This article is from the Australian Property Journal archive
THE former Mitsubishi car dealership at St Marys, 9km from the Adelaide CBD has sold after auction for $1.21 million on a yield of 8.20%.
Located at 1297-1299 South Rd St Marys, the property was sold by Colliers International executive of investment services Oliver Totani.
Totani said this segment of South Rd has increased in popularity in recent times and is fast becoming one of the most tightly held commercial precincts in Adelaide.
“South Rd has been targeted for major infrastructure improvements and although it is already one of Adelaide’s major corridors, it will continue to benefit from future infrastructure improvements, in particular Adelaide’s north-south corridor which incorporates the South Rd Superway,” he added.
Totani said the property is fully leased to Rainwise Pty Ltd on a long term lease and provides significant future development potential (STCA).
“Longer term, the existing building could be refurbished or the site redeveloped entirely (STCA), allowing for it to be repositioned to meet the demand requirements of the growing number of businesses that seek to be in this area.
“The property was purchased by a private investor,” he concluded.
Australian Property Journal
