Premier Adelaide investment offered at Unley Road, Malvern

12 June 2024

JLL has been appointed to market a prime mixed-use investment opportunity on the tightly held Unley Road, Malvern shopping and commercial strip on behalf of The Spencer Property Group.

The property at 227-235 Unley Road offers fully leased prime retail and commercial space surrounded by complementary retail and high-end residential uses and is directly opposite the Metro Shopping Centre, just 3km from the Adelaide CBD.

“The investment opportunity highlights of 227-235 Unley Road are extremely compelling,” says JLL SA Capital Markets Director Jack O’Leary. “The property is fully leased and provides a net income of more than $440,000 pa. All leases are structured on a net basis, providing attractive returns and long-term stability.”

The property offers a modern two-level building with 22 on-site car parking spaces on a corner site of 1,571 sqm with five fully leased ground floor shops and seven office suites on the first floor offering a net lettable area of 1,317 sqm.

Kel Spencer and The Spencer Property Group have held the property for over ten years and have actively managed the asset, including recent upgrades to air-conditioning units. The group have always managed to maintain a very high occupancy rate through that period.

“The tenants have always viewed the property as a striking building to occupy,” said Spencer Property Group Managing Director Kel Spencer.

Spencer Group is also involved in the ownership of the Metro Shopping Centre, which is located directly opposite the asset on Unley Road.

Unley Road, an established high street, is known for its vibrant atmosphere and thriving commercial precinct. With more than 400 retail shops, restaurants, cafes, and professional service businesses in the precinct, the area attracts a high volume of foot traffic. The surrounding area features luxury apartment complexes with a number of proposed residential medium to high density developments, further bolstering the demand for commercial properties in the area.

“The Unley Road precinct offers a vibrant atmosphere and is a desirable location for both residents and businesses,” adds Jack O’Leary. “With a strong residential catchment, low vacancy rates, and ongoing population growth, 227-235 Unley Road presents an excellent investment opportunity.”

He said an added attraction for investors is that South Australia offers stamp duty savings on commercial property transactions.

The asset is being offered for sale through an Expression of Interest campaign, which will close on Wednesday, 3 July 2024, at 4 pm (ACST).