Hines Property 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.
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, 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 in its portfolio including the upscale Crowne Plaza Adelaide Hotel and the premium economy Ibis Adelaide Hotel.