Occupiers circle Adelaides century old Magill Institute
Occupiers circle Adelaide's century old Magill Institute
| 14 March 2017
The restoration of Adelaide’s century-old Magill Institute is now complete, paving the way for its next iteration as a boutique office and retail complex.
Leasing agent Michael Pfitzner of CBRE said two of the six Magill tenancies had been leased, with the remaining four office suites attracting strong interest from creative, design, IT and professional services groups.
“In terms of character, the accommodation is unrivalled in the eastern suburbs of Adelaide and this that will be of strong appeal for tenants in the marketplace,” Mr Pfitzner said.
“Given the current challenging economic conditions, tenants are seeking accommodation that stands out from the crowd and this building presents a terrific opportunity given the range of office sizes available.”
The 609 Magill Road building was last used as a cinema until it closed in 2008.
It was acquired early last year by a local syndicate, headed by accounting firm Hayes Knight. They have since overseen a $1.5 million transformation of the heritage-listed building, creating a café, offices and five, three-storey townhouses.
Mr Pfitzner said the restoration had included a full upgrade of the services and finishes – breathing new life into the building and creating tenancies ranging from 70sqm to 118sqm.
The mezzanine has already been leased to Alexander Brown Architects while the owners of the popular Eire Café in Clapham have leased part of the ground floor to open the Hibernia Café.
“It’s a stunning makeover, providing a significant point of difference for occupiers,” Mr Pfitzner said.
“The café is an added bonus for tenants and a feature not normally seen in the east of Adelaide – providing occupiers with a high level of amenity.”
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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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.