A retail strip in the Adelaide’s outer north attracted in excess of 130 enquiries before selling under the hammer for $3.155m through managing and selling agents, LJ Hooker Commercial Adelaide.Multiple active bidders pushed the auction result well above reserve with the sale price reflecting a passing yield of 4.64% for the multi-tenanted asset on high-traffic Main North Road in Pooraka.The retail strip, set on a 1,908 sqm allotment, offers underlying development upside but the immediate term offers security of tenants through healthy 4.7-year WALE.LJ Hooker Commercial Adelaide’s Rino Pancione and Mark Tettis managed the auction campaign for the private owners.“There hasn’t been a lot of retail assets come to market in Adelaide over the last 12 months,” said Mr. Pancione.“The Main North Road asset ticked a lot of boxes for investors – good tenant security, exposure to more than 30,000 vehicles a day and future development potential.”The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
Multiple active bidders pushed the auction result well above reserve with the sale price reflecting a passing yield of 4.64% for the multi-tenanted asset on high-traffic Main North Road in Pooraka.The retail strip, set on a 1,908 sqm allotment, offers underlying development upside but the immediate term offers security of tenants through healthy 4.7-year WALE.LJ Hooker Commercial Adelaide’s Rino Pancione and Mark Tettis managed the auction campaign for the private owners.“There hasn’t been a lot of retail assets come to market in Adelaide over the last 12 months,” said Mr. Pancione.“The Main North Road asset ticked a lot of boxes for investors – good tenant security, exposure to more than 30,000 vehicles a day and future development potential.”The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
The retail strip, set on a 1,908 sqm allotment, offers underlying development upside but the immediate term offers security of tenants through healthy 4.7-year WALE.LJ Hooker Commercial Adelaide’s Rino Pancione and Mark Tettis managed the auction campaign for the private owners.“There hasn’t been a lot of retail assets come to market in Adelaide over the last 12 months,” said Mr. Pancione.“The Main North Road asset ticked a lot of boxes for investors – good tenant security, exposure to more than 30,000 vehicles a day and future development potential.”The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
LJ Hooker Commercial Adelaide’s Rino Pancione and Mark Tettis managed the auction campaign for the private owners.“There hasn’t been a lot of retail assets come to market in Adelaide over the last 12 months,” said Mr. Pancione.“The Main North Road asset ticked a lot of boxes for investors – good tenant security, exposure to more than 30,000 vehicles a day and future development potential.”The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
“There hasn’t been a lot of retail assets come to market in Adelaide over the last 12 months,” said Mr. Pancione.“The Main North Road asset ticked a lot of boxes for investors – good tenant security, exposure to more than 30,000 vehicles a day and future development potential.”The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
“The Main North Road asset ticked a lot of boxes for investors – good tenant security, exposure to more than 30,000 vehicles a day and future development potential.”The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
The sale, which was to another private investor with local and interstate interests, reflected a rate of $5,403 p/sqm over the building and $1,654 p/sqm across the land.Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
Mr. Tettis said the strip was well patronised by the surrounding catchment with the existing tenant mix including Australia Post, a Star Discount Pharmacy, Pooraka Medical Clinic and a Vietnamese restaurant.“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
“The sub $5m price point remains resilient, to which the auction process has been delivering solid results for our vendors, with high interest levels and competitive bidding,” said Mr. Tettis.Previous ArticleNext Article
