Adelaide's largest hotel owner acquires prime Rundle Street site
A prime 1,800sqm site on Rundle Street in Adelaide’s popular East End has been acquired off-market by Hines Property for $5.5 million.
The site incorporates 274A and 292 Rundle Street and is situated directly adjacent Palace Nova Cinemas’ EziMax building (east of Cinema Place) and behind existing retail outlets along Rundle Street from T2 to Taj Tandoor.
The site is currently tenanted by Palace Nova Cinemas, which operates six of its 10 Adelaide cinemas from the acquired building. Palace Nova Cinemas will continue to lease the building from Hines Property.
James Hines, Managing Director of Hines Property which is Adelaide’s largest hotel owner, says the property has enormous future development potential due to its size and location.
“Hines Property has invested heavily in the Adelaide market over the past decade and we’re always on the lookout for new opportunities,” said Mr Hines.
“We’re really pleased to secure such a prominent site between Adelaide’s cultural boulevard of North Terrace and the vibrant café and retail strip of Rundle Street.
“Ultimately, the property represented an excellent opportunity for Hines Property to acquire another prime future development site with medium-term holding income.”
The transaction was negotiated off-market between Harmony Property Syndication and Hines Property.
Established in 2003, Hines Property is a privately-owned property group focusing on high-rise residential, office, hotel and mixed-use development projects. It has been responsible for over $350 million worth of high-rise developments in the Adelaide CBD, including three major hotel developments and multiple apartment towers incorporating more than 400 apartments.
Hines Property is also now the largest owner of hotel accommodation in Adelaide, with more than 600 hotel rooms incorporating the upscale Crowne Plaza Adelaide Hotel and the premium economy Ibis Adelaide Hotel. For more information, visit www.hinesproperty.com.au.
FURTHER INFORMATION: Please contact
James Hines on 0418 829 877 or jdhines@hinesproperty.com.au
ISSUED BY HUGHES PUBLIC RELATIONS: Please contact
Tim Hughes on 0417 788 891 or tim@hughespr.com.au
Recent News
- SA tourism giants join forces on first day of forecast bumper summer season
- Adelaide Airport named Capital City Airport of the Year
- TikTok sensation Homeboy opens city café, supported by Renew Adelaide
- CH4 Global to attend Australia’s premier investment event
- $250 million Forestville project launch
- National Pharmacies recognises suppliers at 25th annual Supplier Awards
- Australian climate change leader Prof Tim Flannery to headline international seaweed conference debuting in Australia next March
- Yugo partners with RMIT to offer six Accommodation Support Scholarships
- Utopia Care wins national award for NDIS service provision excellence
- Adelaide welcomes back Emirates
- Two more Black Hawks delivered for Aerotech’s firefighting fleet
- Whole Asparagopsis seaweed much more effective than bromoform alone in reducing cattle methane emissions, study finds
- Helping Hand partners with Port Augusta Technical College to offer career opportunities in Spencer Gulf cities
- SA’s iconic Popeye to launch its second Ramsay Art Boat
- Hutt St Centre sees record annual demand as it marks World Homeless Day
- Guide Dogs Names Top South Australian Accessibility Advocates
- Pride advice acquisitions lead to growth
- Giving back brings rewards for talented international student of the year
- Blog: When did you last check your company’s digital health?
- National Pharmacies welcomes expanding scope of practice for pharmacists in SA