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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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.