Competition for commercial site heats up at auction

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.”