This article is from the Australian Property Journal archive
AN office building on one of Adelaide’s busiest suburban roads has sold before auction for $1.2 million, according to agent Colliers International.
Executive Oliver Totani said the property, 287 Payneham Road Royston Park just 4.5km north east of Adelaide CBD, was able to achieve a price which met the expectations of the vendor.
“The sale at circa $4,095 sqm is well above the benchmark for A Grade properties along the city Fringe and whilst this provides a boost to confidence levels, it simply confirms that this strip of Payneham Road is highly regarded as a commercial property address.
“It’s also the first time the property had been offered to the market and given the large land holding on offer we knew it was an appealing investment option but in the end it has was acquired by national company looking to relocate their Adelaide headquarters,” he added.
The property was offered with vacant possession, the current tenancy expires on September 30. It comprises a Torrens Titled building of approximately 293 sqm on a site area of approximately 1,300 sqm.
Australian Property Journal
