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
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