- Ascot Capital acquired the property
- 15,000sqm warehouse on the 29,707sqm site
- Triple-net lease in place with Trident Plastics
A large industrial site in Adelaide’s north-west has sold for $18.8 million.
The 29,707sqm site at 589-599 Torrens Road in St Clair currently hoses a 15,000 sqm warehouse, which is currently occupied by Trident Plastics.
Trident is a local firm known for manufacturing residential rubbish bins, water tanks and automotive components. Notably, it installed the Southern Hemisphere’s largest plastic injection moulding machine back in 2017.
Venture Partners Group Asia Pacific purchased the site back in September 2018 and facilitate the rezoning of the site from Urban Employment to Residential (Medium Density).
The property has been acquired by Ascot Capital with Trident currently having a triple-net lease to 2028– meaning the tenants are responsible for appropriate taxes, insurance and maintenance costs.
The off-market sale was managed by CBRE’s Jordan Kiss, Chris O’Brien and David Reid on behalf of the Value Partners Asia Pacific fund.
Rachel Tong, the Managing Director and Head of Real Estate Private Equity for Value Partners Group Limited said the sale price was an excellent outcome for the Fund’s investors.
“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.”
Rachel Tong, Value Partners Group
Jordan Kies of CBRE said the sale shows investor demand in South Australia is on the rise.
“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