A corner site on one of Adelaide’s famed five squares has recently been offered to the market - providing a flexible opportunity in one of Adelaide’s coveted CBD precincts.
Located at 174-180 Wright Street, the 652sqm landholding offers significant frontages to Wright Street, city frame zoning and prime location in the heart of the Adelaide CBD overlooking Whitmore Square.
The offer benefits from development approval (planning consent) to construct ‘Hotel Iparrityi’, an eight storey tower with ground floor retail/ commercial space and two townhouses. The planned 2,534sqm development offers 23 generously proportioned hotel apartments and is future proofed for residential conversion. The ‘designer/ boutique’ hotel is to be constructed with a top class sustainable architectural ethos.
CBRE’s Will Brown and Mitch Curnow are negotiating the sale on behalf of a consortium led by Troppo Architects, offering buyers the opportunity to either partner with the current vendor, purchase the site to develop Hotel Iparrityi or acquire the land outright.
Mr Brown said the flexibility of the offering should encourage interest from a range of local, national and international investors, owner occupiers and developers.
“The strategic location, coupled with the existing development approval, presents a desirable opportunity in the Adelaide market - with strong potential for the site to be transformed into a landmark development.”
The site will be sold via an Expressions of Interest campaign concluding Friday 2nd December 2016 at 4:00pm.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.
