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215 Grote Street Adelaide SA 5000

  • Retail
  • Floor Size3,685 m²
  • PriceFor Sale, Contact Agent

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.

Property Highlights

Property ID2015307047
Floor Area3,685 m²
Land Area2,787 m²
ParkingAsk Agent
Annual ReturnAsk Agent
AvailabilityTenanted
Category
Last updated  27 May 2019
Map for 215 Grote Street Adelaide SA 5000
CBRE South Australia RLA 208125
Level 5 151 Pirie Street Adelaide SA 5000

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