Adelaide, 02 December 2015 – A commercial property that recently hit the market for the first time in over 60 years has sold following a competitive auction for $2.52million, reflecting a rate of $4,855 per square metre of land.
The 519sqm site, located at 151-155 Gouger Street, was snapped up by a private local investor following a sales campaign negotiated by CBRE’s Will Brown and Ben Heritage.
The site, which is occupied by Cruickshank Rapid, formally known as Cruickshank Printers, 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).
Mr Brown said the site received strong interest from both local and national parties, with both groups recognising the development potential of the property.
“The strong sales result is evidence of the confidence investors have in the Adelaide commercial market, with the auction receiving over 45 bids from 7 registered bidders, in front of a crowd in excess of 100 people.”
Mr Heritage said the purchaser plans to take advantage of the attractive Chinatown location and redevelop the site into multiple restaurants.
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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 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.
