Adelaide, 25 November 2015 – Adelaide’s CBD land holdings continue to be sought after investments, with the $3.5 million sale of a current CBD retail site the latest in a series of transactions across the city.
CBRE Metropolitan Investment Properties’ Will Brown and Ben Heritage negotiated the sale of the fully leased retail investment on behalf of Samwise Holdings Pty Ltd via an off market sales campaign. A private local investor acquired the property.
The sale price translates to a yield of 4.6% and land rate of $3,139psqm - a strong result which Mr Brown linked to continued buyer confidence in the Adelaide investment and development markets.
“With the new apartment market showing signs of healthy improvement, developers and speculative investors are acting quickly when quality sites such as 192-198 Wakefield Street are presented to them.”
The 1,115sqm site was sold with a secure 10 year lease (commencing December 2012) to AXS31 Pty Ltd trading as Midnight Pharmacy, which provides a stable income of approximately $162,000pa.
“This purchaser was attracted to the long term income the property brings and the future development potential this high profile corner site affords,” Mr Brown added.
For Australian/international news or global stories, follow us on Twitter.
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.