CBRE South Australia were excited to be offering a high quality health and medical investment at 380 Goodwood Road, Cumberland Park to the market.
Located only 4.5km away from Adelaide’s CBD, the property is well positioned on a highly sought-after main road featuring a large array of shops and retail including McDonalds, Big W & Woolworths. Cumberland Park has a strong median house price that is almost 100% greater than the South Australia average, highlighting the area’s desirable residential presence.
The site has dual tenancies, both on long term leases, generating roughly $231,520pa. Established pharmacy 'National Pharmacies and 'Professional Integrative Medicine’ occupy the premium medical site, which sizes up to be approximately 401sqm and 124sqm respectively. The site also contains 28 car spots, along with a street frontage of approximately 30m.
Having had much interest from investors in South Australia and interstate, the medical investment site sold under the hammer on April 15th for $4,730,000, representing a yield of 4.88%.
Reflecting on the pleasing selling result, Director of CBRE Capital Markets Harry Einarson stated "With 10 registered bidders including several interstate investors, it is clear to see the weight of capital that remains in our Adelaide market for high quality investment assets”
“The underbidder was a private interstate investor who has been looking to buy in SA over the past few months. This type of interstate interest has been steadily increasing over the last few years thanks to 0% stamp duty but it has really exploded since COVID.”
“Adelaide is now being viewed as an alternative market and not a secondary market, offering groups the ability to diversify their portfolio geographically whilst getting a better return than what they would get on the eastern seaboard”
“Moving forward we expect the ‘sellers market’ to continue in to the foreseeable future with yields to tighten as we head towards the second half of 2021”
Congratulations to CBRE South Australia on a wonderful sale!
