This article is from the Australian Property Journal archive
THE Cohen Group of companies is believed to have quickly sold the former headquarters of collapsed construction group Tagara Builders, in Adelaide’s eastern suburb of Glynde, for $3.1 million after just 18 months of ownership.
Leedwell Property’s Jonny Benedetti and Steve Smith marketed the prominent commercial building at 51-53 Glynburn Road, on a 1,409 sqm corner site, with vacant possession.
It has a two-level office building of 1,231 sqm that can be divided into two separate tenancies, 45 undercover parking bays and a frontage of 39 metres, with dual street access from Provident Avenue.
The building had been refurbished in 2004 and the Cohen Group, which owns the Burnside Village shopping centre, acquired the property late in 2016 in a deal negotiated by CBRE.
Tagara Builders collapsed in the middle of 2015 with debts of more than $27 million. The property was held by Forum, financier of its New Mayfield development, which had appointed managers and receivers to the asset, and it has sat vacant since.
The Cohen Group had reportedly appointed Matthew Architects to upgrade the building, and was considering offering the building for lease as two separate tenancies.
Earlier this year, the Cohen Group was weighing up a $130 million-plus extension of Burnside Village.
Australian Property Journal
