KordaMentha sells sprawling Adelaide office
KordaMentha Funds Management has sold one of two modern offices bought from Growthpoint in 2019 for a fund.
The asset manager is banking $27.5 million for the Westpac call centre at 7 Laffer Drive, Bedford Park, in Adelaide’s south.
It paid $20.2m.
The buyer is a local private investor, on a 6.8 per cent net passing yield.
One to go
On 3.3 hectares, 7 Laffer Dve contains 6639 square metres.
Westpac has occupied since it was developed about 20 years ago.
KM Funds Management, as the group is also known, bought it with a $25m Cambridge, Hobart, office (89 Cambridge Park Dve) leased to Hydro Tasmania.
Both assets were held in a trust, the Cambridge Bedford Property Fund.
Growthpoint bought that property and Bedford Park with its takeover of Rabinov Property Trust assets in 2011 (continues below).
Sprawling site
Part of the Bedford Park Science Park and Flinders University and Medical Centre Precinct, 7 Laffer Dve contains 520 car parks.
Westpac’s lease expires in July, 2030.
“The sale demonstrates continued investor confidence in Adelaide’s southern corridor and strong demand for secure, income producing assets on large land holdings providing long-term flexibility and development potential,” JLL’s Jack O’Leary, who represented KM Funds Management with Ben Parkinson and Leedwell’s Jamie Guerra and Andrew Zammt, said.
The result prices the campus-style office area at $4142 per sqm, he added.
The comparable land rate is $831.
Bedford Park is 12 kilometres from town.
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