Image: 370 Kensington Road, Erindale
A fully leased retail investment opportunity in the heart of Adelaide’s eastern suburbs has hit the market as investor demand spikes across the state for safe haven offerings.
370 Kensington Road in Erindale comprises six retail shops and two consulting suites, boasting a prime Erindale address, excellent tenant mix, net income of $234,167 per annum and a fantastic rent review profile providing strong rental growth.
Improvements comprise two buildings totalling 762 square metres on a prime 1,533 square metre (approx.) site and is for sale through Sam Alexander, Jed Harley and Hamish Crouch of Cushman & Wakefield.
The property is leased to seven tenants, with all leases structured on a net basis allowing recovery of all property outgoings except for Land Tax.
Sam Alexander of Cushman & Wakefield said we continue to see well-located properties in Adelaide’s inner East generate significant investor interest, with demand outstripping supply in this segment of the market.
“Over the past month there have been several very strong auction results for similar properties, with yields of 3.5% being achieved, demonstrating just how much these inner metro properties are in demand.
“At a time with economic uncertainty creeping into the market, buyers are in search of “safe haven” investments, and it is clear to see why these Eastern suburbs assets tick that box for investors,” said Mr Alexander.
The Erindale retail precinct lies approximately 6 kilometres due East of the Adelaide CBD and comprises just a handful of non-residential properties that provide retail amenity and convenience to the local community.
370 Kensington Road, Erindale is being offered for sale by public auction to be held onsite on Wednesday 13 July 2022 at 11am.