102-102A Prospect Road, Prospect
Two character retail shops in Prospect have hit the market, offering an excellent chance to invest in the heart of the vibrant inner-north shopping and dining hub.
McGees Property agents Yee Ng and Simon Lambert are marketing 102-102A Prospect Road, Prospect, on behalf of private vendors, with the auction scheduled for Thursday, 26 September at 11am.
Price expectations are of circa $1.5 million.
The property comprises two shops totalling 175sqm, on an Urban Corridor-zoned site of 641sqm with on-site car parks. It is currently leased to two popular tenants, fashion boutique Montaigo and hair salon SJ Establishment, returning $80,503 per annum plus outgoings and GST.
Ng said, “This is a prime commercial property in a vibrant, rapidly evolving area, surrounded by top cafés and restaurants, and significant nearby developments are enhancing Prospect’s appeal as a premier business location,” he said.
The property is adjacent to developments nearing completion such as The Harrington, which will bring 55 new dwellings to the area, while also in Prospect, Renewal SA has started construction at the former Kaufland site on Churchill Road on two buildings that will include 108 townhouses and 100 apartments.
“New high-density residential projects will boost the local catchment and add further vibrancy to the area, and underpin trade and rental growth prospects,” Ng said.
Lambert noted the value-add potential of the site.
“The flexible Urban Corridor zoning on the site allows for a building height of up to four levels, or 15 metres, which opens up value-add and development opportunities for the purchaser in the coming years.
“The purchaser will be able to enjoy an income stream from two quality tenants while assessing their options for the future.”
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