Hairdressers Co-operative to cut ties with CBD asset after six decades
Hairdressers' Co-operative to cut ties with CBD asset after six decades
| 11 July 2016
The South Australian-based Hairdressers’ Co-operative Society Limited (Hair Co-op) is offering its premium Grote Street premises to the market, marking the end of the group’s 66-year relationship with the iconic property.
The Hair Co-op secured the property at 237 Grote Street in 1950 for £3,200 pounds, with the building’s official opening in March 1952 declared one of the most outstanding events in South Australia’s hairdressing history.
Positioned on a prime landholding of 790sqm, bordering the popular Chinatown precinct, the sale marks a truly unique opportunity to gain a slice of premium CBD real estate.
CBRE’s Will Brown, Ben Heritage and Harry Einarson have been appointed to sell the property following the group’s decision to relocate its operations to a suburban location on the outskirts of the CBD.
“The sale marks the end of the Hair Co-op’s longstanding relationship with the property, which spans almost seven decades,” Mr Brown said.
“237 Grote Street is a renowned CBD landmark and its sale unlocks an exciting opportunity to capitalise on its prime underlying real estate.”
The Hair Co-op was established in 1944 and is the only known Hair and Beauty Co-operative in the world. The Hair Co-op is a member based organisation managed by a CEO and reporting to a board of member-directors.
With five wholesale outlets throughout Adelaide, and a direct sales team visiting salons, the group services the needs of hair and beauty salons throughout South Australia and the Northern Territory.
Built in 1865, the original 237 Grote Street building was the home of Sir George Kingston, the Surveyor General to Colonel Light, and has since played a vital role in the very fabric of South Australia’s hair and beauty industry.
Hair Co-op Chief Executive Officer Victoria Lewis said the move marked an exciting new direction for the group.
“The decision to sell our Grote Street property is in line with the board’s new strategic vision to reinvigorate our organisation and position it for a strong future,” Ms Lewis explained.
“At the centre of our plan is the creation of a larger, improved showroom and education centre to replace our city headquarters. The sale of Grote Street will enable us to strategically relocate, while also reinvesting capital back into the business.”
Mr Heritage said the property was expected to generate strong buyer interest from both domestic and offshore groups.
“The sale of this iconic property represents an exciting opportunity for an investor or developer to reposition the asset or unlock its potential with a landmark project in one of the city’s most revered pockets,” Mr Heritage said.
The property, which is zoned Capital City allowing for development up to 53 metres (STCC), is being offered for sale via Expressions of Interests closing 4pm Thursday the 4th of August 2016.
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