Two adjoining properties located in Adelaide’s Chinatown precinct have hit the market after being owned by a single owner for more than 20 years.

Savills Australia’s Rob Williamson and Rino Carpinelli in conjunction with JLL’s Roger Klem and Jed Harley have been appointed to sell the two allotments via an expressions-of-interest campaign and are expecting to receive a circa figure of $20 million, with offers expected to come from local, interstate and offshore investors.

Both properties enjoy a southerly positioning across Gouger Street with a street frontage of 29.39 meters and a total site area of approximately 1,167sq m.

The hotel is leased to the Talbot Hotel Group whilst the restaurant property is leased to Trancent Pty Ltd which trades as Ba Guo Bu Yi Chinese Restaurant.

Together both properties generate approximately $680,244 per annum and Mr Williamson said the properties are perfectly poised for outstanding capital growth.

“Properties on this strip are very tightly held and opportunities in the heart of the precinct are seldom offered to the market for sale,” he said.

Located within one of the most vibrant retail hospitality precincts in South Australia, these two properties arguably display a perfect gateway to the Adelaide Central Market, a market that attracts more than 8.5 million visitors annually.

“Gouger Street and Grote Street will continue to develop as an active restaurant and shopping precinct which complements the liveliness of the Central Market and supports the retail, community, cultural and legal functions in this part of the city,” Mr Williamson said.

“The strength of the trade in the precinct has acted as the catalyst for the rejuvenation of the surrounding streets and lanes,” Mr Carpinelli said.

International expressions of interest close Thursday 13 September 2018.

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