An Adelaide local private investor has snapped up a leased retail investment off market in Kensington Gardens, Adelaide for $5 million on a passing yield of 3.1 per cent.
Located at 365 Kensington Road, Kensington Gardens, the seven retail tenancies include a Post Office, Butcher, Real Estate Agent, beauty salon & chicken and chip shop. The property adjoins Romeo’s Foodland, a strong trading Eastern Suburbs supermarket.
The off-market sale was the final transaction in a portfolio of 3 Eastern Suburbs retail investments, which sold at an average yield of 3.76 per cent.
Jed Harley and Sam Alexander of Cushman & Wakefield negotiated the sale and said the portfolio in the heart of Adelaide’s East garnered a lot of local and interstate interest.
Sam Alexander said, “In a dynamic market where investors are carefully seeking strategic investments, the Eastern suburbs ticks a lot of boxes for secure long-term investment”.