Adelaide, 02 September 2015 – A private local investor has acquired a flexible commercial space in Stepney for $1.7 million, following a competitive Expressions of Interest (EOI) campaign.
Located at 99 Magill Road, the 778sqm property was sold with vacant possession and offers a mix of showroom, warehouse and office accommodation. The site benefits from substantial 29m frontage to Magill Road, 13 on-site car parks, expansive storage space and prime positioning along the ‘Magill Road precinct’, which offers support and networking opportunities to the eclectic mix of retailers in addition to exposure to approximately 23,000 vehicles per day.
CBRE’s Harry Einarson and Ben Heritage negotiated the sale on behalf of Bonnett’s Saddlery (SA) Pty Ltd. The sale price represented a rate of $2,185 per sqm across the total building area.
Mr Einarson said the strong sales result is evidence of the confidence buyers have in the eastern suburbs market, with the property receiving 37 individual enquires over the abbreviated three week EOI campaign.
“Over the past 6-12 months we have continued to see strong interest for main road properties, especially those within 5kms of the CBD. This was certainly a drawing force for this asset and was reflected in the level of interest received throughout the campaign,” Mr Heritage added.
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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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.