Adelaide, 05 November 2015 – DBRB Investments Pty Ltd has snapped up a prominent eastern suburbs corner site in Maylands for $3.5 million.
The sale of the 4,200sqm site, located at the corner of Magill Road and Portrush Road, was negotiated by CBRE’s Will Brown and Ben Heritage on behalf of Mulgunya Pty Ltd and Brown Falconer Services Pty Ltd. The sale was the result of Brown Falconer Architects relocating to 28 Chesser Street, Adelaide after 40 years occupying 255 Magill Road, Maylands.
The site features local commercial zoning, combined frontage of 128 metres to Portrush and Magill Roads, and improvements to two converted offices of 607sqm and 322sqm.
Mr Brown said DBRB Investments are seeking expressions of interest for proposed uses on the site.
“The site fits the buyers geographic requirements within one of Adelaide’s most popular residential locations and with direct access to major arterial roads, close proximity Adelaide’s best private schools and a short distance to the busy retail precinct of Norwood Parade.”
The property was sold following a short on market campaign.
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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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.