Adelaide, 02 February 2015 – A local property developer has snapped up a prime site overlooking Adelaide’s Eastern Parklands for $2.6 million.
CBRE Associate Director, Metropolitan Investment Properties, Ben Heritage, negotiated the off-market transaction for 2 -6 Hutt Street – a property which occupies a prime corner site and has significant development potential.
“This is one of the best sites in the CBD frame, offering fantastic vistas over the Eastern Parklands and Rymill Park,” Mr Heritage said.
“The property is ripe for future redevelopment given its prime corner location and flexible Capital City zoning, which allows for a development of up to 22 metres and encourages a mix of ground floor commercial and retail uses with residential above.”
The sale price of $2,600,000 reflects a rate per square metre of $4,498 over the site.
Mr Heritage said the location had been one of the major draw cards, with the site situated in the tightly held and cosmopolitan strip of Hutt Street, and was also in close proximity to the East End and Rundle Street.
The existing building has total improvements of 472sqm and is situated on a 578sqm site.
For Australian/international news or global stories, follow us on Twitter. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.About CBRE Group, Inc.
