43-69 Sturt Street, Adelaide


Acting under instructions from the Receivers and Managers, JLL is pleased to offer for sale 43-69 Sturt Street, Adelaide, South Australia – a mixed use residential development site of approximately 7,418 square metres in total, available as a whole or in three smaller parcels from 1,816 square metres.

43-69 Sturt Street is located in Adelaide’s southern frame precinct between the South Park Lands and Adelaide Central Market, just west of King William Street. This mixed-use precinct in Adelaide’s CBD is one of the City’s most emerging with high levels of surrounding amenity and accessibility, and is poised to see a major increase in residential population as a result of a number of large scale residential developments recently completed..

43-69 Sturt Street is being formally offered for sale via an Expression of Interest campaign closing on Wednesday 10 May 2017 at 3pm Australian Central Standard Time (ACST).

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Sale Considerations

Bolstered by the exceptional location, exciting development approval and commencement of the site works, we anticipate strong interest from a range of mixed use developers.

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    Mixed-use residential site of 7,418sqm*, available as a whole or in three parcels from 1,816sqm

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    Existing DA for apartments, hotel, retail and commercial uses

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    Substantial site works commenced including excavation of multi-level basement and construction of lift shafts

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    Multiple street frontages including extensive exposure to Sturt Street and Gilbert Street

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    Exceptional amenity in a vibrant and fast-growing CBD precinct

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    Walking distance to major CBD attractions including Adelaide Central Market, Chinatown and the South Park Lands

*Approximate

The Location

43-69 Sturt Street is located in one of the most emerging mixed-use precincts in Adelaide.

The property is centrally located between two of Adelaide’s most popular attractions, the South Park Lands and Adelaide Central Market. These focal points are complemented by the significant surrounding amenity afforded by Adelaide City Central IGA supermarket, Gilbert Street Hotel, The Market Shed on Holland, Chinatown and Free City tram – all within a 5 minute walk.

Amenity


  • Adelaide Central Market
  • Kings Head Pub
  • Gilbert Street Hotel
  • Market Shed on Holland
  • Granger Street Restaurant Precinct
  • Chinatown
  • Market Shed on Holland
  • Free City Tram

Site Details

The site comprises approximately 7,418 square metres of land across two contiguous Certificates of Title. The site has been approved for subdivision to create three individual allotments as described below and depicted on the following plan:

Proposed Allotment 5002
1,0sqm
Corner of Gilbert Street and Norman Street
Proposed Allotment 5000
2,0sqm
Corner of Sturt Street and Norman Street
Proposed Allotment 5001
2,0sqm
Corner of Sturt Street and Meyer Street

The land is being offered as a whole or on the basis of the above subdivision (subject to the land division being completed).

Frontages


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    Sturt Street

    86.18 metres

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    Gilbert Street

    27.43 metres


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    Norman Street

    129.13 metres

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    Myers Street

    64.87 metres


Zoning

Zoning of the property is administered by the Adelaide City Council and lies within the Main Street (Adelaide) Zone. Within the development plan, the property is further defined as a ‘Catalyst site’ as its size is greater than 1,500 square metres.

The following extract from the development plan describes the desired character of catalyst sites:

“Catalyst sites provide opportunities for integrated developments on large sites to assist in the transformation of a locality. Such developments will facilitate growth in the residential population of the City, while also activating the public realm and creating a vibrant main street feel. A range of land uses will be provided that add to the range of local employment opportunities and the availability of services and shopping facilities within the main street.

Development on catalyst sites will exemplify quality and contemporary design that is generally greater in intensity than their surroundings. However, development will be designed to carefully manage the interface with sensitive uses in the City Living Zone, particularly with regard to massing and proportions, overshadowing, overlooking, traffic and noise related impacts.”

Development Approval

In June 2012 (and subsequently varied in August 2015) the Development Assessment Commission granted Development Plan Consent for the demolition of existing buildings and construction of a staged mixed use development across the site.

The land is being offered as a whole or on the basis of the above subdivision (subject to the land division being completed).

Internal Renders – Artist Impression

External Renders – Artist Impression

Hotel Market Overview

Adelaide City’s accommodation market has experienced growth in its key performance indicators in recent months.
Occupancy has increased by 3.2% to 77.5% resulting in ADR increase of 0.1% to $153. This has derived a RevPAR increase of 3.3% to $118 year-on-year August 2016.

15,0m
Visitor nights in 2015 for the international and domestic markets
10.0%
Growth in International market visitor nights in 2015
0%
Per annum domestic market growth over the past five years

Due Diligence

The following information will be made available to qualified buyers


CERTIFICATES OF TITLE

DEVELOPMENT PLAN EXTRACT
MAIN STREET (ADELAIDE) ZONE

DEVELOPMENT PLAN CONSENT, SUBDIVISION AND DEVELOPMENT APPLICATION DOCUMENTATION

SITE PLANS AND
ARCHITECT DESIGNS

DETAILS OF CURRENT SITE WORKS

ENVIRONMENT REPORTS


Bolstered by the exceptional location, exciting development approval and commencement of the site works, we anticipate strong interest from a range of mixed-use residential developers

Roger Klem, JLL

Sale Process


43-69 Sturt Street is being formally offered for sale via an Expression of Interest campaign closing on Wednesday 10 May 2017 at 3pm Australian Central Standard Time (ACST).

We look forward to your participation in this process.

Please contact exclusive selling agents JLL to arrange an inspection or for further information.

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Disclaimer

This material has been prepared in good faith with due care by Jones Lang LaSalle (SA) Pty Ltd and the Vendor (including their related bodies corporate), solely for the information of potential purchasers to assist them in deciding whether they are interested in the premises offered for sale by acquiring an interest in the managed investment scheme; the information does not form part of any offer or contract and is intended as a guide only; you should not rely on any material contained herein but should make independent investigations to satisfy yourselves as to the correctness of any statements or representations; all calculations, including, but not limited to dimensions, area and rent, contained in the material are based on figures provided to Jones Lang LaSalle (SA) Pty Ltd and the Vendor by outside sources and have not been independently verified by Jones Lang LaSalle (SA) Pty Ltd and the Vendor and therefore may not be correct; and no representation or warranty is made by Jones Lang LaSalle (SA) Pty Ltd or the Vendor as to the accuracy of the material, in whole or part. Except where otherwise provided all references to rent, income or price referred to in this material are GST exclusive. No liability for negligence or otherwise is assumed by Jones Lang LaSalle (SA) Pty Ltd and the Vendor, for the material contained herein. Any liability on the part of Jones Lang LaSalle (SA) Pty Ltd or the Vendor, their servants or agents for damages for any claim by a potential purchaser arising out of or in connection with this material, other than liability which is totally excluded by this clause, will not (whether or not such liability results from or involves negligence) exceed $1,000.00. The property will be traded or sold “as is” and “with all faults”, without any representation or warranty as to its condition, fitness for any particular purpose or compliance with any relevant law. The Vendor reserves the right, at its sole discretion, to postpone or cancel the proposed trade or sale of the property and to modify or add any terms and conditions to any proposed contract or other material associated with the proposed sale, which may be made available to a potential purchase.