The home of a well-known pharmacy in Adelaide’s eastern suburbs is being offered for sale.
Located at 150-152 Glynburn Road in Tranmere, the 163sqm property has been occupied by a pharmacy for more than 40 years and is a strong part of the local retail community.
The property is anchored by a new five-year lease (with further options available), with the current tenant undertaking a store refurbishment and rebranding over the coming months to align with the company’s strong national brand, Star Discount Chemist.
The property, which benefits from a high profile location along Glynburn Road, offers flexibility for a number of commercial uses, including offices, consulting rooms and retail showrooms.
CBRE’s Harry Einarson, who has been appointed to market the property, said its high profile location was expected to attract buyer interest.
“The property is in a premium eastern suburb location, which is expected to attract significant interest from a wide range of investors. Glynburn Road has always been a sought after area, offering some of the eastern suburbs’ best retail outlets as well as an affluent demographic of local residents,” Mr Einarson said.
“Leased to SPG Leasing Pty Ltd, the ownership group behind the national Star Discount Chemist brand, the tenant is part of a rapidly expanding group, which has almost 50 stores nationally and is continuing with strong growth plans.”
Ben Heritage said the property offered an attractive opportunity for investors looking to gain a foothold in the Adelaide market.
“This property represents an opportunity to take advantage of the upcoming reduction in stamp duty set down for the 1st of July,” Mr Heritage said.
“With interest rates at an all-time low and the costs of entry to market being reduced, conditions remain compelling for investors.”
The property is being offered for sale by public onsite auction July 7.
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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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
