This article is from the Australian Property Journal archive
A LOCAL private investor has acquired a two level commercial office building in the popular Greenhill Road precinct for $9.03 million.
CB Richard Ellis’ Philip Rundle and Alistair Laycock steered the sales campaign on behalf of a private Adelaide based company.
The Wayville building located at 60 Greenhill Road is fully leased with an annual net income of approximately $690,000. The building is 77% leased to the SA State Government with Thornton Group occupying the remainder of the space.
Rundle said the building’s prime location and steady income stream had made the offering attractive to investors.
“The strong yield of 7.6% achieved through the sale is unsurprising given the recent buyer enquiry and transactions in this precinct.
“Purchasers are starting to see future value in Greenhill Road for higher density residential potential in the medium to long term in line in line with the Greater Adelaide 30 year plan,” he added.
Rundle said the buyer could enjoy the benefits of the location whilst looking to the future, with the increasing popularity of medium density residential space close to the CBD providing the potential for a rise in land values.
The property offers a letttable area of 2,923 sqm with 74 undercroft and ground level car parks. It is approximately 3km south of the Adelaide CBD.
Australian Property Journal
