This article is from the Australian Property Journal archive
A FREESTANDING retail shop in Adelaide's beachside suburb in Glenelg has changed hands for the first time in over 50 year, for $1.1 million, at an initial yield of 2.23%.
McGees Property director Simon Lambert sold the property at 74 Jetty Rd Glenelg via auction.
Lambert said it was the first time the property had been offered in over 50 years with well over a dozen interested parties lining for the auction.
The shop is currently tenanted by Hahndorf Gourmet at the Bay on a monthly tenancy. The prime position on the highly sought Jetty Rd retail precinct and rear street access were key selling features of the property.
“We received over 20 formal enquiries during the marketing campaign drawing significant interest from owner occupiers and investors alike,” McGees Property’s Rory Butterworth said.
“The result illustrated strong buyer confidence under competitive auction conditions and reinforced the current demand for quality properties when offered to the market,” Butterworth said.
Property Review
