Norma Street Investments Pty Ltd has recently snapped up a significant Mile End landholding, in order to capitalise on the area’s growing reputation as a leading residential destination for students and young professionals.
Located at 1 – 9 Norma Street, the 5,017sqm site currently features warehouse accommodations with existing improvements, almost 110 metres of frontage to Norma Street, and strategic location in close proximity to the CBD and the trendy Henley Beach Road retail precinct.
The site further benefits from a multitude of development options (STCC), following the site’s residential rezoning by the City of West Torrens. The strong residential development potential is underpinned by the site’s location with convenient access to amenities such as schools, retailers and public transportation.
The property was sold with existing lease agreements to Factory Direct Office Furniture Pty Ltd and K.W Tregloan Pty Ltd until October 2016, allowing the option to either develop immediately or retain tenants to provide a holding income.
CBRE’s Harry Einarson, Ben Heritage and Will Brown negotiated the sale via an Expressions of Interest campaign - with the property offered to the market for the first time in over 15 years.
Mr Einarson said the sale demonstrates the growth of the Adelaide residential development market, with a number of groups vying to acquire the strategically located landholding.
“Mile End continues to develop from blue collar roots into a highly sought after destination for young professionals and families, a trend Norma Street Investments intends to capitalise on by establishing a residential development on the site.”
David Cargill of Scope Solutions, which is managing the future development, said the purchase of this site marks a significant turning point for the local area, with the warehouse previously home to iconic South Australian tenants such as Rowe & Jarman and Mile End Office Furniture.
“The new development will be designed to suit the housing style of the surrounding area, whilst also encompassing modern amenities to suit the aspirational desires of the predominantly young buyers targeting the area,” said Mr Cargill.
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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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.