Significant development site available in Adelaide’s Kent Town
Partially occupied building offering holding income and development potential
Adelaide, 30 October 2023 – A significant development site opportunity with functional improvements and holding income is being offered for sale in Adelaide’s tightly held inner suburb of Kent Town.
The property at 125-131 Rundle Street, Kent Town is being marketed by JLL’s Head of Capital Markets, Ben Parkinson, Director of Sales and Investments Jack O’Leary and Sales Executive Claudia Brace.
Mr Parkinson said the office building will appeal to a wide range of the market, from developers and land bankers to owner occupiers and investors.
“The property provides 1938 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,” he said.
The property comprises two Certificates of Title and is offered for sale ‘In One Line’. Both Titles are improved with updated, functional office and workshop space with a total building area of over 1200 sqm. The property also benefits from 40.24 metre dual street frontages to both Rundle Street and Little Rundle Street.
Mr O’Leary said: “Sites of this scale, location and amenity are highly sought after and provide an exceptional opportunity for development now or into the future.”
He said the property is zoned Urban Corridor (Main Street) with 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 attractive holding income, while part of the building is vacant providing ultimate flexibility.
Mr O’Leary added that the site is poised for residential development and would tap into South Australia’s strong annual population growth.
“South Australia is well positioned to attract new international migrants and interstate relocations, with the continued growth of employment sectors like Defence, Aerospace and Technology which require a growing labour force,” he said.
Sales Executive Claudia Brace said residential development would also help address the significant shortages in Adelaide’s residential market that has a rental vacancy rate of just 0.5% at September 2023.
JLL Research indicates that the Adelaide median unit prices for apartments have recorded the second strongest annual growth of all capital cities at 5.6% as at July 2023.
“With limited supply in the market, this continued demand and lack of supply is expected to continue.”
“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,” she said.
125 – 131 Rundle Street, Kent Town is offered for sale by Public Auction onsite at 11am Wednesday 22nd November 2023 (ACDT).
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.