Prominent Nailsworth property snapped up for $4m at auction
A prominent Nailsworth property has sold in a multimillion-dollar deal.
A family has splashed more than $4m on a Nailsworth commercial property, outbidding a dozen other prospective buyers at its competitive auction.
The prominent property at 199-201 Main North Rd, which is leased to two businesses, sold under the hammer for $4.055m.
Of the 14 prospective buyers who registered to bid on the 1427sqm site that has three street frontages, five made an offer for it.
A family that had been searching for a potential investment property along the major road for some time secured it following competitive bidding.
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The Nailsworth property at 199-201 Main North Rd has sold under the hammer for more than $4m.
It is currently leased to two businesses.
The property is leased to two tenants through to 2028, generating roughly $125,081 each year.
RWC Adelaide partner Oliver Totani, who sold the property with Harry Einarson and Connor Melvill, said investors and developers showed significant interest in the site, which attracted 90 inquiries throughout the campaign.
“The combination of secure income, outstanding exposure, and future development upside created significant competition and an incredible auction atmosphere,” he said.
Mr Einarson said Nailsworth was becoming more appealing to investors.
“Nailsworth is continuing to evolve, and this result highlights the suburb’s growing appeal as a commercial hub,” he said.
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A family snapped it up.
It attracted both investors and developers.
“Its accessibility coupled with the City of Prospect’s Lifestyle Precinct Masterplan makes it a magnet for investors looking to secure well-located, future-focused assets.”
Mr Melvill said the strength of inquiry and turnout at auction demonstrated how tightly held that stretch of Main North Rd had become.
According to property records, the site last sold in May 2007 for $1.02m.
