Could Anzac Highway’s Watermark Glenelg Hotel be transformed into a 12-storey apartment tower?
A SPRAWLING Adelaide pub in a prime beachside location is for sale — and its future could be more 12-storey residential living than beer, buffets and pokies.
THE Watermark Glenelg hotel is for sale, paving the way for a possible 12-storey residential development on the site.
The Elms family is selling the Anzac Highway hotel business and the 8395sq m of land it sits on.
The site has three street frontages, including 119m to Anzac Highway.
New zoning which came in last May allows up to 12 storeys on the block, which makes it attractive to developers and major hotel groups.
McGees Property Adelaide hotels and hospitality director Grant Clarke said the pub included 40 gaming machines, bars, alfresco areas, a modern 15-room motel and a drive-through bottle shop.
“Astute investors and developers will recognise the sound investment that the Watermark Glenelg represents,” Mr Clarke said.
“This is a substantial income from a well-established business with the exciting development potential of the massive freehold site.
“Opportunities such as this are rare, especially in this premium beachside precinct.”
There are also 137 parking spaces on-site.
Property Council SA executive director Daniel Gannon said appropriate zoning acted as a trigger to unlock land for investment that was previously off-limits.
“A new residential development at the Watermark site has the potential to be of great appeal to both developers and homeowners as Glenelg is Adelaide’s number one tourist destination and a great place to live,” Mr Gannon said.
“It will also inject much needed capital into the local community, which will support job creation and business growth.
“The property sector will always welcome and support new, innovative developments along main arterial roads like Anzac Highway, as it gives choice to homeowners and tenants and opens up investment opportunities outside of the CBD.”
Watermark Glenelg is for sale by expressions of interest, which close on June 9.