- The Scouts SA properties were located at 211 Glen Osmond Road and 9 Avenue Road
- An Albert Park development opportunity has hit the market
- Houses in the suburb are floating around the $700K mark
A 1.6-hectare redevelopment site in Adelaide’s Albert Park has come to market, and Scouts SA has strategically divested their Frewville holdings.
Frewville offices sold
Two titles in Adelaide’s inner southeast have been sold for a total value of more than $4.75 million.
Located at 211 Glen Osmond Road and 9 Avenue Road in Frewville, the properties were sold in three parts by Scouts SA to a mixture of owner-occupiers and investors.
The sale of the vacant asset, which consists of a two-level office building with 712sq m of net lettable area on a 1,111sq m site with rear onsite parking from Avenue Road, was negotiated by Oliver Totani and Jack Dyson of Knight Frank.
Mr Totani said Scouts SA needed to strategically divest their Frewville holdings to upscale their office accommodation.
“The sheer rarity of the offering, particularly in terms of its positioning, attracted investors, owner occupiers and developers alike, as land buildings of this nature, on Glen Osmond Road’s Golden Mile, are rarely offered to the open market.
“This opportunity presented several options for the incoming buyer, including a reposition of the existing improvements, a full redevelopment of the site or a refurbishment for an owner occupier.
“The dual frontage site is spread across two titles allowing for subdivision opportunities and has flexible zoning with potential uses being retail, consulting and office.
“The incoming owner will give new life to the existing buildings, only adding further to the overall precinct.”
Development opportunity northwest of Adelaide
A rezoned site in Albert Park has been listed for sale, offering the opportunity to re-develop into Adelaide’s resilient residential market.
24-30 Murray Street consists of 1.6 hectares of land across 14 existing allotments and five certificate of titles. It has been rezoned to Housing Diversity Neighborhood allowing for a wide range of medium density residential opportunities.
The site has easy access to Port Road, is within walking distance to Albert Park train station, and a five-minute drive to the West Lakes retail precinct.
CBRE’s Anthony De Palma and Harry Einarson are managing the sale via an Expression of Interest Campaign closing March 30 2023.
“The zoning change positively impacts the value and will attract a series of residential and mixed-use developers,” Mr De Palma said.
“With no stamp duty applicable to the sale price and existing short-term holding income, the opportunity allows developers to stage their development and plans with this site whilst having minimal holding costs.”
Mr Einarson added, “With minimal opportunities currently available on the market and a shortage of residential properties for sale or rent, Albert Park is a great opportunity to provide a solution to developers and end users for the inner west precinct.”
Asking prices for the postcode 5014, which includes Albert Park, have been floating around $700,000 for houses, and almost $400,000 for units.
Asking property prices for 5014, incl Albert Park
