Adelaide's Burger Bar satisfies investor appetite with $1.455 million sale

Adelaide's Burger Bar satisfies investor appetite with $1.455 million sale
Adelaide's Burger Bar satisfies investor appetite with $1.455 million sale

North Adelaide's Burger Bar premises has sold under the hammer for $1.455 million to a local investor.

The two-storey property at 51 O’Connell Street, opposite The Archer Hotel and close to North Adelaide Village, has been home to the popular eatery for more than 50 years.

The auction was managed by Colliers International agents Oliver Totani and Tom Isaksson.

“Well-located ‘high street’ retail assets are always in demand but this is an especially strong outcome in the current market,” Totani said.

“The buyer was enticed by the short-term net income of the asset, which is about $72,000 per annum, as well as the potential to add value through refurbishment or potential redevelopment.”

Isaksson added that North Adelaide, and O’Connell Street in particular, were sought-after precincts with limited sales.

“O’Connell Street has been going from strength to strength in recent times given the uptake in new tenants, especially in the food and beverage space,” he said.

 

Tags: 
Adelaide Commercial Property

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