Nick Scali Limited has snapped up the former Keswick home of local furniture retailer KJ Furniture for $6,600,000 +GST
CBRE Metropolitan Investment’s Harry Einarson and Mitch Curnow negotiated the off-market sale of the 19 Anzac Highway site, which has been earmarked as the new South Australian flagship for Nick Scali, one of Australia's largest retailers and importers of quality furniture.
Positioned 2.4km from the Adelaide CBD, the circa 3,615sqm landholding includes an existing 3,000sqm showroom, which has been home to Adelaide based family businesses Australian Classic Timber Furniture and Kimberly James Furniture for over 25 years.
Mr Einarson said the sale, coupled with Nick Scali’s redevelopment plans, would help cement Anzac Highway, Keswick as one of Adelaide’s premium retail destinations.
“The recent success of the nearby Third Avenue residential project in addition to plans for further residential projects on Anzac Highway and the push to redevelop the Kewsick Army Barracks is attracting quality national brands like Nick Scali to this location,” Mr Einarson said.
Mr Curnow added; “An uplift in zoning along Anzac Highway has underpinned the area’s appeal as a highly desirable investment location, allowing for a mix of quality retail tenants and future high-density projects subject to the relevant planning approvals.”
Nick Scali’s National Property Development Manager Gary Sullivan said the group was excited about the prospects for its newly acquired Keswick property.
“Over the coming months we plan to redevelop the site and establish 19 Anzac Highway as our flagship store for South Australia” Mr Sullivan said.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
