Hairdressers’ Co-op puts up Adelaide CBD asset on sale after six decades
The South Australia-based Hairdressers’ Co-operative Society Limited (Hair Co-op) has put its landmark Adelaide CBD property on the market after nearly seven decades.
The Hair Co-op bought the 237 Grote Street property in 1950 for £3,200 pounds, with the building’s official opening in March 1952 making headlines, according to a media release.
The property stands on a land area of 790 sqm and has a floor area of 757 sqm.
CBRE’s Will Brown, Ben Heritage and Harry Einarson have been appointed to sell the property through an expressions of interest campaign closing August 4.
“237 Grote Street is a CBD landmark and its sale unlocks an exciting opportunity to capitalise on its prime underlying real estate,” said Brown.
The sale decision comes in the wake of the group's decision to relocate its operations to a suburban location on the outskirts of the CBD.
The Hair Co-op was established in 1944 and is the only known Hair and Beauty Co-operative in the world. The Hair Co-op is a member-based organisation managed by a CEO and reporting to a board of member-directors.
Hair Co-op chief executive Victoria Lewis said the move marked a new direction for the group.
“At the centre of our plan is the creation of a larger, improved showroom and education centre to replace our city headquarters. The sale of Grote Street will enable us to strategically relocate, while also reinvesting capital back into the business,” she said.
The group has five wholesale outlets throughout Adelaide and services the needs of hair and beauty salons throughout South Australia and the Northern Territory.
The property is zoned Capital City allowing for development up to 53 metres subject to Council approval. It is expected to attract strong buyer interest.
The holding income from the property is $130,000 pa net.
