This article is from the Australian Property Journal archive
A MAJOR stake in an Adelaide CBD luxury apartment tower has entered the market, in 18 Rowlands Place.
48 titles are now up for sale at the 93-residence 18 Rowlands Place, which along with its luxury fully furnished apartments comprises a secure lift, lobby and common rooftop at the 17-level tower.
Rob Williamson and Nick Lower from Savills have been appointed to sell the stake, via an expressions of interest campaign.
The offering includes 46 apartments, the lobby ground floor reception and office area, in addition to the private Skybar on level 17, which includes a bar, private function area and kitchen. While car parking rights also pass with the sale.
“This iconic opportunity is expected to generate a wide range of interest from various buyer groups, ideally positioned to capitalise on Adelaide’s key attractions in the city’s entertainment precinct and entertainment quarter,” said Williamson.
Strategically located across from Adelaide’s Central Market and adjacent to the Her Majesty’s Theatre and Victoria’s Square, 18 Rowlands Place was delivered to meet demand for quality apartments within close proximity to CBD facilities.
The apartments are currently occupied on medium and long-term leases, with the longest lease term set to expire in 12 months and all apartments being offered with vacant possession.
The building has also undertaken an Operator Selection process, with suitable A-grade international and local hotel operators putting forward proposals to operate the hotel under management.
“With an Operator Selection process having been successfully undertaken, any new incoming purchaser can be sure that the security of investment will be significant, with now whoever the new incoming purchaser will be, is now buying income and strength of covenant,” said Lower, NSW state director of hotels at Savills.
The expressions of interest campaign for 18 Rowlands Place is set to close on 26 October 2022.
