Description

JLL is proud to exclusively present 401-409 King William Street, Adelaide, a rare opportunity to acquire a landmark heritage hospitality asset with exceptional redevelopment potential in Adelaide's evolving southern CBD precinct.

This iconic circa 1922 hotel operating as The Brecknock Hotel & Citi Zen Restaurant occupies an outstanding 1,010 sqm* corner site with an extraordinary 95.16 metres* of combined three-street frontages to King William Street (31.09m*), Gilbert Street (32.46m*), and Holland Street (32.61m*).

The property is 100% leased and generating valuable holding income of $325,000 per annum plus GST with lease expiring 30 June 2029.

Substantially refurbished in 2012 at significant cost, the property features the acclaimed Citi Zen Restaurant and traditional Brecknock Bar, complete with a General & Hotel Licence for 350 persons with extended trading authorisation. The ground floor comprises 905 sqm* of quality hospitality space, with upper level accommodation (440 sqm*) and cellar (64 sqm*).

Located on Adelaide's premier North-South thoroughfare with tram access, the property sits adjacent to the 27-storey Vue residential tower and is surrounded by major recent developments including The Wave and The Edge office buildings. The southern CBD precinct has experienced transformational growth with substantial residential, commercial, and mixed-use developments.

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Attributes

Building area net

15,166 sf

Land area gross

10,872 sf

Occupancy

100%

Media

Investment Highlights

Capital City zoning permits development to 53 metres (stnc)* with a minimum building height of 27 metres, opening up a range of residential, hotel, commercial, or mixed-use outcomes. The main hotel building holds Local Heritage status with the City of Adelaide, adding prestige while maintaining substantial development flexibility.

This exceptional opportunity appeals to developers seeking a premium CBD site, investors attracted to character hospitality assets with redevelopment upside, hotel operators, and owner-occupiers seeking a landmark presence. The combination of heritage character, three-street frontage, generous site area, operating licence, holding income, and strategic location creates a truly unique offering rarely available in the Adelaide market.

For sale by Expression of Interest closing Wednesday 29 July at 2pm (ACST).