A fully-leased industrial investment north of Adelaide has sold for $10.1 million.
In Gepps Cross, about 12 kilometres from the city centre, 115 Cavan Road (pictured, top) has been occupied by State Records of South Australia since 2003.
The asset was offered with a new five year lease to the state government, which then has option to renew until 2028.
On a 1.6 hectare block, the holding accommodates a 6445 square metre warehouse.
Based on the asset’s net annual rental return of $792,067, it is selling on a 7.8 per cent passing yield.
JLL’s David Ludlow, Jamie Guerra and Kym Hutchins negotiated the sale, closing an expressions of interest campaign on August 23. The holding was promoted to investors or owner occupiers which might consider moving in longer-term.