Interstate investor swoops on new Dan Murphy’s
A new Dan Murphy’s in Adelaide’s Malvern has sold to an interstate investor.
The c2700 square metre holding, 301-305 Unley Road, achieved $10 million – a four per cent net passing yield.
Prior to COVID, the block was the subject of a six level residential based mixed use building.
Pitched by Anthony Catinari’s Catcorp, the end value of that proposal, also with shops, office and consulting rooms, would have circled $40m.
The application for a Dan Murphy’s was applied for in 2023.
JLL’s Ben Parkinson is the agent. It was one of two Dan Murphy’s backed assets the agent recently listed – the other is built into the historic Gawler Baptist Church.
Next chapter for blue ribbon site
The Dan Murphy’s outlet, opened May, spreads 999 sqm.
The block meanwhile has 30 car parks with two crossovers.
Endeavour backed Woolworths is on an initial lease expiring in 2035 with two five year options.
The project replaced three improvements, one, a historic Tudor home which from 1999 was converted to an Indian restaurant, then, the head office of The Association of Independent Schools of South Australia.
Settlement occurred late last month.
Malvern is about four kilometres south of Adelaide’s CBD.
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