EOI campaign generated over 120 enquiries with interest received from a range of investors
News release
01 July 2024
Modbury local shopping centre sells for $4.1 million
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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.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.