Historic building in a popular Port Adelaide precinct offering investment opportunity

3-5 Divett Street, Port Adelaide. Pic: realcommercial

Investors looking for a property that will allow them to drink in the benefits of Port Adelaide’s revitalised commercial precinct will be on ‘cloud wine’ when they see this one.

The historic Bluestone building at 3 to 5 Divett Street, which currently serves as a wine and cocktail bar, has hit the market with a $1.2 million price tag.

Built in circa 1890, the property has been home to several businesses over the years, including A.E. Sawtell Jeweller and a Chinese restaurant.

3-5 Divett Street, Port Adelaide. Pic: realcommercial

3-5 Divett Street, Port Adelaide. Pic: realcommercial

Selling agent Vaughan Martin, of McLachlan and Martin, said it was currently leased by the owners of the wine and cocktail bar Korked, who were keen to stay.

“It’s currently tenanted and there’s a renewal option for a further five years,” he said.

“It’s in a premium spot for the sort of licenced restaurant or wine bar business (and) it’s only one block back from the riverfront.”

The wine bar is on the ground floor of the two-storey building, with a north-facing courtyard at the rear, while the second level Mr Martin said could be used as an apartment-style residence.

It also has rear access from Lighthouse Laneway to a garage.

3-5 Divett Street, Port Adelaide. Pic: realcommercial

3-5 Divett Street, Port Adelaide. Pic: realcommercial

He expected interest in the property would come from right across the country.

“I think two thirds of it will be locals and a third from interstate – a lot of people are turning to real estate at the moment because the money in the bank isn’t earning any interest,” he said.

“There’s a lot of outside interest in the Port now.

“It was slow going … 10 years ago but the last three to five years a lot of outside interest is focusing on the Port now.”