A vast industrial site in north-west Adelaide has changed hands in an off-market deal believed to be worth $18.8 million.
The 29,707 sqm asset located in the suburb of St Clair was purchased by Ascot Capital in a move that demonstrates the strength of the growing industrial market.
CBRE’s team of Jordan Kies, Chris O’Brien and David Reid negotiated the sale of the property at 589-599 Torrens Road on behalf of their client, Value Partners Asia Pacific fund.
Investor demand for industrial assets in South Australia has increased significantly in recent years, with the COVID-19 pandemic having further bolstered buyer interest given the resilience of the industrial & logistics sector.Jordan Kies – CBRE
The property features a 15,000 sqm warehouse which is where long-term tenants Trident Plastics operate their manufacturing process from.
Managing Director of Value Partners Group, Rachel Tong says that the deal represents a fantastic chance for the group, which specialises in logistic centres, offices and student accommodation, to acquire new sites nationwide.
“The sale price reflects a significant premium to the book value of the property, which is an excellent outcome for investors in the Fund,” she says.
Value Partners purchased the St Clair property back in 2018 and decided to sell the asset following a major repositioning program.
While we are exiting this asset, the fund continues to look for yield accreditive opportunities in Adelaide and elsewhere in Australia given demand from our investors for quality assets in a stable market.Managing Director & Head of
Real Estate Private Equity for Value Partners Group Limited – Rachel Tong
Situated 10km from Adelaide’s CBD and boasting 141 metres of frontage, the industrial site offers real potential to serve as a fine commercial asset for years to come