Colliers’ Tom Barrett and Paul Tierney have been appointed to sell a high-profile industrial asset in an inner-west South Australian location expecting it to fetch more than $4 million.
The Adelaide property comprises a versatile office/warehouse facility of almost 1329 sqm on a 3788 sqm allotment with a frontage to Richmond Road, offering convenient access to some of the city’s major central arterial roads, including South Road and Marion Road with rear access to the site via a service road.
“The property presents an opportunity to occupy, invest or develop a high-profile site within minutes of the Adelaide CBD and airport,” says Colliers Director Tom Barrett.
“We expect interest from a range of buyers, especially occupiers affected by the nearby compulsory acquisition for the South Road upgrades.”
He notes Adelaide’s tightly held western industrial market has limited sales opportunities, and with versatile Employment zoning, this particular property provides a valuable development upside.
Colliers says the asset is generating a short-term income of $180,999 (gross) plus GST, leased to Casket CO, until December 31, 2023, with a further three-month option.
257-259 Richmond Road, Richmond, is being offered for sale by Expression of Interest, closing Wednesday October 18 at 12pm (ACDT).
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