CBRE Capital Markets is thrilled to be favored with instructions for the sale of 215 Grote Street, Adelaide currently under a long-term lease to Early Settler. 215 Grote Street is exceptionally well-situated to the West of the Adelaide CBD, in an established commercial precinct in very close proximity to Chinatown, Adelaide Central Markets, West Terrace & just 900m* from the Adelaide BioMedical Precinct.
Underpinning the exceptional location is the underlying land value with a total site area of 2,787sqm* within a flexible zoning. The building consists of multiple levels with varied improvements including showroom, offices, warehousing & café.
We further highlight the below key features of the property that is the perfect definition of an ‘invest now, develop later’ property:
• Net rental of $580,117pa*
• Leased to ESR Group Holdings Pty Ltd trading as Early Settler with over 50 stores across Australia & New Zealand
• 215 Grote Street is Early Settler's flagship South Australian store, where they have been in occupation for 32 years
• 7-year lease term expiring 31st October 2026 with further 5-year option
• Site area of 2,787sqm* and GLA of 3,182sqm*
• Flexible Capital City zoning in the west end of Adelaide CBD allowing development up to 53m*
• Two Certificates of Title with three street frontages
• CPI rental increases annually
• Redevelopment Clause within the lease with 18-month notice period
• Tenant pays all outgoings including Land Tax on a single-holding basis
For Sale via Expression of Interest closing Thursday 24th November 2022 at 4:00pm
Please contact the sole marketing agents with any other questions:
Harry Einarson: +61 421 747 442
Mitch Curnow: +61 415 494 056
Ned Looker: +61 448 689 573
*Approx
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