PROSPECT ROAD LIVES UP TO ITS NAME IN ADELAIDE MARKET

Written on the 26 September 2016

PROSPECT ROAD LIVES UP TO ITS NAME IN ADELAIDE MARKET

PROSPECT Road is becoming a boon for Adelaide's commercial market, with buyers flocking to the area.

Strong buyer demand has fuelled a number of transactions in the area, including the sale of an 836sqm commercial property at 113 Prospect Road for $1.7 million.

A private developer scooped the single-level building at auction, which is currently leased to St Bank until October 2018.

CBRE agents Ben Heritage and Will Brown managed the deal, continuing their success from another Prospect Road sale in May.

Heritage says a mix of developers and investors were attracted to the property's main road location and 18m of frontage.

"Following the success of 100 Prospect Road earlier in the year, we anticipated another strong result for this asset, which carried a lot of the same attributes," Heritage says.

"The auction attracted strong numbers with near on 50 people in attendance and 10 registered bidders, with an investor and developer fighting it out to the end."

Brown says the property provided an attractive opportunity in one of Adelaide's most sought after retail locations.

"While the sitting tenant had already vacated, the lease still provided good holding income until October 2018, providing time for the purchaser to sit back and strategically assess the best option for the property," Brown says.

"Given the recent auction results along Prospect Road, along with the new first-class cinema development by the Maras Group, there is a real buzz surrounding this strip of Prospect Road - and we expect this to continue well into the future."

 


Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter