Adelaide site with value-add and development potential

JLL is proud to exclusively present a significant retail/office investment with value-add and/or development upside at 141-157 O’Connell Street, North Adelaide.

Situated in North Adelaide, one of Adelaide’s most desirable suburbs, the building is located on O’Connell Street, one of the city’s premier high streets and just 2km from the Adelaide CBD.

Zoned City Main Street, the property offers a significant corner 1,547 sqm site with three street frontages including a 60m frontage to O’Connell Street, making it an exceptional opportunity for future residential development subject to council approval.

JLL Director - Sales and Investments Capital Markets – SA, Mr Jack O’Leary said North Adelaide is undergoing a modern renaissance with several new high-end residential developments either underway or recently completed, including Eighty Eight O’Connell and The Brougham Apartments.

“The property is improved with a two-level building that provides 1,677sqm* of lettable with tenants including a range of well-established cafes and restaurants on the ground floor, offices on the upper floor and car parks to the rear with a WALE of 3.74 years*.

“The property is 92.5% leased with 9 of the ten tenancies occupied, including all of the ground floor providing an attractive income for investors with an estimated fully leased income of $414,747p.a* and the ability to add value to capture income upside,” O’Leary said.

Well-connected to the CBD with convenient public transportation, the precinct is at the doorstep of Adelaide’s best attractions, including Adelaide Oval, Botanic Gardens, River Torrens, and more, making O'Connell Street a prime location for both residents and visitors to enjoy the best of what North Adelaide has to offer.

141-157 O’Connell Street is available for sale via Expressions of Interest, closing 4:00 pm (ACST) Tuesday 7th May 2024