This article is from the Australian Property Journal archive
A $7.25 million transaction of a property across two titles has set a new record sale price for Adelaide’s inner eastern suburb of Kent Town in more than two years.
The 1,938sqm property at 125-131 Rundle Street, just over 1km out from the CBD, was sold to two owner occupiers and comprises two Certificates of Title with an office and workshop on one title and a separate warehouse on the other with a total building area of more than 1,300 sqm and 40.24 metre in dual frontage.
Ben Parkinson, Jack O’Leary and Claudia Brace from JLL managed the sale, offering the property in one line or individually and fielding more than 120 enquiries from developers, land bankers, owner occupiers and investors.
The sale price reflected a blended rate of over $3,700 sqm of site area.
“The property provided 1,938 sqm of prime site area in the sought after and continually evolving CBD fringe suburb of Kent Town, located just over 1 kilometre east of the amenity of the Adelaide CBD and a short walk to The Parade, Norwood,” said O’Leary, director of sales and investments at JLL.
The new owners plan to occupy the property and enjoy the long-term development potential of the property and the precinct.
“Sites of this scale, location and amenity are highly sought after and provide an exceptional opportunity for development now or into the future,” added O’Leary.
O’Leary noted the property is zoned Urban Corridor (Main Street) and boasts the potential to develop up to 5 levels, subject to approvals.
A portion of the building is leased to the end of 2024 with further monthly occupiers providing holding income.
“Kent Town continues to evolve and is home to a mix of uses including medium density residential, medical, boutique commercial, retail, restaurants and cafes providing unparalleled access to amenity,” said Brace, senior executive at JLL..
