112 O’Connell Street, North Adelaide
A vacant former NAB branch building on one of Adelaide’s most tightly held and iconic high streets has smashed campaign expectations, selling under the hammer for $2.47 million.
McGees Property’s James Juers and Charlie Caruso sold 112 O’Connell Street in an auction campaign nearly 20 years in the making.
The property comprises a 198sqm building with adaptable internal layout, with rear lane access with on-site parking, on 252sqm of land.
“Our campaign generated huge and varied interest from the market that culminated in eight bidders fiercely contesting the auction, and a sales result that smashed pre-auction expectations,” Juers said.
An investor ultimately won out, competing with an owner-occupier for the last $200,000.
“The purchaser is a nearby O’Connell Street owner who has a deep understanding of the location. The property is close to popular cafés and restaurants, and offers plenty of upside with the brand-new 88 O’Connell development due for imminent completion, set to bring around 160 brand-new high-end apartments and national and local retailers to the area, boosting activity and trade,” Juers said.
Caruso said interest came from a range of investors local to the area across Adelaide and South Australia, as well as owner-occupiers in the medical professional services and retail spaces.
“Buyers recognised this as a flagship blank canvas opportunity to make their mark on prized North Adelaide, and on one of Adelaide’s most tightly held and iconic high streets,” he said.
“Investors were clearly confident in the high demand from tenants to get into this sought-after area.
“The sale shows the continued strength of North Adelaide and market at large. Retail is really solid at the moment.”
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