Prominent Semaphore building snapped up in multimillion-dollar deal
The Semaphore property at 57 & 57A Semaphore Rd sold at auction for $3.5 million. Pic: realestate.com.au
A prominent Semaphore building offered to the market for the first time in more than 70 years has changed hands in a multimillion-dollar deal.
The property at 57 and 57A Semaphore Rd, which includes two retail shops and two apartments, was snapped up at auction for $3.5 million.
Harcourts Smith principal Kate Smith, who sold the property with colleague Allan Edmonds and The Commercial Agency’s Con Kavooris, said it attracted strong interest in the lead up to auction and on the day.
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Its sale price was $180k above reserve. Pic: realestate.com.au
It attracted a range of local, interstate and overseas buyers. Pic: realestate.com.au
The property has a courtyard. Pic: realestate.com.au
“We had a combination of local, interstate and overseas inquiries,” Ms Smith said.
“It’s a very prominent corner, which means for businesses there’s a very high level of exposure.
“We had 12 registered bidders at auction, six of those were active, and it was pretty competitive bidding.”
Ms Smith said an investor with long-term investment plans bought the property.
It occupies 870sq m on the corner of Military and Semaphore roads and has three street frontages.
It is fully leased to longstanding tenants, returning around $130,000 per year.
The building has two commercial spaces and two units. Pic: realestate.com.au
The two units each have two bedrooms. Pic: realestate.com.au
An investor bought the property. Pic: realestate.com.au
Property records show it sold for $3.5 million in February after hitting the market in January, but prior to that there is only rental listing history.
Ms Smith said the property’s sellers had mixed emotions about its sale as it had been in their family for more than 70 years.
“It was a very emotional sale for everyone,” she said.
Ms Smith said the fact that the property attracted several cashed up buyers meant there was a lot of confidence in Semaphore and its surrounds, and what they had to offer.
