Palumbo Group Set to Redevelop Adelaide Office Space

Adelaide's 185 Pirie Street is set to be redeveloped as boutique offices after being acquired by The Palumbo Group.

Located in the prominent Hindmarsh Square precinct, the 8 level development will feature an impressive glass frontage design, strong ESD initiatives, on-site parking for 15 car parks and a cafe on the ground level.

CBRE's Michael Pfitzner said the site's strategic position in the heart of Adelaide's best and most progressive business precinct would be a key selling factor.

"Since 2005 the major developments in the area have had floorplans of 1000sqm plus, therefore this development is unique in giving tenants who need 700-800sqm the opportunity to secure brand new quality office space," Mr Pfitzner said.

Mr Pfitzner further said: "It's not often that signage opportunities become available and 185 Pirie Street offers tenants this opportunity."The Palumbo Group has been responsible for hundreds of projects for State and Federal Government departments along with numerous private clients in South Australia.

Construction on the site is set to commence mid 2015 with construction to take 12-14 months.

"With the prime market tightening due to a lack of contiguous high quality space, 185 Pirie Street will appeal to those tenants seeking to upgrade their office accommodation and occupy brand new office accomodation," Mr Pfitzner said.