Iconic live music venue Enigma Bar set to be bulldozed
The iconic Enigma Bar site on Hindley Street looks set to be transformed into high-rise accommodation after being listed for sale with price hopes of more than $10m.
An international hotel chain, government and private developers are among the “genuine
inquiries’’ for the Manera Building at 165-177 Hindley Street, said Adelaide Commercial Specialists founding director Michael Conley.
Mr Conley, who has fielded more than 50 inquiries about the property since it hit the market last week, said the site was able to be developed 53m, or about 13 storeys, high.
However, should the buyer put forward a housing proposal that contained 15 per cent affordable housing and ground floor retail space, there was scope under planning regulations to develop even higher, he said.
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The iconic Enigma Bar site on Hindley Street had been a popular live music venue for 24 years.
The venue closed in late 2023, with the owner citing increasing running costs and rising insurance premiums on the back of Covid behind the decision to close doors for good.
The commanding 1794sqm site, on the corner of Hindley and Morphett streets, presented an opportunity for developers to “think outside the box and produce something quite special’’, he said.
“That location is just streets away from the North Adelaide precinct, the biomedical precinct (Adelaide BioMed City) and the student (university) precinct,’’ Mr Conley said.
“It’s easy access to the (Adelaide) Oval, to the River (Torrens) precinct and the CBD.
“This is exciting. This is an opportunity to put up something more than just a glass box in the sky.
“We really want to activate this space, reinvent Hindley Street and have it be a place for great business and great living.’’
Mr Conley would not specify the level of government to express interest in the building but
did confirm there were “two different areas of government that have inquired’’ about the site.
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The iconic site could now be transformed into high rise accommodation.
More than 50 inquiries have already been received for the property.
Enigma Bar during happier days.
He said inquiries from those looking to develop student accommodation had also been received.
“There’s been a mixture (of inquiries),’’ Mr Conley said.
“Definitely residential (development inquiries) are probably one of the key ones.
“There’s been a luxury hotel (make contact) because they see that this is a fantastic opportunity (to develop hotel accommodation).
“It’s been a great level of inquiry with really probing questions about what can be achieved (on the site).’’
Mr Conley said several food outlets currently leasing a portion of the building provided a net annual income of about $385,000.
However, a deal securing a short-term lease for the area once occupied by the Enigma Bar was close to being signed, which would bring additional net income of up to $140,000 a year, he said.
That portion of the building has remained vacant since the popular live music institution closed in 2023 after operating for more than 24 years.
Expressions of interest for the sale close on Friday, May 16.
