Prominent Adelaide building home to restaurant and dance studio offering promising investment

The Adelaide property at 96-100 Grote St is on the market. Pic: CBRE.

A prominent corner site near Adelaide’s Chinatown precinct is on offer to investors.

The Grote St property at 96-100 Grote St, opposite the northern entrance to Moonta St, comprises 767sq m of building space on 1450sq m of land.

It is currently occupied by Tangritah Uyghur Restaurant and Star Academy dance studio, under lease agreements generating a net annual rental of close to $160,000.

CBRE negotiator Ned Looker said the property had already attracted strong interest from investors.

“The property is across the road from the ‘Market Square’ proposed redevelopment, which will offer the potential for growth in pedestrian and vehicular traffic in the future,” he said.

“You look at how much land and building is on offer in this sale and that is what underpins the value here.

“The tenancy mix offers complete flexibility for any purchaser, with the opportunity to expand the investment offering or buy and occupy it almost immediately.”

The property includes eight on-site carparks and has a Capital City zoning, allowing for development up to 53m. Expressions of interest close at 4pm on September 30.