182-184 The Parade, Norwood
The blockbuster auction of a historic trophy retail investment and local icon in the heart of Adelaide’s The Parade has set up one of the most stunning commercial property results of 2026.
McGees Property’s James Juers and Tom Rowe sold 182-184 The Parade in Norwood, which had been in the hands of local family ownership for multiple generations, and linked with the Ward family – who founded the famous Ward’s Shoe Store at the site – since 1909.
Multiple bidders competed fiercely for the asset in front of a Thursday morning auction crowd of more than 100 people, with the benchmark sale price of $7.9 million reflecting a very sharp 3.8% yield and high building rate of $21,884 per sqm.
The dual-tenanted asset comprises 361sqm of lettable and is leased to long standing tenants Kidstuff, which has its South Australian flagship at number 182, and South Australian institution Slatters, at 184.
“The ultra-prime location of the property in the heart of Adelaide’s premier retail strip generated significant demand from a range of investor groups,” Juers said.
“The successful purchaser was a local private investor who ultimately recognised the rarity of a property of this quality and which offers undisputed defensive investment fundamentals.”
The local Adelaide investor has the view of this being a generational property holding.
“Bidding was spirited throughout the auction, with multiple parties competing to secure the property – indicating there remains substantial capital in the market seeking retail assets,” Juers said.
“The sale price and yield result underscores the narrative that astute investors are looking beyond short-term perceived market risk and are instead taking a longer-term investment view.
“That has translated into a notable depth of enquiry and competitive tension in McGees campaigns, and the Adelaide market continues to realise great outcomes.
“Coming off the back of changes announced in the recent budget that caused some consternation, this is probably one of the most outstanding commercial property sales results in the country in 2026.”
Rowe said well-located, well-leased Adelaide high street retail properties continue to be sought after.
“Trophy assets of this nature are held through generations – as this property had been. We received interest from a large number of both local and national buyers with a long-term strategic investment position who recognised the rarity of this ultra-prime location offering, underpinned by two leases to longstanding, well-known national tenants.
Blue-chip The Parade in Norwood has retained its premier status among Adelaide’s shopping strips in 2026. McGees has recently struck multiple leases across a range of retail sub-sectors along the strip, with strong rental uplift achieved, taking the strip to near full occupancy in a reflection of the perennial competition between national and quality local retailers wanting to get into the strip.
The Parade services a loyal affluent and established catchment with a median household income well above the greater Adelaide average, while the recent introductions of the new Coles-anchored, 84-apartment Como development along with the 65-apartment Orta On the Parade complex have strengthened the strip, boosting the immediate catchment of shoppers and diners.
Generations in the making
Clifford Ward and his wife Margaret in 1980 took the significant step of purchasing the home of the business that both their fathers – George Ward (a shoe retailer) and Alfred Walkley (a shoe maker) – had started as Ward’s Shoe Store 71 years earlier, in 1909. Ownership was taken on by Clifford’s three children following his death soon after.
All of Clifford and Margaret’s children and partners, and also some of their grandchildren, have worked at Ward’s Shoe Store at some point in time since Clifford’s death, highlighting the generational significance of the property.
The business of Ward’s Shoe Store passed to another South Australian footwear institution, Slatters Pty Ltd, in 2014. Heritage plaques commemorating the history of Ward’s Shoe Store are displayed outside the property by the City of Norwood Payneham and St Peter’s Council.
Over the years, 182 The Parade has been home to longstanding toy retailers. It operated as Toyworld for many years and is currently the main South Australian outlet for Kidstuff, part of a nationwide chain founded in Balmain, New South Wales.
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