This article is from the Australian Property Journal archive
A UNIQUE six level retail and student accommodation building in Rundle Mall is heading to auction, one of the few properties in Adelaide’s major retail precinct to hit the market in recent years.
Blackstone’s sale of Rundle Place to Fortius Funds Management last year for $215 million and Con Makris’ $60 million divestment of the City Cross shopping centre over summer are among the few recent deals, but this sale will be smaller.
The 133 Rundle Mall building measures 809 sqm and is going to auction on 27th May through Colliers’ Alistair Mackie, Jordan Schmidt and Rhys Newman. It occupies a valuable corner location and is currently leased to Novo Shoes, Brewtiful Café and Escape Hunt, and has two levels of student accommodation with plans to add an additional floor.
Under its current ownership, the building has undergone upgrades and refurbishment works that include the creation of a new ground floor tenancy on Twin Street, fire upgrades and internal fit-out works to unlock the potential of the upper levels to meet student accommodation needs.
Rundle Mall is home to over 700 brands, fashion retailers and specialty shops, complemented by David Jones and Myer department stores, Coles, Woolworths and Foodland supermarkets and Kmart and Target discount department stores.
“This is your chance to compete in an open and transparent sale process to either acquire your first Rundle Mall property or add to your existing portfolio,” Mackie said.
“It represents the opportunity to join an exclusive club of Rundle Mall landlords and as such, we anticipate a hotly contested auction.”
