- Property area 45,000 sqm, land area 10.95 hectares
- Market yield of 5.1%, WALE of 9.5 years
- Located in Penfield, close to Adelaide
Commercial property continues in red hot form as a recent deal in South Australia was signed for $98 million.
Savills said it was the largest industrial transaction to date in South Australia. Rino Carpinelli, managing director for SA at Savills Australia said there is good reason behind the “hive of activity”.
“The growing tenant demand for quality logistics assets and no stamp duty on commercial transactions will continue to strengthen investment in the Adelaide market.”
Rino Carpinelli, managing director for SA at Savills Australia
Located 28 kilometres north of the Adelaide CBD in Penfield, the 123-145 Pellew Road property was previously owned by SCT Logistics.
Sold to Munich-based AM alpha, the $98 million sale of the distribution facility is said to have a market yield of 5.1%.
Fully leased to Treasury Wine Estate, the domestic and international distribution centre has “immediate access through the SCT Penfield Rail Freight Centre to the rail freight line providing direct access to Port Adelaide and further to Melbourne, Perth and Darwin.”
With an area of some 45,000 square metres, the building sits on 10.95 hectares of land and the lease to Treasury Wine Estates has a WALE of around 9.5 years.
The centre has seen significant growth in recent times, with Ryan Mills, Associate Director for Capital Transactions at Savills Australia, said, “it has become one of Australia’s busiest rail hubs.”
“The site acts as a centre for freight consolidation and distribution, making it an attractive location for organisations as an anchor point into northern Adelaide, the surrounding region, the interstate rail network and with direct access to Port Adelaide”
Ryan Mills, Associate Director for Capital Transactions at Savills Australia