depends....
if you address is for your own parochial needs then wrapping all lines of the address may make sense. however soem addresses are structured.
for soem bizzaire reason the UK addresses are potentailly horrendously complex for non UK developers, the each line has a specific meaning (eg post town, county (think state for US) etc...
wrapping these elements into one line doesn't help if you need to access your customer / supplier by these attributes. Although the postcode does contain geograpihical information its doens't neccesarily map to geopolicital areas. the 1st 2 digits of the post code identify the location of the major post office sorting station which could be local, it could be many many miles away in a different country.
Irrespective of how information is presented, invariably I store an address as 5 lines plus a post code, depending on the application I may expressly identify lines 4 & 5 as county/state & country. line 3 as town, line 2 is optional (some addresses are name line 1, road line 2, some are name & number line 1.
in short, yes you can compress addresses into one column, but you are potetnially throwing away valid inforamtion which may be needed later. if you know that you will never need such details then by all means store it as a single varchar block. however you can hit problems if you data is being represented on multiple platforms (eg a web interface or internal app.) there can be differences in how a new line is interpreted (some use linefeed, some CR + LF, etc.... if you store the lines as individual elements then you can provide whatever method of new line seperation you require.