Alocal investor has snapped up a fully-leased Ridgehaven commercial site in a deal valued at $1,150,000.
CBRE’s Mitch Curnow and Harry Einarson negotiated the sale of 1,419sqm property, which is located at 21-23 Golden Grove Road in the coveted north east suburb of Ridgehaven.
The site features two freestanding commercial buildings with a total area of 658sqm, substantial combined frontage of over 70 metres to Golden Grove Road and Dewer Avenue, and prominent location on the eastern side of Golden Grove only 14kms from the Adelaide CBD.
The site was sold with a seven-year lease to well established local business C.A.R Mechanical Services Pty Ltd (concluding March 2021), providing a secure annual net annual income of approximately $84,000. The tenant is currently utilising both structures, however in the past the buildings have been leased as two separate tenancies - providing great flexibility for the purchaser.
The sale price represented a yield of 7.31% and a rate of $820 per sqm – a strong result Mr Curnow linked to continued investor confidence in the South Australian commercial market.
“This property provides a high quality investment opportunity, underpinned by positive fundamentals including favourable location and secure long term lease to an established local business.”
The sale was negotiated via a public auction and sold under the hammer.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia 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.