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.
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 2015 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.