Adelaide, 31 August 2015 – For the first time in over 60 years, an Adelaide commercial property occupied by Cruickshank Rapid, formally known as Cruickshank Printers, has been brought to the market - unlocking a development opportunity in one of Adelaide’s sought after commercial locations.
Located at 151-155 Gouger Street, the 519sqm corner site features a 17 metre frontage to Gouger Street, a mixture of office/showroom and warehouse accommodation, and central location within Adelaide’s Chinatown district. The site further benefits from favorable ‘Capital City’ zoning, which allows development potential of up to 53 metres (STCA).
The site will be sold with a lease to established local printing business Rapid Doc Pty Ltd.
The tenant is holding over on a monthly basis, which provides a valuable holding income of approximately $65,000 p.a.
CBRE agents William Brown and Ben Heritage are negotiating the sale via a public auction on Thursday, September 17 at 11am.
Mr Brown said due to the quality of the offering and scarcity of land opportunities of this nature in the Chinatown district, the sale is expected to attract strong interest from a range of local, national and offshore developers.
“This boutique project opportunity is in a proven commercial market, underpinned by significant retail, restaurant and residential demand.”
“The attractive Chinatown location, redevelopment potential of existing improvements and affordable price bracket are expected to be key selling factors,” Mr Heritage added.
Address: 151-155 Gouger Street, Adelaide
Property Type: CBD land site sale
Agent: CBRE, William Brown 0412 560 740 and Ben Heritage 0438 690 867
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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.