Adelaide eateries in Chinatown gobbled up for multimillion-dollar prices
Two buildings in the heart of Adelaide’s Chinatown district have sold in recent weeks at yields of around 4 per cent.
A two-level Victorian-era building at 78-80 Gouger St, comprising two attached shops leased to 48 Flavours and Ryo’s Noodles, has sold to a local investor for $6.3 million.
Meanwhile, further west, the home of Ba Guo Bu Yi restaurant at 98-100 Gouger St sold to another local private investor for $5.82 million.
The deals were both brokered by Belle Property Commercial SA’s David Buenfeld and Alan Lim.
Mr Buenfeld said both deals represented a sale price of close to $20,000 per sqm of building space, and reflected the strong investor demand for properties in the Gouger St precinct.
“We weren’t all that surprised by the level of inquiry both properties created, but the final result was quite exceptional,” Mr Buenfeld said.
“The location can only be described as absolutely premium.
“Properties on Gouger St are very tightly held and opportunities in the heart of the precinct are seldom offered to the market for sale.
“The area is poised for future major growth through several planned and approved projects, including the redevelopment of the Market Arcade.”
Mr Buenfeld said the sales represented yields of around 4 per cent, with the two buyers planning to hold the properties as long-term investments.