St Morris commercial property snapped up a week after hitting the market
It’s not just residential property across Adelaide that prospective buyers are determined to get their hands on.
A former continental deli and wine bar in popular St Morris has been snapped up within a week of hitting the market.
Prospective buyers jumped at the rare opportunity to purchase the commercial site at 349 Magill Road, which property records show hit the market on April 30.
Knight Frank Adelaide agent Jack Dyson, who sold the property with Oliver Totani, said they received too many good offers to hold out until May 27 when the expressions of interest campaign was due to end so asked everyone interested to submit their highest bid.
“It was only up (on the market) for a week and we had an unconditional offer,” he said.
“We had 40 inquiries over 10 inspections as well (and) we ended up getting seven contract offers.”
Mr Dyson wouldn’t reveal the property’s sale price but said they achieved “well above” the $850,000 they were expecting it to sell for.
“I think it was probably the location and price point that attracted buyers – nothing in those eastern suburbs comes up,” he said.
The property is on a 540sqm block about 4.5km east of the city and has rear access from Breaker Street where on-site carparking can be accessed.
The owners of local business Sueno Hair, which is also on Magill Road about 110m to the east of the site, bought it with plans to move into the building.
Mr Dyson said an even mix of owner-occupier business owners and investors showed interest in the property.