A landmark retail freehold at 182-184 The Parade, Norwood, has sold at auction for $7.9 million AUS, reflecting a yield of 3.8 per cent and a rate of $21,884 per square metre.
More than 100 people attended the auction, with a local private investor ultimately securing the dual-tenanted asset after competitive bidding from multiple parties. The result ends 117 years of continuous connection between the Ward and Walkley families and the footwear trade at the property.
The two-tenancy property totals 361 square metres of lettable space. No. 184 has been associated with Ward's Shoe Store since 1909 — recognised by heritage plaques as Norwood's oldest family footwear store — and is currently leased to South Australian footwear retailer Slatters, which acquired the Ward's business in 2014 and retained the Ward's Shoes name. The adjoining tenancy at No. 182 is occupied by toy retailer Kidstuff.
The property is situated on The Parade approximately four kilometres east of Adelaide's CBD, one of the city's most established inner-eastern high streets. Recent residential developments including the Coles-anchored Como project (84 apartments) and the 65-apartment Orta On The Parade have expanded the local catchment.
McGees Property agents James Juers and Tom Rowe managed the campaign. Juers described the outcome as among the most outstanding commercial property sales results in Australia in 2026, noting that spirited bidding from multiple parties indicated substantial capital in the market seeking quality retail assets. Rowe noted that well-located, well-leased Adelaide high-street retail assets continue to attract strong local and national investor interest.
Uniting two footwear dynasties across a century of retail
The business was founded in 1909 by shoemaker Alfred William Walkley and shoe retailer George Ward as The Parade was emerging as Norwood's main shopping strip. It became Ward's Shoe Store in 1922. George Ward's son Clifford later married Alfred Walkley's daughter Margaret, uniting both families. Clifford took over the shop in 1946 and purchased the building in 1980; he died three months later, passing ownership to his three children — Russell Ward, Victor Ward and Jenifer Robins — who are the current vendors.
