Historic Ward's Shoe Store freehold on Adelaide's The Parade sells for $7.9m

For more than a century, No. 184 has been associated with Ward’s Shoe Store – recognised by City of Kingston heritage plaques as “Norwood’s oldest family footwear store” – and is currently leased to footwear retailer Slatters, which acquired the shoe business 12 years ago. The neighbouring tenancy 182 has long been home to toy retailers including Toyworld and, more recently, Kidstuff.

The shops have a combined total of 361 square metres of lettable space on a tightly held retail strip in one of the city’s most established inner-eastern suburbs.

McGees Property agents James Juers and Tom Rowe describe the freehold’s auction as a blockbuster, reflecting a “very sharp” 3.8 per cent yield and a high price of $21,884 per square metre.

“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,” Juers says.

He says the property’s ultra-prime location in the heart of The Parade – a major inner-city high street – generated significant buyer demand from a range of investor groups.

“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 says.

“The successful purchaser was a local private investor who ultimately recognised the rarity of a property of this quality, which offers undisputed defensive investment fundamentals.”

Just four kilometres east of Adelaide’s CBD, the precinct has long been a destination for shopping, dining and hospitality, serving an affluent catchment and attracting visitors from across the city. According to Domain data, a typical three-bedroom house in Norwood commands about $1.3 million.

What makes the retail property particularly rare is not simply the longevity of its family ownership, but the continuity of the shoe trade within its walls.

Uniting two footwear dynasties across a century of retail

The sale draws the curtain on a remarkable 117-year chapter of the Ward and Walkley family history.

The business traces its origins to 1909, when shoemaker Alfred William Walkley and shoe retailer George Ward established the firm as The Parade was emerging as Norwood’s main shopping strip.

It became Ward’s Shoe Store in 1922 when George Ward bought the business.

George Ward’s son, Clifford Ward, later married Alfred Walkley’s daughter, Margaret, uniting two Adelaide footwear families whose connection to the business would span generations.

Clifford took over the shop in 1946 and continued to run it until 1980, when he and Margaret took the significant step of buying the building which they were leasing.

Just three months later, Clifford died unexpectedly, leaving ownership of the property to the couple’s three children – the current vendors Russell Ward, Victor Ward and Jenifer Robins. 

Margaret continued to play an integral matriarchal role in the family business until her death in 1996 aged 85, while subsequent generations of the family remained involved in the store.

“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 importance of the family history and significance,” Rowe says.

While the Ward family retained ownership of the property, Ward’s Shoe Store was acquired by fellow South Australian footwear institution Slatters in 2014. Slatters subsequently took up a lease in the premises but retained the Ward’s Shoes name, preserving a retail identity that had become synonymous with The Parade.

The heritage plaque placed on the footpath outside the shop commemorates its contribution to the local community, and is part of the Norwood Cultural Walk.

“For over three generations, the Wards have combined caring service with quality footwear, enabling this business to weather two world wars, the Great Depression of the 1930s, and the rapid technological changes of recent decades,” the plaque reads.

Urban densification reinforces high street commercial resilience

The Parade has retained its status as one of the city’s most sought-after retail strips, with strong leasing activity helping push the precinct towards full occupancy as national brands and established local operators compete for space.

Recent developments, including the Coles-anchored Como project, featuring 84 apartments, and the 65-apartment Orta On The Parade have added hundreds of residents within walking distance of the strip, further strengthening the local customer base for retailers, cafes and restaurants.

Rowe says that well-located, well-leased Adelaide high-street retail properties continue to attract strong investor interest.

“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,” he says.

“Trophy assets of this nature are held through generations – as this property had been.”