Australia Post depot sold with a leaseback
Australia Post has sold another property from a portfolio listed earlier this year with leasebacks.
This one, 65 Galway Avenue, Marleston, is relatively small – worth c$4.6 million applying a net yield of 5.5 per cent.
With an 851 square metre temperature-controlled warehouse, 175 sqm shed and 100 sqm of office and staff amenities, it covers a 3395 sqm site at the north-west corner of Grove Avenue.
Marleston is five kilometres west of Adelaide’s CBD.
Another asset sold
Australia Post offered the property with a three-year leaseback.
Starting annual rent is $255,000 ex-GST.
It was one of four Adelaide distribution centres forming part of the portfolio, listed in March with $400m-plus price hopes (continues below).
Last month we reported two Brisbane assets sold: Charter Hall bought one, outlaying $70.15m, while Pittwater Industrial snapped up another, spending $48.4m.
A fourth property on the Gold Coast recently traded too, fetching $29.6m from Boldstone.
A Sydney investment, on 5.4 hectares, is also understood to be close to selling, for a speculated c$115m.
Australia Post will pay starting annual rent of $6.9m when that settles.
Leedwell’s Steve Smith and Henry Treloar marketed 65 Galway Ave.
Subscribe to our newsletter at the bottom of this page.
