Interstate investors reel in site of Alberton BCF in $4.95 million off-market sale

Interstate investors, marking their first foray into the South Australian property market, have secured a prime retail asset in Alberton in a $4.95 million off-market sale.

CBRE agent Ned Looker managed the sale of 228-232 Port Road, a large prime corner allotment, securely leased to Super Retail Group (trading as BCF). The property was sold by a local private family looking to reinvest their capital in an active development they are managing.

The property was securely leased through to August 2029 with further options traded at a yield of 5.4%.

Mr Looker noted this acquisition marks just the second commercial transaction for these interstate investors but expects plenty more in the near future as they look to expand their impressive portfolio.

“The off-market sale of the BCF at Alberton underscores the continued strong appetite for premium-grade, large format retail assets with solid lease covenants,” Mr Looker said.

“The competitive tension we quickly generated helped drive a great result for our client. Our purchaser was able to gain long-term confidence in the performance of their investment with the ongoing development through Port Adelaide, as well as a rejuvenation and constant development taking place along the Port Road strip to accommodate the future higher traffic volumes,” Mr Looker added.