Colliers' Jordan Schmidt, Alistair Mackie and Rhys Newman are, under instructions from KPMG as Receivers and Managers, bringing a six-level residential property to the market located in Adelaide's vibrant inner-city precinct, Bowden.
Completed in 2019, the six-level building comprises 31 residential units with a mix of one, two and three-bedroom configurations, sitting on one certificate of title, with additional basement car parking for 32 vehicles sitting on an 829 sqm* block of land. The building is currently at 87% occupancy, with 27 long-standing tenants and four fully furnished vacant apartments previously used for Airbnb.
Colliers Head of Investment Services, Jordan Schmidt, said, "The building presents a fantastic opportunity to unlock further value through a range of options including short-term accommodation, self-manage the building to reduce operating costs or individually community title the apartments and sell down to capitalise on high rental demand in Adelaide (STCA)."
Bowden is a thriving precinct and home to some of Adelaide's most popular cosmopolitan hospitality offerings, including cafes, restaurants, wine bars, and microbreweries, just 2.5km from the Adelaide CBD. The vibrant area also benefits from accessible public transport infrastructure, including tram, train and bus networks.
The Bowden precinct serves as a model for urban renewal and inner city living as the State Government's first higher-density urban infill project, with strategic and significant infrastructure spending over the past 20 years, has been forging Adelaide and South Australia's economy into industries of the future.
The northern Adelaide and Bowden precincts have been the primary beneficiaries of the infrastructure spending, with a more recent focus on the Bio-Med precinct to the West, the Innovation and Entrepreneur precinct at Lot Fourteen to the East and the Entertainment precinct to the Centre.
Rhys Newman, Associate Director of Colliers Investment Services, said, "With a resilient and diverse economy, growing innovation sector and affordable cost of living, Adelaide has cemented itself as an exciting destination for investment with one of the highest occupancy rates globally.
"Residential accommodation has been a significant benefactor of the resilient Adelaide market, shining a national spotlight on the city and attracting unprecedented interest from commercial and residential investors nationally."
1-13 Sixth Street, Bowden, South Australia, is offered for sale by National Expressions of Interest, closing Thursday, 23 November 2023 at 12 pm (ACDT).