PROSPECT ROAD LIVES UP TO ITS NAME IN ADELAIDE MARKET
Written on the 26 September 2016
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."