2-20 Magill Road , NORWOOD SA 5067
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- 20 Oct 2016
Huge Norwood redevelopment site
JLL has the exclusive privilege of offering 2-20 Magill Road, Norwood for sale.
Held by the current owners for almost 30 years as a passive, leased investment, the property is now positioned as a prime mixed use redevelopment site with significant holding income.
The location is unquestionably blue-chip, less than two kilometres from Adelaide’s CBD in the sought after retail and residential suburb of Norwood in Adelaide’s inner east.
The expansive site comprises approximately 13,700 square metres of land and enjoys major street frontages to Magill Road, Fullarton Road and Chapel Street affording outstanding exposure and flexibility in future redevelopment.
Recent planning changes provide scope for redevelopment of the site up to 10 storeys, potentially suiting retail, commercial and residential uses**. Concept massing plans prepared by Studio Nine Architects demonstrate the extent to which the property may be redeveloped and will be made available to qualified buyers**.
Holding income is generated through 12 commercial tenancies, anchored by Banner Mitre 10. Further upside may exist for those wanting to hold the property in its current configuration by working with tenants and re-setting rents in line with current market rates.
The offering of 2-20 Magill Road, Norwood coincides with unprecedented levels of activity in residential development in Adelaide’s inner rim, while the site’s location in Adelaide’s inner east combined with its substantial scale, provide a unique opportunity to capitalise on demand from large retail format users.
Consolidated land holdings of this scale within this proximity to Adelaide’s CBD are seldom offered for sale. The attributes of the property may well represent a once-in-a-generation opportunity and we strongly recommend you consider its key characteristics as summarised below:
- Expansive site of approximately 13,700 square metres
- Located less than two kilometres from Adelaide’s CBD
- Strategic position at the gateway to Adelaide’s affluent eastern suburbs
- Scope for mixed use redevelopment up to 10 storeys (stnc)
- Significant holding income with scope for further upside
- Combined street frontages in excess of 370 metres
This exceptional offering, which we strongly recommend for your consideration.
* All measurements are approximate.
**All future uses and redevelopments remain subject to consents and purchasers must rely on their own investigations in all regards
JLL RLA 1842
1 Bligh street, SydneyGrade A
Building AmenitiesAvg. rent (net):$800 - $1000Avg. outgoings:$162Vacancy rate:13.5%Data from Colliers Edge.For information click hereMajor TenantsNabers energyAdditional information
2-20 Magill Road NORWOOD