Adelaide, 06 June 2016 – A heritage listed retail and residential building in Norwood has sold under the hammer for $565,000 – well above initial expectations.
CBRE’s Mitch Curnow and Harry Einarson negotiated the sale of 38 Charles Street, which houses the Charles Street Deli and a private dwelling.
Based on the current income, the sale price translates to a tight yield of 3.98%.
“We received around 60 enquiries and had seven registered bidders on the day,” Mr Curnow said.
“Four individuals contested the auction, with a private local investor securing the property. The final price represented an exceptional result, well above expectations, underpinned by the fantastic Norwood location.”
The property has a site area of 381sqm, with the sale price translating to a land rate of $1,482.94/sqm.
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