Modbury local shopping centre sells for $4.1 million

JLL South Australia is pleased to announce the successful transaction of a retail centre with development plans at 861-871 North East Road, Modbury for $4.1 million.

The property was sold by JLL’s Jack O’Leary and Claudia Brace.

“The expressions of interest campaign generated over 120 enquiries with interest received from a range of investors, developers and land bankers. With over ten offers received we have multiple underbidders still seeking opportunities,” said JLL Director Sales and Investments – SA, Mr O’Leary

He said demand was strong because income-producing assets with strong underlying land value and value-added potential are highly sought after in the market.

JLL Senior Executive Sales & Investments – SA Claudia Brace said the property had planning consent for a three-storey mixed-use development which demonstrated council support and was also zoned for a range of other mixed-use outcomes (STCA).

The unconditional sale included the local shopping centre and three residential houses at 861-871 North East Road, Modbury.

“The property features a generous 4181 sqm site that includes an existing local shopping centre and three residential houses generating income of approximately $235,000 gross,” Ms Brace said.

 Mr O’Leary said the retail site offered excellent frontage, exposure to a main arterial road, and excellent connectivity.

“The strong cash flow allows for a set-and-forget type investment or strong holding income while future development plans are undertaken,” he said.