 12 May at 4pm (ACST) For further information and a comprehensive information memorandum please contact the sole agents, Colliers International, Level 10, 99 Gawler Place, Adelaide, SA 5000 RLA204 Ph 08 8305 8888 Paul van Reesema 0412 806 994 [email protected] Alistair Mackie 0412 817 977 [email protected] Ian Thomas 0401 715 520 [email protected] colliers.com.au/14367 Transaction Manager Colliers International does not guarantee, warrant or represent that the information contained in this advertising and marketing document is correct. Any interested parties should make their own enquiries as to the accuracy of the information. We exclude all inferred or implied terms, conditions and warranties arising out of this document and any liability for loss or damage arising there from. Colliers International respects your privacy. If you would prefer to be removed from this mailing list please contact our Chief Privacy Officer on 02 9257 0222, [email protected] or visit www.colliers.com.au/privacy.
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