Prime North-East Adelaide Location – Fully Leased Multi-Tenanted Investment

503A-503D Lower North East Road, Felixstow

A strategically located north-eastern Adelaide asset in a tightly-held, high exposure retail and medical precinct is going to auction next month.

McGees Property’s Michael Dimasi and Yee Ng are marketing 503A-503D Lower North East Road, Felixstow on behalf of a private family that has owned the property for a number of years.

The property comprises four well-configured tenancies across 345sqm, on a prime 1,022sqm Torrens-Titled corner allotment with dual street frontages to Lower North East Road and Wicks Avenue, offering excellent signage opportunities and exposure to more than 41,500 vehicles passing each day.

The tenancies, including Vesuvio Pizzeria, a medical surgery, barber, and a beauty salon, offering a diversified income stream of $91,179 per annum, and with a weighted average lease expiry of 2.35 years also offer the potential for rental growth and repositioning over time.

“This is a rare high-exposure offering in a tightly-held precinct just six kilometres from the CBD, presenting an attractive blend of secure income, prime positioning, and long-term repositioning potential,” Ng said.

“Investors are expected to show strong interest in the property given the rarity of the offering, affordable price point, set-and-forget nature and opportunity to reposition and uplift rents in the future.

He said Felixstow has seen limited commercial turnover in recent years, underscoring the rarity and value of this investment.

“We’re also expecting landbankers looking to secure a strong holding income and assess their plans for a high-exposure site in a growing corridor,” Ng said.

Dimasi said the property is close to established retail, education and healthcare amenities, including Marden Shopping Centre, Firle Shopping Centre, Campbelltown Village and North Eastern Community Hospital.

He added that the property is also highly accessible, with 17 on-site car parks and positioning on one of the key arterial routes connecting the CBD to Adelaide’s north-eastern suburbs, and is close to the O-Bahn interchange and key bus routes.

The property goes to auction on Thursday, 12 June at 11am.