A prominently located Ridgehaven corner site has recently hit the market, unlocking a prime commercial investment opportunity on one of Adelaide’s lively transport corridors.
Located at 21-23 Golden Grove Road, the 1,419sqm site offers strategic location approximately 14kms from the Adelaide CBD on the eastern side of Golden Grove Road. The site is positioned alongside a strong retail precinct, underpinned by the popular Pelican Plaza and a mix of retail shops, automotive showrooms and nearby residential developments.
The property benefits from improvements across two certificates of title totaling 658sqm. In addition, the land area of some 1,419sqm offers potential for future subdivision and development.
The site is being sold with secure lease to C.A.R. Mechanical Services, which has operated at 21-23 Golden Grove Road since 2009. The tenant is committed to a seven year lease (until March 2021), which provides a strong rental income of approximately $84,000 per annum.
CBRE’s Harry Einarson and Mitch Curnow have been appointed to negotiate the sale on behalf of Miel Enterprises Pty Ltd.
Mr Einarson said the site offers all of the fundamentals for a secure investment, including a strong established tenant, long term lease with options, future development upside and flexible existing improvements.
“These factors should encourage strong investor interest throughout the campaign, as both local and national groups more actively target the Adelaide market.”
“We anticipate the site’s high profile location, as well as the annual 5% rental increases which are well above CPI, will be key selling factors,” added Mr Curnow.
The property will be offered for sale via a public onsite auction on Wednesday, September 28 at 11am.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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
