A mixed-use office building whose fully leased tenancy mix includes names such as Aussie Home Loans, ED Pilates and Subway, has been sold by JLL at 227-235 Unley Road in Malvern, Adelaide. 

JLL’s Ben Parkinson, Jack O’Leary and Claudia Brace ran the Expressions of Interest (EOI) campaign on behalf of a local syndicate, with more than 100 inquiries and nine bids by the close.

“This asset, in a prominent high-street shopping precinct, is a rare find in the South Australian metro market,” said Ms Brace, Senior Executive, Sales and Investments – SA.

“Mixed-use assets in metropolitan areas continue to attract strong interest, driven by high tenant demand and substantial underlying land value.”

Purchased by a local private buyer, the property occupies a prominent corner position on Unley Road, a vibrant high street with more than 400 businesses, just 3km south of Adelaide’s CBD. The roughly 1317sqm building provides premium office and retail space in one of the city’s most sought-after locations.

Ms Brace noted the Malvern investment offered a passing net income of $446,683 p.a. with a WALE of 2.64 years by income at the time of the sale. The building sits on a substantial land holding of about 1571sqm. 

Mr O’Leary, Director, Sales and Investments – SA, said the site’s 22 on-site parking spaces made it appealing for businesses with high customer visitation. 

“The building is fully leased to a diverse mix of tenants, with the majority being professional services and retail,” he said.

Mr O’Leary said the result reflected the robust demand for properties with secure lease agreements in prime locations.

“Unley Road is the main thoroughfare linking residents with the city and surrounds,” he said. 

“The position on the corner of Unley Road and Wattle Street added to the property’s appeal. It’s a convenient near-city location with a thriving commercial precinct.

“With no stamp duty payable on commercial transactions in South Australia, the property was of strong interest to local and interstate investors.”

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