Purrfect investment property and home of MeowMe Cat Cafe up for grabs in Parkside
106 Glen Osmond Road, Parkside. Pic: realestate.com.au
The purr-fect investment doesn’t exist, or does it?
With an annual rent return of $82,634.75, seven individually leased tenancies in place, including popular cat cafe, MeowMe, 106 Glen Osmond Road, Parkside, has all the makings of the perfect investment – and buyers seem to agree.
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106 Glen Osmond Road, Parkside. Pic: realestate.com.au
106 Glen Osmond Road, Parkside. Pic: realestate.com.au
106 Glen Osmond Road, Parkside. Pic: realestate.com.au
Listed for sale with a price guide of $1.1m, selling agent Chet Al, of Savills Adelaide, said interest had been overwhelming since the property’s launch to the market, with over 45 buyer inquiries made and three formal offers on the table.
“Because it’s an inner southern suburb in such a prominent, affluent area, these sorts of investments tend to go well because buyers appreciate the location and the retail businesses that go there,” he said.
“So as a result, we already have a couple of offers on the table but we will run the campaign until the end as there is such a strong level of interest.
“Most of the interest has so far come from local buyers as it’s an asset they could manage on their own and drive past it every day.”
Mr Al said MeowMe Cat Café was the property’s main tenant with a three-year lease agreement currently in place.
“It’s a well-established, unique cafe that offers its customers the ability to view or play with the resident felines,” he said.
“The (remaining) Parkside offices are leased to individual tenants, with tenancies ranging from two to 11 years.
“So it’s a really good investment at a relatively affordable price and buyers know it.”
106 Glen Osmond Road, Parkside. Pic: realestate.com.au
106 Glen Osmond Road, Parkside. Pic: realestate.com.au
106 Glen Osmond Road, Parkside. Pic: realestate.com.au
Mr Al said he had noticed an increased appetite for commercial properties across Adelaide.
This, he said, was a result of SA’s housing crisis, which saw investors steering away from residential buys.
“We’ve definitely noticed an increase in the sub $2m range,” he said.
“It’s a real sweet spot at the moment in our market.
“That’s where you still find your mum and dad investors who are getting away from the traditional residential investment.
“The reason this is happening is because house prices have increased significantly but the rent hasn’t caught up yet because you can’t overcharge.
“So as a result more investors are now moving into the commercial space as the return as they can afford it and the return is much better.”
Expression of interest close at 4pm on September 28.
