This article is from the Australian Property Journal archive
THE ground lease for Adelaide’s landmark Citi Centre commercial complex has been offered for sale.
The 141-159 Rundle Mall property offers more than 64 metres of frontage to Rundle Mall, Adelaide’s major shopping spot, and comprises 16,361sqm of net lettable area.
Its ground level retail space and food court is occupied by 24 tenants, including Nike, McDonald’s, Westpac and People’s Choice Credit Union, and 10 upper levels of office accommodationare fully leased to the South Australan Government. It also features and basement storage and parking.
CBRE’s Ian Thomas and Alistair Laycock are marketing the property via expressions of interest closing Thursday, March 9th.
Thomas said the campaign was expected to generate interest from a mix of local private investors and syndicators and eastern seaboard institutions looking for an asset with solid income and future uplift potential.
He said the building’s tenancy profile is one of the best in Adelaide and would be a drawcard for purchasers, as well as the potential to reconfigure the retail complex to generate a substantial uplift in income.
Laycock said the location will have strong appeal to commercial users in the future as a result of the outstanding amenity for staff, high car parking ratio, abundant public transport and ease of access on the city’s east side.
Australian Property Journal
