Sfera’s Park Suites and Convention Centre in Modbury listed for sale
Sfera’s Park Suites & Convention Centre, at 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
It’s long been regarded as the sparkling jewel of Adelaide’s northeast, known for lavish weddings, opulent Christmas parties and deluxe spa suites.
But after almost 25 years of operation, Sfera’s Park Suites and Convention Centre in Modbury could face the wrecking ball, with the landmark property at 191 Reservoir Rd listed for sale.
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Sfera’s Park Suites & Convention Centre, 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
Sfera’s Park Suites & Convention Centre, 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
Sfera’s Park Suites & Convention Centre, 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
Selling agent Ben Parkinson, of JLL Adelaide, said the property’s commanding 5725sq m corner positioning had already caught the attention of a diverse range of buyers, including a number of major housing developers.
“Given the highly visible aspect and Parkside location, we are expecting significant interest from those looking to capitalise on the Build to Rent sector or to address the housing shortage in South Australia with residential vacancy currently running at 0.5 per cent,” he said.
“Sites like this rarely come up for sale in locations that offer amenity, outlook and shopping convenience central to the catchment.
“For this reason, we expect interest from residential and commercial developers, the BTR sector and faith-based organisations.”
Sfera’s Park Suites & Convention Centre, 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
Sfera’s Park Suites & Convention Centre, 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
Sfera’s Park Suites & Convention Centre, 191 Reservoir Road, Modbury. Pics: realcommercial.com.au
Mr Parkinson said pending council consent, future development could see the construction of mid-rise apartments.
However, he said there was also scope to expand on existing facilities, such as adding further guest rooms.
A major renovation on the property was finished last year, with the multi-use business now featuring five state-of-the-art function and event rooms, food and beverage facilities and 22 luxuriously appointed accommodation suites.
“Designers are thinking up to five levels could be added (to the property), so the alternative use of the site is really good,” Mr Parkinson said.
“Of course, the convention centre market, there’s a niche for that too, but the truth is that the underlying value of the land is probably as good as the freehold concerned.
“That said, some of the existing improvements are heritage listed, that includes the bar portion which used to be an old schoolhouse, so that would have to be incorporated into any new development.
“We’ll all be watching very keenly to see what the future of the site holds, whether it continues as a convention and function centre or whether someone takes advantage of the planning to build it up and create something for the next generation to enjoy.”
Expression of interest closes May 22. There is no price guide.
