This article is from the Australian Property Journal archive
A FULLY leased shop located on one of Adelaide’s leading retail strips has sold for $780,000.
Colliers International sold the property at 13 O’Connell Street North Adelaide, achieving an approximate yield of 7.0%.
Executive Oliver Totani said the interest from prospective purchasers was really encouraging but in the end the offer that was put forward by a local private investor was extremely attractive to the vendor.
“North Adelaide has certainly established itself as a high street retail precinct and because few investment opportunities are released to the market we knew that we were going to get strong enquiry on it.
“The property definitely has long term investment appeal and its position on one of Adelaide’s premier high street retail streets was key to attracting a number of different investors,” he added.
Situated on the western side of O’Connell Street, the offering comprises a well presented ground floor retail premises of approximately 92 sqm. It is fully leased on a long term lease with an estimated net income of $55,320 per annum.
Australian Property Journal
