A fully-leased healthcare investment in Kings Park, in Adelaide’s exclusive inner-south, has sold for $8.425 million.
The multi-tenanted Kings Park Health complex has operated at 309-311 Goodwood Road for about 60 years.
On a 3072 square metre site, the double storey building contains 1226 sqm of area and returns annual rent of $491,895.
On that basis, the property is selling on a 5.8 per cent passing yield.
Prior to being offered for sale, one of the occupiers, Kings Park Clinic, signed a seven year lease with two five year renewal options.
Kings Park is about 3.5 kilometres from the city.
Colliers International’s Justin Hazell in conjunction with McGees Property’s Tim Pozza said the campaign for 309-311 Goodwood Road was hotly contested. The brokers closed an expressions of interest campaign on June 6.