Pick up and run with half-finished Port Adelaide apartment block

A partially-complete apartment block in a landmark Port Adelaide building is offering buyers a ready-to-go development project or investment opportunity.

The four-storey former Port Adelaide Institute building at 135 St Vincent St is already a work in progress, with six boutique apartments and a rooftop under construction.

The building, which was built in 1959, was previously used as a nautical museum and then the Port Adelaide Public Library.

Each apartment has two bedrooms, a bathroom and an open-plan kitchen, dining and living area, which extends onto a balcony.

The apartment complex is in the heart of historic Port Adelaide.

An open-plan kitchen, dining and living area.

There is also a lift and a car stacker, which will hold six cars – one for each apartment – included in the sale, but both will need to be installed.

The apartments will also need to be Community titled.

Selling agent George Kargiotis, of Ray White Norwood, says the development is about “three-quarters of the way through”.

The central staircase, and there’s also a lift.

“An opportunity has arisen interstate for the developer and he needs to sell to use the money over there,” he says.

“He bought it (the building) about five years ago and has been going at it for about two years as a side project.”

In 2005, News Corp reported that property developer Michael Mangos had lodged plans with Port Adelaide Enfield Council, Transport SA and Heritage SA to complete a revamp of the building, which has been vacant for more than 15 years.

Entertain in style on this rooftop terrace.

Kargiotis says a rare opportunity now presents itself for another developer or investor to come on board and complete the build.

Once finished, he estimates each apartment, which is between 90sqm to 100sqm in size, will be worth around $400,000.

“It can be finished the way you want, or there is a builder that has all the plans to finish it turnkey and he’s happy to finish it off,” Mr Kargiotis says.

“This is a fantastic opportunity right in the heart of Port Adelaide, which is undergoing rejuvenation.

The ground floor.

“It’s very different to other wharf developments … this one here is in a historic Port Adelaide building that has a rich history.”

Kargiotis says it is an ideal opportunity for self-funded retirees or developers and says that’s where the majority of inquiries have been coming from.

“Some people are looking to hold onto them for self-funded super, others are looking to finish them and sell them off, and others are looking long term and plan to hold on to some and sell some,” he says.

The property is being auctioned on Wednesday, May 20, at 11am.