The family behind the Marcellina’s pizza franchise is looking to capitalise on recent planning reforms, testing the market with a development site located opposite its flagship pizzeria on Hindley St.
Located at the western end of the iconic strip, the 1325sq m site at 296 and 298 Hindley St is currently used by a car park operator under a lease that generates $163,000 a year and includes a three-month redevelopment clause.
Offers of around $7500sqm are expected.
MORE: Property with grim past no one wants
296-298 Hindley St, Adelaide. Picture: Supplied by Cushman & Wakefield
296-298 Hindley St, Adelaide. Picture: Supplied by Cushman & Wakefield
Cushman & Wakefield’s Anton Williams said the site was located in a segment of Hindley St that was emerging as a major education and innovation corridor.
“This is a genuine inflection point for the West End,” he said.
“You’ve got a large, clean site with dual activation to Hindley and Rose streets, holding income in place and, importantly, newly expanded height controls that materially improve feasibility. That combination is rare.”
A 60m height limit currently applies for the site, which is expected to attract interest from apartment, student accommodation, build-to-rent and mixed-use developers.
MORE: Student tower site’s sale price revealed ahead of $400m build
296-298 Hindley St, Adelaide. Picture: Supplied by Cushman & Wakefield
296-298 Hindley St, Adelaide. Picture: Supplied by Cushman & Wakefield
“The site sits between UniSA West, the newly merged Adelaide University, TAFE SA and the biomedical precinct,” Mr Williams said.
“That concentration of students, researchers and health workers creates deep accommodation demand.
“Under the 60m framework, both PBSA (purpose-built student accommodation) and residential schemes are stacking up.
“Large parcels in the West End are increasingly scarce.
“The planning reforms have acted as a catalyst for increased site efficiency and consequently precinct activation, providing developers greater confidence around end value.”
Expressions of interest close on March 18.