Adelaide, 16 April 2015 – A local developer has acquired a prominent commercial property in Norwood for $2.3 million.
Located at 41-43 Kensington Road, the 1,204 sqm site is currently leased to Flex Physiotherapy and Murch Stationers with a net income of approximately $140,000.
CBRE’s William Brown negotiated the off market sale on behalf of Vendor Disinash Pty Ltd. The sale represented a yield of 6.01%.
Mr Brown said the buyer intended to utilise the existing building as commercial/medical accommodation and develop the rear of the property for medium density residential.
“The sale highlights the continued demand for commercial land holdings within the inner eastern suburbs of Adelaide, with limited opportunities resulting in stronger yields being achieved,” Mr Brown said.
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