The latest research from Adelaide Cityscope shows that commercial property sales in Adelaide have decreased in total value for the quarter to April 2019. The latest quarter shows total sales figures of $111.1 million from 15 sales, compared to the $125.9 million from 21 sales in the quarter to January 2019, and $262.4 million from 12 sales in the quarter to October 2018.
The year to April 2019 shows total sales of $781.2 million from 65 sales, an increase from the previous year, which had $598.5 million from 63 sales.
The table below shows sales recorded for the past eight updates of Adelaide Cityscope.
Notable sales in the April 2019 update of Adelaide Cityscope include:
- Adabco Boutique Hotel at 219-223 Wakefield Street
A 3-storey brick building with a stone facade built in 1896 with a more recent 3 and 4-storey brick extension to the rear, both converted into hotel accommodation in 2007 with internal and external alterations made to the value of $2 million and the Mayfair Hotel at 45 King William Street, a 170-suite hotel with ground floor retail and commercial space which was built in 1935 and refurbished and converted from an office building in 2015, which sold together for approximately $99 million;
- 270-274 Rundle Street
A 2-storey building with basement, refurbished after a fire in 2001, which was sold for $4.55 million through Raptis Real Estate and
- Unit 35 at East End Astoria, 19-21 Vardon Avenue
A large retail space of 314 sqm to the west end of the four-level serviced apartment hotel, which was sold for $1.7 million through Knight Frank Adelaide.
Properties for sale in the April 2019 update of Adelaide Cityscope include:
- Grenfell Centre at 25 Grenfell Street
Locally known as the Black Stump, a 26-level office building comprising a retail plaza level (lower ground), ground, basement, and 23 office floors and a net lettable area of 25,244 sqm, which is for sale through Knight Frank Adelaide and JLL Adelaide;
- M1 Centre, 195 North Terrace
Comprising retail space on ground floor, 9 levels of offices and two penthouse apartments; built in 1962 and refurbished in 1984 and 1995, which is for sale through JLL Adelaide and
- The Red Cross Blood Centre at 299-309 Pirie Street
Two linked buildings; 3 storeys to Pirie Street, 2 storeys to the rear with parking space on paved vacant land and under sections of the buildings' first level for 36 cars, which is for sale through CBRE Adelaide.
Leasing opportunities in the April 2019 update of Adelaide Cityscope include:
- Iron Road House at 24-36 Currie Street
An 11-level office building, formerly the Telstra Centre, completed 1992, which has office space ranging from 300 to 4,500 sqm available through Knight Frank Adelaide;
- 61-63 Hindley Street
A 3-level building, which has retail space of 1,550 sqm suitable as a restaurant or entertainment venue available through Polites Property and
- Ernst & Young Building at 121 King William Street
An A-grade 12-storey office tower with two levels of basement car parking for 55 cars, retail on the ground floor and offices on the upper levels, which has office space ranging from 321 to 3,351 sqm available through JLL Adelaide and Colliers International.