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Sold on 25 Oct 2019

215 Grote Street Adelaide SA 5000

  • Shop & Retail
  • 3,685 m²
  • Sold

SECURE CITY INVESTMENT WITH MASSIVE DEVELOPMENT POTENTIAL

  • 5-year lease expiring 31st October 2024
  • 53m development potential (STCC)
  • 2,787sqm* site area

CBRE Capital Markets is thrilled to be favored with instructions for the sale of 215 Grote Street, Adelaide currently under a long-term lease to national furniture retailer Early Settler. 215 Grote Street is exceptionally well-situated to the West of the Adelaide CBD, in an established commercial precinct in very close proximity to Chinatown, Adelaide Central Markets, West Terrace & just 900m* from the Adelaide BioMedical Precinct.

Underpinning the exceptional location is the underlying land value with a total site area of 2,787sqm* within a flexible zoning. The building consists of three levels with varied improvements including showroom, offices, warehousing & café.

We further highlight the below key features of the property which is the perfect definition of an invest now, develop later property:

- Net rental of $531,726pa*
- Leased to ESR Group Holdings Pty Ltd trading as Early Settler with over 50 stores across Australia & New Zealand
- 5-year lease term expiring 31st October 2024 with further 5-year option
- Site area of 2,787sqm* and GLA of 3,685sqm*
- Flexible Capital City zoning in the City of Adelaide allowing development up to 53m*
- Two Certificates of Title with three street frontages
- CPI rental increases annually
- Redevelopment Clause within the lease with 18-month notice period
- Tenant pays all outgoings including Land Tax on a single-holding basis

For Sale by Expressions of Interest closing Friday 21st June 2019 at 4:00pm (ACST)

For further information please contact exclusive marketing agents CBRE:

Mitch Curnow - 0415 494 056
Harry Einarson - 0421 747 442
Alistair Laycock - 0412 136 011

RLA 208125 *Approx.

Address215 Grote Street Adelaide SA 5000
ZoningCC - Capital City Zone
CouncilADELAIDE CITY COUNCIL
We try our best to keep zoning info up to date but can never guarantee it's accurate or complete. Check directly with the relevant council to verify any zoning information.
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Property Highlights

Property ID2015307047
Date Sold25 Oct 2019
Floor Area3,685 m²
Land Area2,787 m²
ParkingAsk Agent
Category
Last updated  25 Oct 2019
Map for 215 Grote Street Adelaide SA 5000
Map for 215 Grote Street Adelaide SA 5000215 Grote Street Adelaide SA 5000
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  • Purchase Price

    $
    1,234,567

  • Deposit available

    $
    123,456

  • Loan term

    30
    years

  • Interest rate

    3.00
    %

repayments

$0/month*

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CBRE South Australia RLA 208125
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