Adelaide, 27 August 2015 –An Adelaide buyer has purchased one of the city’s most recognisable venues, former church-cum-live-music-hub, The Promethean, for $1 million.
Located at 116 Grote Street, the 255sqm site comprises a 305sqm heritage listed building accommodating Adelaide’s renowned entertainment venue, The Promethean.
Originally a church, the renovated Gothic building has a rich history dating back more than 100 years, with it also previously being the home of a Liquor Trades Union meeting hall and then a theatre, before opening its doors in 2007 as The Promethean.
CBRE Manager, Capital Markets, Ben Heritage, said the beautifully renovated former church received strong interest from owner occupiers.
“The purchaser was attracted to the building’s unique character and close proximity to Chinatown, given they already own property in the surrounding area.
“The end purchase price of $1 million reflected a rate per square metre of approximately $3,280, which was a great outcome for both vendor and purchaser.
“In the current market, we’re seeing very strong results for CBD properties that are well positioned amongst key attractions of the CBD and this was a great example of this given its proximity to Chinatown.”
Mr Heritage said the buyer planned to capitalise on the building’s existing improvements.
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About CBRE Group, Inc.
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 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.