Palms Serviced Apartments Listed for Sale
Adelaide – July 18, 2022 – City fringe 4-star serviced apartment building The Palms has been listed for sale for the first time, offering an attractive freehold investment opportunity in Adelaide.
The Kent Town property at 62 King William Street is a modern four-level building on a 1243sqm site area. The freestanding complex includes 42 one and two bedroom, spacious and self-contained apartments.
Since opening in 2017, the current owner has leased the asset to experienced family-owned serviced apartment operator Dress Circle Apartments, who manage high-quality apartment developments throughout Adelaide. The facilities include ground floor reception, spacious apartments, retail and café tenancy, 21 secure car parks and utility rooms on each floor.
CBRE’s Hotels Senior Director, Scott Callow has been appointed to manage the sale, with Expressions of Interested invited before August 25th.
“Kent Town is experiencing significant rejuvenation with a number of new developments, both residential and commercial, as well as the refurbishment of existing properties” Mr Callow said. “The Palms Service Apartments has potential for investors to add additional apartments on the rooftop or to sell down the individual leased apartments subject to the relevant council approvals.”