Colliers International sells modern 3,795sqm industrial site in Gepps Cross to Victorian investor for $4.45million
A Victorian investor is the new owner of 18-20 Waldaree Street in Gepps Cross following a competitive expressions-of-interest campaign facilitated by Colliers International.
Industrial agents Paul Tierney and Tom Barrett negotiated the deal at $4.45million on behalf of a private vendor.
“On the back of a $6.755million purchase in March, we asked the purchaser if they had an appetite for further acquisitions in South Australia,” Mr Tierney said.
“A week later, following a quick inspection, terms were agreed that afternoon and an unconditional contract was issued for $4.45million with a 30-day settlement.”
The property, a highly specialised distribution centre that is leased to a multinational company, was offered for sale with a six-year WALE and substantial annual passing net rental.
“The purchase of this asset provided a good yield spread and complemented our earlier purchase,” a spokesperson for the Victorian investor said.
“Strong demand for this leased industrial investment has led to a successful sale to a private investment partnership from Victoria,” Mr Tierney said.
“The purchaser has settled more than $11million worth of industrial assets in SA year to date in 2017 and we envisage this mutually beneficial relationship will continue.”
The relationship with the purchaser has been further strengthened with Colliers International’s Kyla Daly, from the Real Estate Management team, taking on the management of 18-20 Waldaree Street, in addition to the property purchased in March.