This article is from the Australian Property Journal archive
PELLIGRA Group have snapped up a three-level commercial building in Adelaide’s CBD, adjoining an existing asset of the Melbourne-based developer.
The 2,170sqm office building is located at 50 Hindmarsh Square, forming part of the Citicom precinct and adjoining the Pelligra Group-owned asset at 157 Grenfell Street.
Rino Carpinelli and Ryan Mills of Savills brokered the transaction, representing the vendor Hindmarsh View Properties.
“The acquisition of 50 Hindmarsh Square offered Pelligra Group an opportunity to not only purchase an adjoining asset amalgamating over 3,137sqm of land but also acquire one of the prime corners of Hindmarsh Square with uninterrupted views and long-term development potential,” said Mills, associate director of capital transactions at Savills.
The site is currently occupied by tenants such as PPI Funds Management, Savills SA, Surewise and Brown & Associates.
“We plan on completing upgrade works and bringing more quality tenants into the building over the short-term, with grander long-term plans for both of our adjacent land holdings,” said Ross Pelligra, chairman of Pelligra Group.
50 Hindmarsh Square features full-height windows which maximise the view over the square, along with a recently refurbished lobby and lifts.
The asset also boasts 36 car spaces in its basement and a 5 Star NABERS Rating with energy-efficient LED lighting throughout the building.
“We continue to see strong value in the Adelaide commercial market and specifically in the precinct with ongoing demand for high quality office amenity within the CBD, particularly with ample carparking, which the precinct provides.
According to Savills, Ross Pelligra, alongside Pelligra Group’s Peter Dimitrious, Counsel & advisory property, development & acquisitions and Blake Soroka, assistant development manager, were integral to facilitating the deal.
